Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global lighting market size was valued at USD 122.03 billion in 2022 and is projected to reach USD 169.44 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period. Fortune Business Insights™ presents this information in their latest research report titled “Lighting Market Forecast, 2023-2030.”
Light is a critical factor in various industries, playing a pivotal role in activities such as interior design and photography. Through the integration of cutting-edge technologies, such as artificial intelligence and the Internet of Things (IoT), light manufacturing companies have been able to push the boundaries of innovation and develop groundbreaking products.
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Key Industry Development:
Signify, a global prominent player in lights, and Upciti, a proficient specialist in artificial intelligence and edge computing, have declared their intention to form a partnership. The objective of this collaboration is to assist cities and utilities in the U.S. and Canada in obtaining supplementary benefits, extending far beyond mere illumination, from their lights infrastructure.
Key Takeaways:
- Rising Adoption of Solar in Developing and Under-Developing Nations to Aid Market Growth
- Demand for Artificial Lightings in the Construction Industry is Driving Market Growth
- General Lighting Segment to Dominate the Lights Industry Owing to Surge in Construction Projects
- Residential Segment is Expected to Hold the Largest Market Share Owing to the Adoption of Smart LED Lights
Discover the Leading Players Featured in the Report:
“Companies leading the Lighting Market Sanmina Corporation (U.S.), Hon Hai Precision Industry Co. Ltd (Foxconn) (Taiwan), Benchmark Electronics Inc. (U.S.), Flex Ltd (Singapore), Jabil Inc. (U.S.), Celestica Inc. (Canada), Wistron Corporation (Taiwan), Plexus Corporation (U.S.), Fabrinet (Thailand), COMPAL Inc. (Taiwan)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.4% |
| 2030 Value Projection | USD 169.44 Billion |
| Base Year | 2022 |
| Lighting Market Size in 2022 | USD 122.03 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | Type, End User, and Geography |
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Drivers and Restraints:
Construction Industry Presents Enormous Potential to Propel LED Lighting Market Growth
The burgeoning construction industry has emerged as a major catalyst for driving the growth of the market. This upward trajectory can be attributed to the increasing government initiatives globally aimed at providing accommodation for homeless individuals, a crucial undertaking that necessitates the use of light equipment.
However, investors facing significant hurdles, primarily attributed to strict government policies related to environmental actions may impede the lighting market growth.
Segmentation:
By Lighting Type
- LED
- CFL
- LFL
- HID
- Halogen
- Incandescent
By Application
- General Lighting
- Automotive Lighting
- Backlighting
- Others
By End User
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights
China’s Dominance in Light Production Drives Asia Pacific Market Growth
Asia Pacific has emerged as the leading market in the light manufacturing industry, with China playing a pivotal role in this growth. China's abundance of factories specializing in light production has propelled it to become a global manufacturing hub, contributing significantly to the region's dominance.
North America is anticipated to experience a moderate growth trajectory, primarily due to the presence of several large-scale companies operating in the region.
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Competitive Landscape
Innovative Technology and Product Range by Big Players Secure Largest Market Share
GE Lighting, closely followed by Koninklijke Philips N.V. and Cree, Inc., holds the largest lighting market share in the global lights industry. This market dominance can be attributed to their production of various light products incorporating innovative technologies.
FAQ’s
How big is the Lighting Market?
Lighting Market size was USD 122.03 billion in 2022
How fast is the Lighting Market growing?
The Lighting Market will exhibit a CAGR of 4.4% during the forecast period, 2023-2030
Related Reports:
Smart Street Lighting Market: Size, Trends, Growth 2030
LED Lighting Market: Size, Share, Trends, Forecast 2030
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