LOS ANGELES, Feb. 13, 2020 (GLOBE NEWSWIRE) -- The Global Lighting Market is expected to grow at a CAGR of around 4.8% during the forecast period 2019 to 2026 and reach the market value of around US$ 156.8 billion by 2026.
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The Asia Pacific dominated the global lighting market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are due to the increasing regional population and the demand for lighting equipment in residential, commercial, and industrial sectors. Furthermore, this region is also expected to grow substantially in the forecast period because of 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. In the Asia Pacific, China will hold the largest market share, because of the fragmentation of the market by many vendors. In addition, China also exports its lighting products to different countries. Moreover, a growing population is also another factor that is driving the lighting market growth in the region. Therefore, Asia Pacific will dominate the market in the forecast period, followed by Europe and North America. In the Middle East and Africa, the governments of countries, such as Saudi Arabia, the UAE, and Qatar are operating continuously in improving their infrastructure by creating huge investments.
This strategy of these governments is allowing light manufacturing companies to offer their products with reasonable pricing and durability to the customers. Also, this is allowing grabbing the government contracts for developing commercial and public sectors. Furthermore, Latin America is expected to grow moderately, because of the slow adoption of lighting technologies in the region. Moreover, there are fewer light manufacturing companies present in Latin America, which is also influencing the market growth in the region.
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North America is expected to register the highest CAGR during the forecast period. The companies operating in North America have witnessed an increase in sales of led lighting products in the last 2 years; the revenue was primarily generated from the U.S. customers. However, the cost of led lights in the region is anticipated to increase slightly owing to the trade tensions between U.S. and China, as it would cause an increase in raw material prices thereby increasing the end product cost.
Residential segment has dominated the lighting segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. The demand for led offers and down lights is driving growth of residential lighting. The residential application consists of portable plug-in fixtures like table lamps, pendants, and floor lamps as well as permanently installed fixtures such as under cabinet lights and recessed sconces. It also includes guest houses/bed-and-breakfast accommodation and small-scale home office lightings that are analogous in structure to residential houses. Such factors influence the demand for the lighting solutions in the residential sector during the forecast period.
Based on application, the led lighting market has been divided into general lighting, automotive lighting, backlighting, and others. The general lighting segment emerged as the largest segment in 2018 and estimated to highly dominating market during the forecast period. The growth of the market is primarily influenced by the continue need of the product in the residential sectors. Moreover, the automotive lightingsegment is expected to hold the highest growth rate in the market during the forecast period owing to increase in demand for consumer comfort and safety in the vehicles. GE Lighting, OSRAM Licht AG, and Schneider Electric SE are primarily focused on the development of the lighting solutions to meet the requirement across the end-use applications.
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Some of the key manufacturing companies include in the global lighting market are GE Lighting, Koninklijke Philips N.V., Panasonic Corporation, OSRAM Licht AG, Schneider Electric SE, Cree, Inc., CITIZEN ELECTRONICS CO. LTD, Lumerica, LED tronicsInc, and Acuity Brands Inc.
Some of the key observations regarding global lighting industry include:
- For instance, in March 2018, Samsung electronics Co. Ltd announced the launch of H influx, a linear module that uses the company’s led chip package LM301B. H influx is specially designed for lighting applications in factories, warehouses, and covered parking lots.
- Also, in January 2018, Sharp Corporation and Universal display Corporation entered into an extended and updated evaluation agreement. Under the agreement, Universal display will supply its proprietary Universal PHOLED phosphorescent OLED materials and technology to the Sharp Corporation for usage in the company’s OLED displays.
- In May 2018, Cree expanded its SmartCast intelligence platform, with various features, like the wireless enabling smart building solutions catering to the rising demand from IoT. This is likely to boost its presence and foster monetary growth.
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