Newark, April 15, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 95.4 billion artificial lights market will reach USD 133.2 billion by 2033. More people are becoming conscious of the need to save energy and the environment, which has resulted in strict laws encouraging energy-efficient lighting options. Artificial lighting is becoming more popular due to regulations and standards being implemented by governments worldwide to phase out inefficient lighting technologies. Artificial lighting solutions are in high demand in the commercial, industrial, and residential sectors due to rising urbanisation and infrastructure development initiatives in emerging nations.
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Applications for artificial lighting can be found in many different industries, including the automotive, commercial, industrial, healthcare, and agricultural sectors. The growing application areas result from technology breakthroughs and support the market's expansion. The market for artificial lights is expected to grow due to urbanisation, infrastructure development, and the creation of smart cities, which drive demands for sustainable and energy-efficient lighting solutions. The market for artificial lighting is dynamic and fast-changing, with significant development potential in the years to come. Technology innovation, regulatory laws, consumer preferences, and urbanisation trends drive it.
Key Insight of the Artificial Lights Market
Asia Pacific to account for the largest market size during the forecast period.
The biggest country in the region, China, is one of the top exporters of lighting goods worldwide and has a robust industrial base. Artificial lighting solutions are in great demand due to the region's growing urbanisation and population increase; Asia Pacific leads the market, followed by North America and Europe. China is one of the top producers of lighting products worldwide, including LED lights, fixtures, and different bulbs. It also leads the artificial lights market in Asia Pacific. By employing state-of-the-art technology and efficient production techniques, China has created a vast network of facilities dedicated to the production of lights, thereby solidifying its position as a global hub for manufacturing. The nation's expanding infrastructure and urbanisation drive China's domestic need for lighting solutions.
The LED segment dominated the market with the most significant revenue of USD 23.85 billion.
The LED segment dominated the market with the most significant revenue of USD 23.85 billion. The market is growing mostly because of the growing demand for LED lighting, ascribed to its energy-saving advantages over conventional choices. The need for LED technology has increased globally due to the increasing preference for safer and cooler lighting solutions.
The general lighting segment dominated the market with the most significant revenue of USD 32.43 billion.
The general lighting segment dominated the market with the most significant revenue of USD 32.43 billion. Due to the growing requirement for lighting systems brought on by a rise in construction activities, there is a greater demand for general lighting solutions. The automotive light segment, which holds a significant position in the global market, is just a little behind.
The residential segment dominated the market with the most significant revenue of USD 40.06 billion.
The residential segment dominated the market with the most significant revenue of USD 40.06 billion. Demand for smart lighting solutions that work harmoniously with mobile devices to improve home comfort and convenience is rising. The tendency is additionally propelled by the swift advancement of smart cities across the globe, propelling the residential segment's market expansion.
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Market Dynamics:
Drivers: Proliferation of smart lighting systems
The artificial light market is transforming due to the rise in smart lighting systems and the incorporation of IoT (Internet of Things) technology. Smart lighting systems give users more convenience, flexibility, and energy savings with features like automation, customisation, and remote control. The growing need for artificial lighting in the commercial, industrial, residential, and automotive sectors further drives market expansion.
Restraint: Poor disposal of lighting
The disposal of lighting devices further challenges the market for artificial lights at the end of their useful lives. To lessen environmental pollution and reduce electronic waste, lighting components, including LEDs and other electronic components, must be disposed of and recycled properly. However, attempts to control the environmental impact of artificial lights may be hampered by poor infrastructure and a lack of knowledge about appropriate disposal techniques.
Some of the major players operating in the artificial lights market are:
● Koninklijke Philips N.V.
● OSRAM Licht AG
● Cree, Inc.
● Lumerica
● LEDtronics, Inc.
● Acuity Brands, Inc.
● GE Lighting
● Panasonic Corporation
● Schneider Electric SE
● CITIZEN ELECTRONICS CO., LTD.
● Havells India Ltd.
● Patriot LED
Key Segments cover in the market:
By Type:
● CFL
● HID
● Incandescent
● LED
● LFL
● Halogen
By Application:
● Automotive Lighting
● General Lighting
● Backlighting
● Others
By End-User:
● Industrial
● Commercial
● Residential
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About the report:
The global artificial lights market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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