Lighting Market By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens, and Incandescent), By Application (General Lighting, Automotive Lighting, Backlighting, and Others), By End User (Residential, Commercial, and Industrial) and By Region - Trends, Analysis and Forecast till 2029

Lighting Market accounted for USD 119.3 Billion in 2019 and is estimated to be USD 181.8 Billion by 2029 and is anticipated to register a CAGR of 4.3%.

Light plays a crucial role in every sector. The applications of light in activities like interior designing, photography, and other uses are rising with the rise in population. Numerous scientists have indicated the usage of LEDs in growing plants through practical evidence. The demand for LED light plays a crucial role in plant growth and development because it converts electricity into light by using the properties of metals, thereby delivering the white light. For instance, as per the European Commission, lighting holds 15% to 18% of electricity consumption, globally. Furthermore, over the past few day decades, the industry has experienced continuous technological transformation.

Increasing demand of light emitting diodes (LEDs)

LEDs are highly efficient, reliable, and they yield a longer life span, which is anticipated to boost their application in both indoor and outdoor settings. These lights are cost-effective compared to incandescent lights, delivering around 50,000 hours of illumination with a small amount of energy consumed. Their lower cost of operation and reduced heat losses also make them a suitable replacement for incandescent lights. Technological advancements, shift from conventional to green lighting, enhanced energy efficiency standards, and declining prices have also spurred the demand.

Favorable government’s initiatives

Government organizations in different countries are taking several steps to develop smart cities and installation of smart lighting is one of the significant programs that is being undertaken. Rapid urbanization, development of smart buildings and government initiatives in smart city projects are some of the top factors driving demand for various smart lighting products such as lighting control, fixture and others. In 2017, the lighting control segment was valued at more than US$ 3,400 mn, and is expected to witness steady growth in terms of revenue throughout the forecast period. However, the time required to set up newer manufacturing hubs might be hampering the growth of the market.

Lighting market is segmented based on lighting type, application, end user and region.

On the basis of lighting type, the lighting market is segmented into LEDs, CFLs, LFLs, HIDs, halogens, and incandescent. Based on application, the target market is segmented into general lighting, automotive lighting, backlighting, and others. Based on end user, the target market is segmented into residential, commercial, and industrial.

Regional Insights:

On region the lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia- Pacific accounted for the highest market share of the lighting market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to the present growth are, because of the increasing regional population and therefore the demand for lighting equipment in residential, commercial, and industrial sectors. Furthermore, this region is also expected to grow substantially within the forecast period due to continuously increasing demand for innovative, durable, and reasonable lighting equipment. There are multiple registered and unregistered players that are manufacturing and providing lights to customers. Within the Asia Pacific, China will hold the most important market share, due to the fragmentation of the market by many vendors. Additionally, China also exports its lighting products to different countries.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the lighting market report based on lighting type, application, end user and region.

Lighting Market, By Lighting Type:

• LEDs
• CFLs
• LFLs
• HIDs
• Halogens
• Incandescent

Lighting Market, By Application:

• General Lighting
• Automotive Lighting
• Backlighting
• Others

Lighting Market, By End User:

• Residential
• Commercial
• Industrial

Lighting Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the lighting market includes GE Lighting, Koninklijke Philips N.V., Panasonic Corporation, OSRAM Licht AG, Schneider Electric SE, Cree, Inc., CITIZEN ELECTRONICS CO., LTD., Lumerica, Havells India Ltd., and LEDtronics, Inc. The market is especially characterized by collaborations and partnerships between the businesses and acquisitions of smaller players as a part of strategic expansion as well as launching their new product specimen. For instance, 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.

• 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