Lighting Market to grow by USD 54.76 billion between 2024-2028
According to a research report “ Lighting Market” by Application (General lighting, Automotive lighting, Backlighting) Type (LED technology, Traditional technology) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 54.76 billion at a CAGR of 6.89% during the forecast period. In the dynamic global lighting market, vendors are relentlessly innovating to cater to evolving consumer demands. Notable sectors, such as automotive and consumer electronics, are significantly investing in advanced LED lighting solutions. For instance, Hero Motocorp's August 2023 launch of the Karizma XMR motorbike, featuring all-LED headlights, showcases design uniqueness. Meanwhile, Dialight's May 2023 industry-leading 7-year warranty for Aviation Obstruction Lighting Solutions underscores their commitment to product quality and customer satisfaction..
Browse market data tables, figures, and in-depth TOC on “Lighting Market” by Application (General lighting, Automotive lighting, Backlighting) Type (LED technology, Traditional technology) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028.
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By Application, the General lighting segment is projected to dominate the market size in 2024.
In the dynamic lighting market, LED technology is revolutionizing business operations through enhanced energy efficiency and cost savings. LEDs consume less power while delivering equivalent brightness, resulting in substantial energy expenses reduction for both consumers and corporations. This alignment with sustainability and environmental stewardship is a significant market trend. LEDs boast a remarkable lifespan of 25,000 to 50,000 hours, contrasting the 1,000 hours of incandescent bulbs, leading to decreased maintenance costs and waste generation. Furthermore, LED technology's versatility is a key growth driver in the global lighting market.
By Type, LED technology segment is expected to hold the largest market size for the year 2024.
In the dynamic lighting market, the general lighting segment holds a significant market share, catering to various applications including residential, commercial, industrial, and public spaces. Key players such as Signify NV, OSRAM, and IDEAL INDUSTRIES Inc.'s Cree dominate this segment, driven by the increasing adoption of energy-efficient LED technology. LEDs, introduced commercially in the 1970s, offer substantial cost savings through reduced maintenance, despite their higher initial investment.
APAC is forecasted to hold the largest market size by region in 2024.
The LED lighting market in APAC is predominantly driven by China, with its substantial manufacturing sector and government subsidies for MOCVD technology. Over the past decade, numerous companies have entered the market, investing in MOCVD tools to produce LED dies. China's ongoing smart city initiatives, with over 450 pilot projects, are expected to significantly boost the regional lighting market's growth. In line with this trend, Signify, a leading vendor, recently established its largest LED manufacturing site in China, spanning 200,000 square meters and featuring 192 production lines.
The Lighting Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The lighting market encompasses a wide range of solutions, including smart lighting, Security, HVAC, and Building automation systems. LED lighting, a key player in this market, is utilized in various sectors such as the Horticulture sector for plant growth, CEA systems, and traffic signals. The Color Rendering Index (CRI) is a crucial factor in evaluating the quality of light emitted by LEDs and other light sources. The Biden Harris Administration has emphasized the importance of energy efficiency and reducing electricity consumption, making white light solutions, such as LEDs, increasingly popular. Metals, electricity, and plants all play essential roles in the production and application of lighting. LEDs are also used in medical devices, lighting wallpapers, advertising, aviation, and automotive headlamps. Scientists continue to explore the potential of LEDs in photography and interior designing, further expanding their applications. Energy costs and electricity consumption remain significant considerations in the lighting market.
Market Research Overview
The lighting market encompasses various solutions, including smart lighting for buildings and smart outdoor lighting in smart cities initiatives. Key components of this market include smart HVAC systems, building automation, and CEA systems. In the horticulture sector, Color Rendering Index (CRI) plays a crucial role. The Biden Harris Administration emphasizes environmental sustainability and energy efficiency, making LED lighting a preferred choice. LED bulbs, such as those in the EcoLink range, offer cost-effectiveness, longer life expectancy, and reduced electricity costs compared to incandescent, halogen, HID, LFL, CFL, and fluorescent bulbs. Effective manufacturers produce LED fixtures for diverse applications, from office buildings and parking lots to schools, hospitals, restaurants, stores, malls, commercial buildings, outdoor LED lighting for airports and commercial malls, highways, and urban cities. Solar energy integration in the off-grid solar sector is a growing trend, especially in under-developing and developing nations. The market also includes lighting for specific applications, such as traffic signals, camera flashes, medical devices, lighted wallpapers, advertising, aviation, automotive headlamps, and general lighting. The use of artificial intelligence and energy control systems further optimizes energy consumption.
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