Lighting Market to grow by USD 62.8 Billion (2025-2029), driven by new developments and product launches, Report on how AI is driving market transformation - Technavio

NEW YORK, Jan. 20, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The global lighting market size is estimated to grow by USD 62.8 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  7.4%  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 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 NV, LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd..

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Market Driver

The lighting market is thriving with trends in interior designing, photography, and scientific advancements. LED lights are leading the charge, replacing traditional bulbs like CFL, LFL, HID, halogen, and incandescent. Scientists are developing energy-efficient LEDs for various sectors, including houses, automotive, retail, and developing nations. LEDs are also used in plants, solar systems, medical devices, and traffic signals. Effective manufacturers like Signify are producing cost-effective, energy-efficient luminaires and smart LED bulbs. Urban cities and commercial buildings are adopting smart lighting solutions for energy efficiency and environmental sustainability. The Biden Harris Administration supports smart cities initiatives to reduce electricity consumption and logistics inefficiency. LEDs are used in automotive headlamps, aviation, advertising, and even lighted wallpapers. Energy costs remain a concern, driving the need for energy-efficient lighting. Smart outdoor lighting and solar are key areas of growth, particularly in off-grid sectors. LED fixtures are being used in real estate and HVAC systems for security and energy savings. The semiconductor industry is driving innovation in lighting technology, reducing environmental degradation and energy problems. Smart lighting solutions are becoming essential for energy efficiency and cost savings in various sectors. 

Adaptive lighting systems are gaining popularity in both commercial and automotive industries due to their enhanced safety and comfort features. These systems, specifically designed for night driving and low-light conditions, improve visibility around curves and hills. Traditional headlights illuminate the road straight ahead, leaving the side unlit. In contrast, adaptive headlamps adjust their beams based on steering input, ensuring the vehicle's path is illuminated. Additionally, conventional headlights point their beams upward when climbing hills, but adaptive systems maintain optimal illumination for better visibility. 

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Market Challenges

• The lighting market encompasses various sectors including interior designing, photography, and scientific research. Challenges include the shift from traditional light sources like incandescent, CFL, LFL, HID, and halogen to energy-efficient LEDs. Scientists are developing LEDs for plants and metal halide lamps for industrial applications. Developing and under-developing nations face electricity consumption issues, with off-grid solar sector solutions and energy-efficient luminaires and light control systems gaining popularity. LEDs reduce energy costs and have longer life expectancy. LEDs are used in automotive headlamps, aviation, advertising, medical devices, and traffic signals. Effective manufacturers like Signify offer energy-efficient and cost-effective solutions through their EcoLink range. Urban cities and commercial buildings utilize smart LED bulbs and outdoor lighting for energy efficiency and environmental sustainability. The Biden Harris Administration supports smart cities initiatives and energy efficiency regulations. The lighting industry must address capital costs, logistics inefficiency, and environmental degradation while ensuring cost-effective and energy-efficient solutions.
• The lighting market faces a significant challenge in ensuring sustainability as the demand for environmentally friendly and energy-efficient solutions, such as compact fluorescent lamps (CFLs) and LED lighting, increases. However, the supply of certain materials, like rare earth elements used in Phosphor-based LEDs, is limited. This can lead to price fluctuations and disruptions in the supply chain. Sustainability is crucial for the electronics industry's growth, and addressing it through eco-friendly and efficient lighting solutions is essential.

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Segment Overview

This lighting market report extensively covers market segmentation by  

1. Application
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
4. Product
5. Distribution Channel

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 most widely used in residential, commercial, industrial, and outdoor applications. Market leaders such as Signify NV, OSRAM, and IDEAL INDUSTRIES Inc. Dominate this sector. LED technology, introduced in the 1970s, has significantly impacted the market with its long-lasting, energy-efficient, and eco-friendly features, despite a higher initial cost. The ongoing price reduction trend further boosts its popularity. Developed countries are adopting connected lighting systems, enabling remote control of fixtures via smartphones, which presents new opportunities for growth in the general lighting market.

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Research Analysis

The lighting market encompasses various applications of light in interior designing, photography, and scientific research. Light plays a crucial role in enhancing the aesthetic appeal and functionality of spaces. Scientists continue to explore new technologies like LEDs, which offer energy efficiency and versatility. Plants thrive under specific light spectra, making horticulture a significant sector. Electricity consumption and energy costs are major concerns, driving the adoption of energy-efficient solutions like LED lights. Beyond traditional uses, lighting is integral to automotive headlamps, aviation, advertising, and medical devices. The Color Rendering Index (CRI) is a critical factor in evaluating the quality of light. CEA systems, LED lighting, building automation systems, HVAC, security, and smart lighting solutions are transforming the industry. The Biden Harris Administration's focus on energy efficiency and sustainability further boosts the market's growth. Metals and electricity are essential components, while traffic signals and camera flashes have unique applications.

Market Research Overview

The lighting market encompasses various applications, from interior designing and photography to scientific research and automotive industries. LEDs have revolutionized the sector with their energy efficiency and long life span, replacing traditional lighting sources like incandescent, CFL, LFL, HID, and halogen bulbs. Plants and humans respond positively to white light, making LEDs a preferred choice for horticulture and human-centric lighting. Developing and under-developing nations are embracing off-grid solar solutions for energy-efficient lighting in houses and commercial buildings. Solar, raw materials, and energy costs are significant factors influencing the market. AI and smart lighting solutions are transforming urban cities, commercial malls, and parking lots, reducing electricity consumption and operating costs. Effective manufacturers like Signify offer energy-efficient luminaires and light control systems, promoting environmental actions and sustainability. The Biden Harris Administration's focus on energy efficiency and environmental sustainability further boosts the market. The Color Rendering Index and Building automation systems, including HVAC and security, are essential considerations for smart lighting solutions.

Table of Contents:

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

• Application
• Type
• LED Technology
• Traditional Technology
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America
• Product
• Distribution Channel

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