Lighting Market Size to Grow at a CAGR of 7.3% in the Forecast Period of 2023-2028

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August 10, 2023
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The ‘Global Lighting Market Trends, Size, Share, Price, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the lighting market, assessing the market on the basis of its segments like type, product, application, end use, distribution channel, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Lighting Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): USD 120 billion
• Forecast CAGR (2023-2028): 7.3%
• Forecast Market Size (2028): USD 183.1 billion

Rising demand from end users for purposes such as increasing visibility, creating a welcoming effect, and for aesthetic appeal, is driving the growth of the lighting market globally. Growing population is further increasing lighting applications in activities such as photography and interior designing. Demand for artificial lighting is expected to grow further with time especially from the younger generation.

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The construction sector is also increasing the demand for lighting to make it convenient for workers and help them complete tasks on time while maintaining safety. Moreover, these lightings are also expected to help them avoid any danger and be aware of the areas where the work is in progress.

In the Asia Pacific, several developing countries including India and China are increasing the demand for efficient lighting systems, owing to factors such as rising population and rapid urbanisation. These countries are focussing on building new homes for homeless people, which is in turn leading to a greater demand for lighting in the region. Additionally, the low cost of the lights such as LEDs and CFLs is making it more affordable resulting in its increased production and selling, ultimately supporting the growth of the lighting market.

Lighting Industry Definition and Major Segments

Lighting, also termed as illumination, is a method of arranging lights in a closed or open space such as a room, street, or a shopping complex. The arrangement is made using artificial light sources such as lamps and light fixtures to provide aesthetic effect to the area or the space.

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Based on type, the market is classified into:

• LED
• Fluorescent
• Incandescent
• Halogen

On the basis of product, the market is divided into:

• Bulbs
• Streetlights
• Downlights
• Tube Lights
• Flood Lights
• Others

By application, the market is bifurcated into:

• Indoor
• Outdoor

On the basis of end use, the market is segmented into:

• Residential
• Commercial
• Industrial
• Agricultural
• Hospital
• Others

Based on distribution channel, the market is classified into:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others

By region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Lighting Market Trends

The key trends in the lighting market include the rapid transition from incandescent light to light emitting diodes (LED) which is paving the way for a wider range of options for consumers globally. Light emitting diodes reduce the consumption of energy and have a better life-span which enhances its demand and popularity among consumers all across the globe. Rising environmental awareness is a major factor that is encouraging the replacement of fluorescent lighting with LEDs.

Governments of various countries are releasing favourable policies for the use of light emitting diodes in the lighting of streets which is further increasing the sale of lighting globally. Increasing research and development activities to develop improved lighting technologies is expected to further propel the lighting market growth.

Expansion of healthcare infrastructure and increasing importance of well-lit hospitals are further increasing the demand for the lighting market. Adequate lighting aids healthcare professionals in clearly viewing and patient and advising accordingly. A variety of lights are used in hospitals, ranging from general lights in common waiting areas to focused lighting in examination rooms, and high powered speciality lights in surgery.

Key Market Players

The major players in the global lighting market report are

• Signify Holding
• OSRAM GmbH
• Eaton Corporation
• Cree Lighting
• Nichia Corporation
• GE Lighting
• Seoul Semiconductor Co., Ltd.
• Hubbell Incorporated
• Zumtobel Group
• Siteco GmbH
• Panasonic Holdings Corporation
• Havells India Ltd.
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

Lighting Market Size to Grow at a CAGR of 7.3% in the Forecast Period of 2023-2028

Lighting Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

Lighting Industry Definition and Major Segments

Lighting Market Trends

Key Market Players

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