The general lighting market is segmented by product (LED lighting and traditional lighting), application (residential, commercial, outdoor, industrial, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The growing number of households and urbanization is the major general lighting market trend which will positively influence the market value.
The general lighting market share will value over USD 50.7 billion by 2027
It is estimated to expand at a CAGR of 6.97% from 2022 to 2027
The general lighting market size will witness a YOY growth rate of 6.71% in 2023
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Urbanization, particularly in emerging economies, is driving up demand for lighting systems from an expanding number of households. The increase in urbanization will result in growing number of residential and commercial buildings, such as shopping malls and office spaces, thereby contributing to the growth of residential and commercial lighting.
LED lighting product manufacturers have increased their LED production capacity, owing to the declined cost due to the government subsidies for the procurement of semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD) equipment. The declining ASP of LEDs will accelerate the adoption of LED lighting across all application segments.
Some of the major general lighting market vendors are:
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The high average cost per LED fixture are the major hindrance for market players
The general lighting market structure is fragmented in nature.
44% of general lighting market growth will develop from APAC.
The market growth by the LED Lighting segment will be significant during 2023-2027 owing to the increase in the global demand for the general lighting industry.