IMARC Group, a leading market research company, has recently released a report titled “
Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global
lighting market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Lighting Market?
The global lighting market size reached US$ 134.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 212.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.22% during 2024-2032.
Factors Affecting the Growth of the Lighting Industry:
Technological advancements in lighting solutions:
Traditional incandescent and fluorescent lighting systems are being replaced by more energy-efficient alternatives such as light-emitting diodes (LEDs), organic LEDs (OLEDs), and solid-state lighting solutions. LEDs have revolutionized the industry due to their superior energy efficiency, long lifespan, and ability to emit light in a variety of colors and intensities. These technological advancements have reduced energy consumption and lowered maintenance costs for consumers and businesses. Furthermore, innovations in lighting design, such as flexible and controllable lighting systems, have expanded the application of lighting in architectural, automotive, and commercial sectors, strengthening the market growth.
Increasing demand for energy-efficient products:
The global shift towards sustainability and environmental conservation is another significant driver of the lighting market. Governments worldwide have implemented stringent energy efficiency regulations and incentives to promote the adoption of energy-efficient lighting solutions. LED lighting, for example, consumes significantly less energy than traditional lighting technologies, resulting in lower greenhouse gas emissions and reduced electricity bills for consumers and businesses. Moreover, the growing awareness among consumers about the environmental impact of lighting systems has led to a preference for eco-friendly and sustainable lighting products. Manufacturers are responding to this demand by developing LED and OLED lighting solutions that meet or exceed energy efficiency standards while maintaining high performance and reliability, supporting the market growth.
Growing adoption of smart lighting systems:
Smart lighting solutions incorporate advanced technologies such as sensors, wireless connectivity, and intelligent controls to optimize lighting efficiency, enhance user comfort, and support automation in homes, offices, and public spaces. These systems offer features such as remote operation via smartphone apps, scheduling based on occupancy or daylight levels, and integration with other smart home devices for seamless user experience. The proliferation of Internet of Things (IoT) technology has accelerated the development of smart lighting ecosystems, enabling connectivity between lighting fixtures, building management systems, and energy monitoring platforms. As the demand for smart homes and smart cities grows driven by advancements in connectivity, artificial intelligence (AI), and consumer demand for integrated, energy-efficient solutions, aiding the market growth.
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Lighting Market Report Segmentation:
Market Breakup by Type:
LED
Halogen
Others
LED accounts for the majority of shares due to superior energy efficiency, longer lifespan, and environmental benefits compared to traditional lighting technologies.
Market Breakup by Application:
Indoor
Outdoor
Indoor holds the majority of shares because it is essential for residential, commercial, and institutional settings.
Market Breakup by End User:
Residential
Commercial
Industrial
Others
Residential dominates the market because it prioritizes aesthetics, energy efficiency, and cost-effectiveness in lighting solutions tailored for home environments.
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific enjoys the leading position owing to rapid urbanization, infrastructure development, and increasing consumer spending on residential and commercial lighting applications.
Global Lighting Market Trends:
The expansion of urban infrastructure projects requiring efficient and aesthetically pleasing lighting solutions, the rise in demand for circadian lighting systems promoting health and wellness, and the integration of lighting as a service (LaaS) models offering flexibility and cost savings to consumers and businesses, bolstering the market demand. Concurrently, increasing focus on security lighting solutions amid rising safety concerns, the trend towards architectural lighting for enhancing building aesthetics, and the demand for specialized lighting in horticulture for indoor farming and greenhouse applications to improve crop yields and sustainability, impelling the market reach.
Leading Companies Operating in the Global Lighting Industry:
Acuity Brands Inc.
Eaton Corporation plc
GE Lighting (Savant Systems Inc.)
Havells India Ltd.
Hubbell Incorporated
Ideal Industries Inc.
Nichia Corporation
OSRAM GmbH (ams OSRAM AG)
Panasonic Holdings Corporation
Seoul Semiconductor Co. Ltd.
Signify N.V.
Siteco GmbH
Zumtobel Group
Browse the full report with TOC and list of Figures: https://www.imarcgroup.com/lighting-market
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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