Lighting Market , 45% of Growth to Originate from APAC, Technavio

NEW YORK, Dec. 13, 2024 /PRNewswire/ -- The global lighting market size is estimated to grow by USD 54.76 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. Asia
4. Rest of World

1. APAC - APAC is estimated to contribute 45%. To the growth of the global market. The Lighting Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

In the APAC region, China is a significant contributor to the lighting market's revenue due to the presence of numerous LED manufacturing units and industries. The Chinese government has supported this growth through subsidies for Metal-Organic Chemical Vapor Deposition (MOCVD) technology since the past decade. Consequently, many players have entered the LED market in China and acquired MOCVD tools for manufacturing LED dies. With over 450 smart city projects under construction in China, the upcoming smart cities are expected to boost the regional lighting market substantially during the forecast period. Vendors, such as Signify, are expanding their operations in China. For instance, in August 2023, Signify launched its largest LED lighting manufacturing site in China, spanning 200,000 square meters and featuring 192 production lines.

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Segmentation Overview

1. Application 
• 1.1 General lighting
• 1.2 Automotive lighting
• 1.3 Backlighting
2. Type 
• 2.1 LED technology
• 2.2 Traditional technology
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

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1.1 Fastest growing segment:

The general lighting market encompasses various lighting solutions including lamps, electronics, consumer luminaires, systems, and professional luminaires and systems. This segment is the most widely used in residential, commercial, and industrial applications such as homes, offices, factories, streets, stadiums, and theaters. Market leaders like Signify NV, OSRAM, and IDEAL INDUSTRIES Inc's Cree dominate this segment. The introduction of LED technology has significantly boosted the general lighting market. LEDs offer several advantages over traditional lighting sources, including low maintenance cost, long lifespan, energy efficiency, and eco-friendliness. The continuous price reduction of LEDs further enhances their appeal. Developed countries are witnessing the trend of connected lighting, where lighting fixtures can be controlled via smartphones. Although not yet mainstream, this innovation will add a new dimension to the general lighting segment, contributing to the growth of the global lighting market.

Research Analysis

The lighting market encompasses various applications of light for interior designing, photography, and scientific research. LED lights have revolutionized the industry with their energy efficiency and long lifespan, replacing traditional incandescent bulbs and Compact Fluorescent Lights (CFLs). Scientists continue to explore the properties of white light, impacting electricity consumption and energy costs. Metals play a crucial role in lighting production, while electricity is the primary power source. LEDs are not just limited to residential and commercial use but also extend to automotive headlamps, aviation, advertising, and traffic signals. The Biden Harris Administration's focus on energy efficiency and sustainability further boosts the market growth. The Color Rendering Index (CRI) is a critical factor in evaluating the quality of light for various industries, including horticulture and medical devices. Building automation systems, HVAC, security, and smart lighting solutions are integral components of modern infrastructure. LED lighting and CEA systems are at the forefront of innovation, offering advanced features and energy savings. Camera flashes and lighted wallpapers cater to niche markets, while the horticulture sector benefits from specialized grow lights.

Market Overview

The lighting market encompasses various applications, from interior designing and photography to scientific research and automotive industries. Lighting solutions range from LEDs to traditional incandescent, CFL, LFL, HID, and halogen bulbs. Scientists continue to innovate, developing energy-efficient luminaires and light control systems. Plants and urban cities benefit from LEDs, while developing and under-developing nations explore off-grid solar sector solutions. Effective manufacturers produce cost-effective, energy-efficient LED fixtures for residential and commercial sectors, including houses, malls, stores, restaurants, hospitals, schools, parking lots, and real estate. Solar and semiconductor industries play crucial roles in reducing electricity consumption and environmental degradation. Smart LED bulbs and outdoor lighting systems, along with building automation systems, HVAC, and security, contribute to energy efficiency and environmental sustainability initiatives. The Biden Harris Administration smart cities, energy efficiency, and environmental sustainability, while various industries, including aviation, advertising, and medical devices, utilize specialized lighting solutions.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor 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