Ambient Lighting Market Research Report : By Offering, Type, End User - Global Industry Analysis and Growth Forecast to 2030
NEW YORK, Nov. 4, 2020 /PRNewswire/ --
Ambient Lighting Market Research Report : By Offering (Hardware [Lamps and Luminaires {Incandescent, Halogen, Fluorescent, LED}, Lighting Controls {Sensors, Switches and Dimmers, Relay Units}], Software and Service), Type (Suspended Lights, Recessed Lights, Track Lights, Strip Lights, Surface-Mounted Lights), End User (Residential, Hospitality and Retail, Healthcare, Industrial, Corporate, Automotive) - Global Industry Analysis and Growth Forecast to 2030
Read the full report: https://www.reportlinker.com/p05982449/?utm_source=PRN
According to a study conducted , the global ambient lighting market is predicted to reach a value of $156.5 billion by 2030, from $60.8 billion in 2019, progressing at a 9.2% CAGR during the forecast period (2020–2030). The market is growing due to the increasing need for energy-efficient lighting solutions, surging focus on smart lighting solutions, and toughening regulatory policies when it comes to energy efficiency. When offering is taken into consideration, the market is divided into software & services and hardware.
Between these two, the software & service division is expected to register the higher CAGR of 10.4% during the forecast period, which can be ascribed to the rising demand for software to control lighting in different settings, according to the needs of the user. The hardware division is further divided into lighting controls and lamps & luminaires, between which, lamps & luminaires contributed the larger revenue share to the market in 2019. As the focus on energy efficiency is rising, the demand for light emitting-diode (LED) lamps and luminaires is growing as well.
When end user is considered, the ambient lighting market is categorized into automotive, corporate, industrial, healthcare, hospitality & retail, and residential, among which, the automotive category is projected to grow at the fastest pace during the forecast period. The demand for ambient lighting in the sector is growing due to the surging production of vehicles and the increasing adoption of interior lighting solutions in vehicles. For example, the global production of automobiles rose to 97 million in 2018 from 95 million in 2016.
Geographically, the ambient lighting market was dominated by the Asia-Pacific region in 2019 and the region is further predicted to account for the major share of the market during the forecast period as well. This is because of the increasing disposable income of people, surging population, and expanding IT market in the region. Within the region India is predicted to register the highest CAGR during the forecast period, which can be attributed to the rising focus of the government towards the replacement of incandescent lighting with LED lights and increasing investments in residential projects.
The increased focus on smart lighting solutions across the globe is a major factor leading to the growth of the ambient lighting market. Design structure and energy efficiency have resulted in the growing adoption of LEDs in residential and industrial sectors. In addition to this, the growth of Industry 4.0, penetration of internet of things, and growing need for smart home solutions are encouraging companies in the domain to experiment increasingly with LED lights. Manufacturers are increasingly leveraging latest technologies for enhancing, functionality, and aesthetics of smart lighting solutions.
The stringent regulatory policies related to energy efficiency are also resulting in the rapid growth of the ambient lighting market across the globe. These policies are aimed towards cost and energy savings in different sectors. As per the U.S. Department of Energy, the U.S. Energy standard for Buildings is a model code on a national level for commercial buildings and is a vital parameter for the design of the building and related systems. Such policies are leading to the growing demand for LED lighting solutions, thereby driving the market.
Hence, the growth of the market is being driven by the growing focus on smart lighting solutions and strict regulatory policies.
Read the full report: https://www.reportlinker.com/p05982449/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article