New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Ambient Lighting Market Research Report: By Type, Applications, Region - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 125.81 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.98% during the assessment timeframe.
The global ambient lighting market is expected to witness significant growth in the coming years, according to the latest report by Market Research Future. The report reveals that the market is driven by the growing demand for smart lighting solutions, which provide enhanced user experience and energy efficiency.
Key Players
Some of the key players in the global ambient lighting market include
- Acuity Brands Inc.
- Cree Inc.
- Eaton Corporation PLC
- General Electric Company
- Hubbell Incorporated
- Legrand SA
- OSRAM Licht AG
- Philips Lighting Holding B.V.
- Zumtobel Group AG
- Wipro Enterprises Private Limited
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 125.81 Billion |
| Growth Rate | CAGR of 9.98% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | Growing awareness of OLED in ambient light |
| Key Market Drivers | Government initiatives and policy for energy savings |
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Drivers and Challenges
The growing adoption of energy-efficient lighting solutions is a major driver of the global ambient lighting industry. Energy-efficient lighting solutions help in reducing energy consumption, thereby saving costs and reducing carbon emissions. Moreover, the growing trend of smart homes and smart cities is also driving the demand for ambient lighting solutions. The use of ambient lighting in homes and cities enhances the user experience, improves safety and security, and provides better visibility.
However, the high initial cost of smart lighting solutions is a major challenge for the growth of the ambient lighting market. The high cost of smart lighting solutions can hinder their adoption, especially in developing countries where the market for smart homes and smart cities is still in its nascent stage.
Market Segmentation and Regional Analysis
Based on type, the market is segmented into surface-mounted lights, suspended lights, track lights, strip lights, recessed lights, and others. The surface-mounted lights segment is expected to hold the largest market share during the forecast period.
Based on end-use, the global ambient lighting industry is segmented into residential, commercial, industrial, and others. The commercial segment is expected to hold the largest market share during the forecast period due to the growing adoption of smart lighting solutions in commercial buildings such as offices, malls, and hotels.
Geographically, the global ambient lighting market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to dominate the market during the forecast period due to the growing adoption of smart lighting solutions in countries such as China, India, and Japan.
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Industry Trends
The report highlights some of the major industry trends in the global ambient lighting industry, including the growing adoption of LED lighting solutions, the integration of ambient lighting with smart home systems, and the increasing use of ambient lighting in automotive applications.
In recent developments, Philips Lighting Holding B.V. announced the launch of its new range of LED luminaires, which are designed for use in commercial buildings. The new range of LED luminaires provides enhanced energy efficiency, improved lighting quality, and greater flexibility in installation.
Moreover, General Electric Company announced the launch of its new line of LED lamps, which are designed to replace traditional incandescent and halogen lamps. The new LED lamps provide enhanced energy efficiency, longer lifespan, and improved lighting quality.
Opportunities for Growth
The global ambient lighting market presents several opportunities for growth, including the increasing adoption of LED lighting solutions, the integration of ambient lighting with smart home systems, and the use of ambient lighting in automotive applications.
The growing adoption of LED lighting solutions is one of the major opportunities in the market. LED lighting solutions are energy-efficient, have a longer lifespan, and provide better lighting quality than traditional lighting solutions. Moreover, the decreasing cost of LED lighting solutions is expected to drive their adoption in developing countries.
The integration of ambient lighting with smart home systems is another major opportunity in the ambient lighting market. The integration of ambient lighting with smart home systems provides enhanced user experience, improves energy efficiency, and enables remote control of lighting systems. Moreover, the increasing demand for smart homes is expected to drive the adoption of ambient lighting solutions.
The use of ambient lighting in automotive applications is also an opportunity in the ambient lighting market. The use of ambient lighting in cars enhances the user experience, improves safety and security, and provides better visibility. Moreover, the growing demand for electric and hybrid cars is expected to drive the adoption of ambient lighting solutions in the automotive industry.
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Innovation
Innovation is key to success in the ambient lighting market. Key players in the market are investing in research and development to develop new and innovative ambient lighting solutions. Moreover, partnerships and collaborations among key players are also driving innovation in the market.
In recent developments, Acuity Brands Inc. announced the launch of its new line of ambient lighting solutions for commercial buildings. The new line of ambient lighting solutions provides enhanced energy efficiency, improved lighting quality, and greater flexibility in installation.
Moreover, General Electric Company announced the launch of its new line of LED lamps for residential and commercial applications. The new LED lamps provide enhanced energy efficiency, longer lifespan, and improved lighting quality.
In conclusion, the global ambient lighting market presents opportunities for growth and innovation. The growing adoption of energy-efficient lighting solutions and the increasing demand for smart homes and smart cities are driving the growth of the ambient lighting market. Key players in the market are investing in research and development to develop new and innovative ambient lighting solutions. The integration of ambient lighting with smart home systems and the use of ambient lighting in automotive applications are some of the major opportunities in the ambient lighting market.
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