NEW
YORK, July 15, 2024 /PRNewswire/ -- The global
lighting market size is estimated to grow by USD 54.76 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 6.89%
during the forecast period. Growing number of developments and
lighting product launches is driving market growth, with a trend
towards advances in automotive lighting systems. However,
sustainability issue in the lighting industry poses a challenge.
Key market players include Acuity Brands Inc., ams OSRAM AG,
Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc,
Ennostar Inc., General Electric Co., GrowRay Lighting Technologies,
Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc.,
Koninklijke Philips N.V., LSI Industries Inc., Lumileds Holding BV,
Panasonic Holdings Corp., Sharp Corp., SMART Global Holdings Inc.,
Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (General
lighting, Automotive lighting, and Backlighting), Type (LED
technology and Traditional technology), and Geography (APAC,
Europe, North America, Middle East and Africa, and South
America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
Acuity Brands Inc., ams
OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton
Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting
Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES
Inc., Koninklijke Philips N.V., LSI Industries Inc., Lumileds
Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Global
Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co.
Ltd.
|
Key Market Trends Fueling Growth
Adaptive lighting systems are gaining popularity in both
commercial and passenger vehicles due to their enhanced safety and
comfort features. For instance, adaptive headlamps adjust their
beams according to steering input, ensuring the vehicle's desired
path is illuminated. This is particularly beneficial during night
driving and low-light conditions. Adaptive emergency brake lights
(AEBL) automatically flash when a vehicle undergoes an emergency
brake, alerting drivers behind. Laser lights, delivering more
brightness than LED lamps with minimal power consumption, are the
latest trend in automotive lighting. Their long life and highly
directional output make them an effective option for automobiles.
OEMs are investing in R&D to develop laser lighting technology
for the automotive industry, presenting significant growth
opportunities for the global lighting market. Adaptive
front-lighting systems and AEBL are expected to become standard
features in commercial vehicles to enhance safety
measures.
The lighting market is thriving with trends in interior
designing, photography, and scientific advancements. LED lights are
leading the charge, offering energy efficiency and long lifespan.
Plants and metals also influence the industry, with researchers
exploring their potential in lighting. Developing and
under-developing nations focus on off-grid solar solutions for
houses and even for the homeless. Electricity consumption remains a
concern, driving the need for energy-efficient luminaires and light
control systems. AI and environmental actions shape the future of
lighting, while capital costs and logistics inefficiency challenge
the retail sector. Raw materials, such as raw materials for LEDs,
CFLs, LFLs, HID, halogen, and incandescent, impact pricing. Solar,
automotive, aviation, advertising, medical devices, and camera
flashes are other significant sectors. Energy costs and
energy-efficient alternatives, like LED lights for automotive
headlamps, continue to be a priority.
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Market Challenges
- The lighting industry faces a significant challenge in
balancing growth with sustainability. With the increasing
importance of eco-friendly and energy-efficient solutions, the
demand for sustainable lighting technologies, such as CFLs and
LEDs, is on the rise. However, the limited supply of rare earth
elements required for some lighting technologies, like
Phosphor-based LEDs, can lead to price fluctuations and supply
chain disruptions. To mitigate these issues, manufacturers must
prioritize sustainability and energy efficiency in their products.
Consumers need to be educated about the benefits of sustainable
lighting solutions to make informed purchasing decisions.
Governments can also support the adoption of sustainable lighting
by providing incentives and regulations. By addressing
sustainability concerns, the lighting industry can continue to grow
while minimizing its environmental impact. The importance of
sustainability in the lighting sector cannot be overstated,
especially in the context of climate change concerns.
- The lighting market faces challenges in various sectors,
including parking lots and real estate, where cost-effective and
long-lasting solutions are in high demand. LED fixtures, such as
those from Signify, offer energy efficiency and longer life
expectancy compared to traditional incandescent lamps and
fluorescent bulbs. However, semiconductor shortages and
environmental degradation pose challenges. Energy problems and
rising electricity costs also impact the market. Smart LED bulbs
and outdoor lighting systems are solutions, offering energy savings
and smart features. Bridges, buildings, and office buildings also
require energy-efficient lighting, with smart solutions integrating
with HVAC, security, and building automation systems. The Biden
Harris Administration emphasizes energy efficiency and
environmental sustainability, with initiatives like the EcoLink
range of LED fixtures and smart cities projects gaining traction.
The horticulture sector also benefits from advanced lighting
systems, such as CEA systems, while the Color Rendering Index and
infrared radiations are crucial considerations for different
applications.
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challenges - Download a Sample Report
Segment Overview
This lighting market report extensively covers market
segmentation by
- Application
- 1.1 General lighting
- 1.2 Automotive lighting
- 1.3 Backlighting
- Type
- 2.1 LED technology
- 2.2 Traditional technology
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 General lighting- The general lighting market
encompasses various products including lamps, electronics, consumer
luminaires, systems, and professional luminaires and systems. This
segment is the largest in the lighting industry, primarily used in
residential, commercial, industrial, outdoor, and entertainment
applications. Key players such as Signify NV, OSRAM, and IDEAL
INDUSTRIES Inc.'s Cree dominate this segment. LED technology,
introduced in the 1970s, has significantly impacted the market due
to its long lifespan, energy efficiency, and low maintenance cost,
despite a higher initial investment. The ongoing trend of connected
lighting, enabling control of fixtures via smartphones, is a new
direction for the segment, contributing to the growth of the global
lighting market. LED's continuous price reduction further boosts
its adoption.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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The global Automotive Adaptive Front Lighting System market is
experiencing significant growth due to advancements in automotive
safety and lighting technologies. Simultaneously, the global
Light-Emitting Diode (LED) market is expanding, driven by
increasing demand for energy-efficient lighting solutions. Within
this space, the global Automotive Interior LED Lighting market is
also rising, fueled by consumer preference for aesthetically
pleasing and energy-saving vehicle interiors. Major players are
innovating to enhance performance and integrate smart lighting
solutions, driving the evolution of these interconnected
markets.
Research Analysis
The lighting market encompasses various applications of light
for interior designing, photography, and scientific research. LED
lights, with their energy efficiency and long lifespan, have
revolutionized the industry, replacing traditional incandescent
bulbs and Compact Fluorescent Lights (CFLs). Scientists continue to
explore the properties of light, from its role in plant growth to
its impact on electricity consumption and energy costs. Metals and
other materials play a crucial role in lighting production, from
LEDs to automotive headlamps and aviation. White light is essential
for various industries, including advertising, medical devices,
camera flashes, traffic signals, and more. The Biden Harris
Administration's focus on energy efficiency and sustainability is
driving innovation in LED lighting, building automation systems,
HVAC, and security. The Color Rendering Index (CRI) is a critical
metric for assessing the quality of light in various applications,
from horticulture to CEA systems. Smart lighting solutions are also
gaining popularity, offering energy savings and enhanced
functionality.
Market Research Overview
The lighting market encompasses various applications of light in
interior designing, photography, and scientific research. LEDs have
revolutionized the industry with their energy efficiency and long
life span, replacing traditional lighting sources like
incandescent, CFL, LFL, HID, and halogen bulbs. Plants and
developing countries also benefit from LEDs in off-grid solar
sectors. Lighting solutions are essential in the residential
sector, automotive, retail, and commercial buildings. Raw materials
like metals and electricity consumption are significant factors in
manufacturing luminaires and light control systems. Solar energy
and energy-efficient solutions are crucial environmental actions to
mitigate capital costs and logistics inefficiency. Effective
manufacturers offer a range of LED bulbs, fixtures, and smart
lighting systems for various sectors, including aviation,
advertising, medical devices, and traffic signals. Urban cities,
highways, commercial malls, and offices utilize LED lighting to
reduce energy costs and enhance safety and aesthetics. Smart LED
bulbs and outdoor lighting systems are cost-effective and
energy-saving solutions for real estate, semiconductor, and
industrial applications. However, the environmental impact of
lighting production and disposal must be addressed to minimize
degradation and energy problems.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- General Lighting
- Automotive Lighting
- Backlighting
- Type
-
- LED Technology
- Traditional Technology
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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