Latest News- Lighting Market: General lighting is expected to lead the Application segment during 2025-2029

The Lighting Market is being driven by Growing number of developments and lighting product launches

The Lighting Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 62.8 billion. In today's business environment, the adoption of adaptive lighting systems is gaining traction in both commercial and automotive sectors due to their enhanced safety and comfort benefits for drivers. These advanced systems, specifically designed for nighttime and low-light conditions, significantly improve visibility around curves and hills, thereby reducing the risk of accidents. Traditional headlights illuminate the road directly ahead, leaving the sides unlit. In contrast, adaptive headlamps adjust their beams based on steering input, ensuring the vehicle's intended path is optimally lit. Furthermore, when climbing hills, conventional headlights often direct their beams upward, wasting light and reducing visibility. Adaptive lighting systems address these limitations, providing a more efficient and effective solution for enhanced road illumination. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • General lighting
  • Automotive lighting
  • Backlighting
• Type
  • LED technology
  • Traditional technology
• Product
  • Luminaires/Fixtures
  • Lamps
• Distribution Channel
  • Direct sales/Developers/Contract
  • Wholesalers/Electricians
  • Lighting Specialists
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing number of developments and lighting product launches
• Declining manufacturing cost of light-emitting diodes
• Stringent regulations on road safety

However, the market also witnesses some limitations, which are as follows:

• Sustainability issue in lighting industry
• Rapid changes and extensive requirements in LED lighting technology
• Limited thermal tolerance of LEDs installed in industrial facilities

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Market Scope in Lighting Market Research Report

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Research Analysis Overview

The lighting market encompasses various applications of light in interior designing, photography, and scientific research. LEDs, a significant innovation, are now used in LED lights for energy-efficient lighting in homes and offices, automotive headlamps, aviation, advertising, and traffic signals. Scientists also use white light for horticulture and medical devices. Metals reflect light, while electricity powers CFL and LED bulbs. Energy costs and electricity consumption are key concerns, driving the adoption of smart lighting solutions and CEA systems in building automation, HVAC, security, and Biden Harris Administration policies. The Color Rendering Index measures the ability of a light source to reproduce the colors of various objects faithfully. LED lighting, with its low energy consumption and long life, is revolutionizing the industry, from camera flashes to lighted wallpapers.

Market Research Overview

The lighting market is a significant segment of the expansive global electrical components and equipment market. This market encompasses companies specializing in the production of lighting systems, including LEDs, for various applications such as interior design, photography, and scientific research. Lighting solutions are integral to numerous industries, including automotive, retail, and developing countries' housing sectors. Moreover, advancements in technology, like artificial intelligence, have led to energy-efficient and intelligent lighting systems. The market size is calculated based on revenue generated from sales of raw materials, components, and equipment, including white light sources, electricity conductors like metals, and electricity consumption-reducing technologies. Additionally, rental and leasing services for electrical lighting components to industrial, commercial, and residential sectors are included in market analysis.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/