General Lighting Market size is set to grow by USD 60.8 billion from 2024-2028, declining manufacturing cost of leds to boost the market growth, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global general lighting market  size is estimated to grow by USD 60.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.72%  during the forecast period.  Declining manufacturing cost of leds is driving market growth, with a trend towards growing number of households and urbanization. However, high average cost per led fixture  poses a challenge. Key market players include Acuity Brands Inc., Advanced Lighting Technologies LLC, Bridgelux Inc., Citizen Watch Co. Of America Inc., Cree Lighting, Delta Electronics Inc., Dialight Plc, Eaton Corp. Plc, General Electric Co., Hafele America Co., Hubbell Inc., Lumens Co. Ltd., OSRAM Licht AG, Panasonic Holdings Corp., Philips International BV, Schneider Electric SE, Selux AG, Signify NV, Wipro Ltd., and Zumtobel Group AG.

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Key Market Trends Fueling Growth

The global general lighting market is experiencing significant growth due to increasing urbanization and the resulting demand for new residential and commercial buildings. Key contributors to this trend include China, with its expanding urban population and rising demand for luxury homes, and Brazil, which is attracting commercial business entities and leading to rapid urbanization. Southeast Asian countries, such as Singapore, Malaysia, and Thailand, are also observing high demand for LED lighting due to its energy efficiency. Infrastructure development in mega-urban areas is further driving the demand for lighting systems. The forecast period is expected to see continued growth in the general lighting market. 

The lighting market is currently experiencing significant growth, with framework programs like LED, CF, FL, and HID in high demand. Faster processing technology and energy efficiency are key trends driving this market. Opening up new opportunities are technologies such as smart lighting and flexible lighting systems. The industry is also witnessing a rise in demand for outdoor lighting solutions, especially in residential and commercial sectors. Additionally, the market is seeing increased adoption of color-changing and RGB lighting systems for various applications. Overall, the lighting market is poised for continued growth and innovation. 

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Market Challenges

• The LED lighting market faces an obstacle in its growth due to the high initial cost of LED luminaires and smart fixtures. Installation expenses include both the cost of the LED components and labor fees. Moreover, the implementation of IoT infrastructure for smart lighting systems adds to the financial burden. The price range for smart LED bulbs from major manufacturers is broad, ranging from USD15 to USD180.
• The general lighting market faces several challenges in the implementation of various technologies. LED technology, such as CFLED and LFL, is becoming increasingly popular due to its energy efficiency and longevity. However, the high initial investment cost is a significant barrier for many businesses. Additionally, the integration of artificial intelligence and connectivity features, like those found in smart lighting systems, adds complexity and cost. Another challenge is the need for compatibility with existing infrastructure and the requirement for ongoing maintenance and updates. Furthermore, the regulatory environment, including energy codes and certifications, adds to the complexity and cost of implementation. Overall, the lighting market requires a balance between innovation and affordability to meet the needs of businesses and consumers alike.

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Segment Overview 

This general lighting market report extensively covers market segmentation by

1. Product 
• 1.1 LED lighting
• 1.2 Traditional lighting
2. Application 
• 2.1 Residential
• 2.2 Commercial
• 2.3 Outdoor
• 2.4 Industrial
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 LED lighting-  The General Lighting Market experiences consistent growth due to increasing demand for energy-efficient solutions. Businesses prioritize LED lighting, which offers cost savings and longer lifespan. Additionally, smart lighting systems are gaining popularity for their convenience and energy management capabilities. Market size is driven by these trends and the ongoing shift towards sustainable business practices.

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Research Analysis

The general lighting market encompasses a wide range of lighting solutions for various applications, including indoor and open air regions. Ambient lighting systems are popular choices for enhancing interior design, with options such as suspended lights and recessed lights available. Lightweight sparkle and harsh glare are essential considerations for photography and cinematography. Natural light is another crucial factor, with hardware and software & services offering advanced light control systems. LEDs, a significant component of modern lighting systems, are energy-efficient and available in various colors and intensities. The market caters to diverse sectors like residential, hospitality and retail, healthcare, office buildings, and more, utilizing electricity and metals in their production. Artificial intelligence and luminaire technology are also driving innovations in the lighting industry.

Market Research Overview

The General Lighting Market encompasses a wide range of lighting technologies and applications, including LED, fluorescent, and high-intensity discharge (HID) lighting. These lighting systems are used in various sectors such as residential, commercial, industrial, and outdoor applications. The market is driven by factors such as increasing energy efficiency, advancements in lighting technology, and government regulations promoting energy-efficient lighting. The use of smart lighting systems and the integration of lighting with Internet of Things (IoT) technologies are also trending in the market. The market size is significant and continues to grow due to the increasing demand for energy-efficient and cost-effective lighting solutions. The market offers opportunities for manufacturers, suppliers, and distributors of lighting products and services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• LED Lighting
• Traditional Lighting
• Application
• Residential
• Commercial
• Outdoor
• Industrial
• Others
• 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.

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SOURCE Technavio