Pune, Oct. 16, 2019 (GLOBE NEWSWIRE) -- The global Lighting Market is set to reach USD 115.58 billion by 2026, exhibiting a CAGR of 4.4% during the forecast period. The major driver of the growth of the market is the speedy expansion of the construction sector, especially in the developing countries. According to the World Economic Forum (WEF), urban population across the world is growing at the rate of 200,000 people per day, who require affordable housing and sanitation. Furthermore, the WEF states that the Engineering and Construction sector account for 6% of the world’s GDP; in developing countries such as India, the figure is close to 8%. Increasing construction activities will raise the demand for lighting, providing market players with the opportunity to innovate. In the end, these factors will aid the global Lighting Market growth during the forecast period.
According to a new report by Fortune Business Insights, titled “Lighting Market Size, Share & Industry Analysis, By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens and Incandescent), By Application (General Lighting, Automotive Lighting, Backlighting, Others), by End User (Residential, Commercial and Industrial) and Regional Forecasts, 2019-2026”, the global Lighting Market value in 2018 stood at USD 115.44 billion. The report, in addition to this, also contains a detailed analysis of the different factors and dynamics that will influence the market during the forecast period.
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Multiple Benefits of LED Lighting to Boost the Market
Light Emitting Diodes (LED) are energy-efficient light bulbs that use electroluminescence and semiconductors to produce light, offering a variety of economic and ecological benefits. For example, the US Department of Energy estimates that 20% of energy consumption in the US comes from lighting. The department’s calculations suggest that LEDs can reduce lighting costs to just 5% of the total household energy consumption in the US. Moreover, LEDs have a long shelf life. For example, a 6 to 8 Watt LED bulb has a lumen output of 800 and has the ability to last for 50,000 hours; the traditional incandescent bulb lasts just 1200 hours.
The most vital advantage of using LED lighting are its environmental benefits. For example, LED bulbs do not contain harmful mercury. Further, LED lights are extremely energy efficient, a claim that was authenticated in 2012 when the US saved close to USD 675 million, after installing around 49 million LED lights across the country. By 2030, the US aims to have 75% lighting through LEDs, which will result in reducing carbon emissions by 1800 million metric tons. This will result in higher adoption of LED technology in lighting and expand the global Lighting Market size during the forecast period.
Asia-Pacific to Register the Best Growth Figures
Having generated a revenue of USD 54.5 billion in 2018, Asia-Pacific is expected to continue its impressive performance in the global Lighting Market during the forecast period. The main reason for the region’s growth is the rapid urbanization in China and India where construction activities are being driven by a soaring demand for affordable housing. These countries are actively promoting the adoption of LED lighting to reduce carbon emissions. Huge investments in manufacturing are anticipated to drive the market in the Middle East and Africa, whereas moderate growth is expected in Latin America owing to lower level of economic development.
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Increasing Innovation to Drive Market Competition
Key players in the global Lighting Market are increasingly focusing on developing innovative products and integrating different technologies to diversify their product offerings. For example, in January 2019, GE Lighting, under its C by GE Triples portfolio, launched its new color light bulbs integrated with Made for Google applications. This enables consumers to conveniently control their home or workplace lighting using one app which will be empowered by the Google Assistant AI. In July 2019, LEDtronics introduced their novel product, LED Rope Light, which is a more energy-efficient alternative to the conventional neon lights, making it ideal for commercial lighting.
List of Key Companies Profiled in Lighting Market Research Report are:
- GE Lighting
- Koninklijke Philips N.V.
- Panasonic Corporation
- OSRAM Licht AG
- Schneider Electric SE
- Cree, Inc.
- CITIZEN ELECTRONICS CO., LTD.
- Lumerica
- Havells India Ltd.
- LEDtronics, Inc.
- Patriot LED
- Acuity Brands, Inc.
- LED LEADER USA
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Table of Contents
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Lighting Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Lighting (Value and Volume)
- LEDs
- CFLs
- LFLs
- HIDs
- Halogens
- Incandescent
- Market Sizing Estimations and Forecasts – By Application (Value)
- General Lighting
- Automotive Lighting
- Backlighting
- Others
- Market Sizing Estimations and Forecasts – By End User (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Geography (Value and Volume)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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