Pune, Oct. 13, 2020 (GLOBE NEWSWIRE) -- The global lighting market size is projected to reach USD 163.72 billion by the end of 2027. Ease of availability of application-specific products will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Lighting Market Size, Share & COVID-19 Impact Analysis, By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens and Incandescent), By Application (General, Automotive, Backlighting, Others), by End User (Residential, Commercial and Industrial) and Regional Forecasts, 2020-2027, the market was worth USD 118.33 billion and will exhibit a CAGR of 4.3% during the forecast period, 2020-2027.
Lighting is a concept that refers to the illumination of either an open or closed surface and is used to obtain improved aesthetics. It is also used to provide light in areas where there is no or inadequate brightness. Lighting is an integral part of interiors for commercial spaces as well as residential homes. The introduction of low-power consuming lighting tools proves beneficial not just for the environment but also for the companies operating in the market. Accounting to the massive demand for lighting across the world there are several companies operating in rural as well as urban areas. The massive investments in research and development of efficient tools and the efforts taken to introduce visually appealing lighting systems will have a positive impact on the growth of the overall lighting market in the coming years.
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Stagnancy in Lighting Market due to Shutdowns in Manufacturing Units during the Covid-19 Pandemic
The recent coronavirus outbreak has had a negative impact on several industries across the world. Due to the strict measures taken to curb the spread of the disease, several businesses have had to settle to operating through limited resources. As a result of this, the market is likely to exhibit a stagnant rate during the Covid-19 pandemic. Accounting to the rapid spread of the disease, companies are looking to implement strict measures to operate at minimum risks. The shutdowns in manufacturing units have had an adverse impact on companies in this sector.
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Large Scale Companies to Focus on Enhancing Customer Service as Global Competition Keeps Strengthening
Due to the massive demand for lighting across the world the global market has shaped up as a fragmented space. The influx of startups and presence of globally renowned companies has created a competitive environment. Besides product innovations, customer service is another factor that companies are focusing on, as way to establishing a strong hold in the market. It is observed that several large scale companies are investing more in customer relationship management and evidently this has emerged in favor of the company as well as the customers. In May 2020, Havells India Limited announced that it will be extending its warranty and customer support for consumers during the Covid-19 lockdown period. The company announced that it will be maximizing its digital platforms to enhance the overall service to the customer and ensure all queries are addressed seamlessly. This step will have a massive impact on the growth of the company and subsequently influence the growth of the global market.
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Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies will Emerge in Favor of Market Growth
The report analyzes the ongoing market Trends across five major regions. Among all regions, the market in Asia Pacific is expected to hold the largest market share in the coming years. The presence of several large scale companies in countries such as India and China will have a positive impact on the growth of the market. The increasing demand for the product in this region is directly proportional to the growing population in several countries across this region. As of 2019, the market in Asia Pacific was worth USD 55.84 billion and this value is projected to rise at a considerable pace in the coming years. Besides Asia Pacific, the market in North America will rise at a considerable pace driven by the rapid urbanization across the region.
List of companies profiled in Lighting Market Are:
- GE Lighting (Ohio, United States)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Panasonic Corporation (Osaka, Japan)
- OSRAM Licht AG (Munich, Germany)
- Schneider Electric SE (Rueil-Malmaison, France)
- Cree, Inc. (North Carolina, United States)
- CITIZEN ELECTRONICS CO., LTD. (amanashi-ken, Japan)
- Lumerica (Vancouver, Canada)
- Havells India Ltd. (Uttar Pradesh, India)
- LEDtronics, Inc. (California, United States)
- Patriot LED (Ohio, United States)
- Acuity Brands, Inc. (Georgia, United States)
Industry Developments:
- May 2019, GE Lighting announced the launch of smart plugs, white bulbs and smart switches with color solutions. The products are also enabled with the Google Assistant Control.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Lighting Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Lighting Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Lighting Type (Value)
- LEDs
- CFLs
- LFLs
- HIDs
- Halogens
- Incandescent
- Market Sizing Estimations and Forecasts – By Application (Value)
- General
- Automotive
- Backlighting
- Others
- Market Sizing Estimations and Forecasts – By End User (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Lighting Type (Value)
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