Ambient Lighting Market to Hit $156.5 Billion Revenue by 2030: P&S Intelligence
Sep 17, 2020, 03:02 ET
NEW YORK, Sept. 17, 2020 /PRNewswire/ -- The global ambient lighting market is predicted to exhibit a CAGR of 9.2% between 2020 and 2030 and attain a value of $156.5 billion in 2030. The rising requirement for energy-efficient lighting solutions and devices and the growing popularity of smart lighting systems are the main factors driving the expansion of the market, according to the market research study published by P&S Intelligence.
Due to the COVID-19 pandemic and the subsequent lockdowns imposed by the governments of various countries for controlling the spread of the virus, the supply chain of various electric parts and components has been affected severely. This has, in turn, caused disruptions in the operations of OEMs (original equipment manufacturers) and impacted the shipments of lighting devices across the globe.
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Based on type, the hardware category, under the offering segment of the ambient lighting market, is divided into lighting controls and lamps and luminaires. Between these, the lamps and luminaires division had higher market share in the years gone by. Lamps and luminaires are basically the imported components of ambient lighting. Furthermore, with the growing need for energy efficiency, the sales of LED luminaires and lamps will skyrocket throughout the globe, which will, in turn, cause the advancement of the category.
Under the lamp and luminaires division, the LED division is predicted to demonstrate the highest growth rate in the ambient lighting market in the coming years. This would be because of the rising requirement for LED lighting on account of its longer life span and higher efficiency than the other lighting devices.
Under the lighting controls subcategory, the sensors division is predicted to record the highest growth in the ambient lighting market in the upcoming years. This is credited to the ballooning demand for sensors in smart home solutions for attaining automation in lighting. Further, with the increasing requirement for home automation, the sales of sensors would shoot-up across the globe in the future years.
Browse report with detailed TOC on 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 @ https://www.psmarketresearch.com/market-analysis/ambient-lighting-market-report
Globally, the ambient lighting market registered the highest growth in the Asia-Pacific (APAC) region in the years gone by and is predicted to dominate the market in the forthcoming years as well. The growing population, increasing disposable income of people, and the expanding IT industry, especially in India and the ASEAN (Association of South East Asian Nations) countries, are the main factors fueling the advancement of the market in the region.
The major players operating in the global ambient lighting market are increasingly getting into acquisitions and mergers for increasing their range of product offerings and gaining foothold in the market. For example, Signify N.V. completed the acquisition of Cooper Lighting Solutions from Eaton Corporation Inc. for $1.4 billion, which was paid in cash, in March 2020. The acquisition is aimed at solidifying the position of Signify N.V. in the market in North America.
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Apart from the aforementioned acquisition, Signify N.V. also acquired a 51% stake in Zhejiang Klite Lighting Holdings Co. Ltd., which is a manufacturer of LED luminaires and lamps, in July 2019. This acquisition would help Signify N.V. expand its range of connected lighting products and solutions.
Besides Signify N.V., the other major ambient lighting market players are General Electric Company, Hubbell Incorporated, Cree Inc., Wipro Enterprises (P) Ltd., Samsung Electronics Co. Ltd., Zumtobel Group AG, Häfele GmbH & Co KG, Acuity Brands Inc., and OSRAM Licht AG.
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