NEW YORK, Nov. 7, 2022 /PRNewswire/ — Technavio categorizes the global general lighting market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, the global electrical components, and equipment market cover companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment. The Global General Lighting Market share is set to increase by USD 50.7 billion from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 6.97% as per the latest market forecast report by Technavio. The market will also record a 6.71% Y-O-Y growth Rate during the forecast period.
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Global General Lighting Market– Customer Landscape
Our analysis of the Life Cycle of the Global General Lighting Market from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the global General Lighting Market, focusing on the adoption rates of the major countries such as APAC, Europe, North America, the Middle East and Africa, and South America. To help companies evaluate and develop growth strategies for 2022-2027. Our researchers have included –
- Key purchase criteria
- Adoption rates
- Adoption lifecycles
- Drivers of price sensitivity
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Global General Lighting Market – Vendor Analysis
Vendor Landscape – The global General Lighting Market is in the early growth stage. It is expected to grow at a very high rate during the forecast period. Some of the prominent vendors in the market include Acuity Brands Inc., Advanced Lighting Technologies LLC, Bridgelux Inc., Citizen Watch Co. of America Inc., Cree Lighting, Delta Electronics Inc., Dialight Plc, Eaton Corp. Plc, General Electric Co., Hafele America Co., Hubbell Inc. As there are significant growth opportunities in this market, the competition will intensify with the entry of new vendors, technological innovations, mergers, and partnerships. Established industry participants in the market are increasing their product offerings to expand their product portfolio, enter emerging markets, and boost their market share.
For instance, Signify NV. through the digital solutions segment, the company offers luminaires, lighting systems, and services related to the Internet of Things to customers in the professional segment. the company’s key offerings include general lighting through the Interact and Philips brands.
Global General Lighting Market – Segmentation Assessment
Geography Segment Overview
Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global General Lighting Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global General Lighting Market size and actionable market understandings.
- Regional Highlights– APAC is the fastest-growing region in the global general lighting market compared to other regions. 44% growth will originate from APAC. The increased demand for lighting solutions from the residential and commercial segments is a major factor in the rapid growth of the general lighting market in APAC. The development of smart infrastructure in various nations is fueled by the region’s growing urbanization and IT infrastructure, fueling the demand for energy-efficient lighting solutions.
- Revenue Generating Segment Highlights – The Global General Lighting Market as per product segmentation is categorized into LED Lighting and Traditional Lighting. The market share growth by the LED lighting segment will be significant during the forecast period. Previously, due to their low cost and simplicity of installation, traditional lighting sources including CFLs, LFLs, and HID lights were used in all application areas. The need for intelligent lighting systems in industrial facilities, the cost savings of LED lamps over LFLs and CFLs in commercial applications (retail stores and offices), and the emphasis on electricity conservation and carbon footprint reduction have forced governments, local governments, and consumers all over the world to adopt energy-efficient and environmentally friendly lighting systems, such as LED lighting products.
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Global General Lighting Market – Market Dynamics
- Major Driver – The falling manufacturing cost of LEDs is significantly driving the expansion of the general lighting industry. As the price wars in the LED market heat up, manufacturers will place a greater emphasis on cost-cutting and the use of large-diameter sapphire wafers for LED production. This will accelerate the production of LEDs.
- Major Trend – Urbanization and an increase in the number of households are the main trends propelling the general lighting market’s expansion. Global urbanization will lead to a rise in households, which will encourage the installation of new lights and luminaires. This will lead to an increase in the unit shipments and revenue of general lighting products.
- Major Challenges- The high average cost per LED fixture may hinder the expansion of the general lighting sector. Although the overall cost of owning LED lamps and fixtures is lower than that of traditional incandescent and halogen bulbs, the high initial cost is a hindrance.
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General Lighting Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist General Lighting Market growth during the next five years
- Estimation of the General Lighting Market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the General Lighting Market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of General Lighting Market vendors
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General Lighting Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.97%
Market growth 2023-2027
YoY growth (%)
APAC, Europe, North America, the Middle East and Africa, and South America
Performing market contribution
APAC at 44%
Key consumer countries
US, China, Japan, Germany, and UK
Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled
Acuity Brands Inc., Advanced Lighting Technologies LLC, Bridgelux Inc., Citizen Watch Co. of America Inc., Cree Lighting, Delta Electronics Inc., Dialight Plc, Eaton Corp. Plc, General Electric Co., Hafele America Co., Hubbell Inc., Lumens Co. Ltd, OSRAM GmbH, Panasonic Holdings Corp., Philips International BV, Schneider Electric SE, Selux AG, Signify NV, Wipro Ltd., and Zumtobel Group AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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Table of Contents:
1 Drivers, Challenges, and Trends
- 1.1.1 Technological innovations in COB LEDs
- 1.1.2 Growing adoption of COB LEDs in smart lighting
- 1.1.3 Growing demand from the automotive sector
- 1.2.1 Development of CSP LEDs
- 1.2.2 Emergence of quantum boards
- 1.3 Impact of drivers and challenges
- 1.4.1 Adoption of COB LEDs in horticulture
- 1.4.2 Development of high-color rendering index (CRI) COB LEDs
- 1.4.3 Growing interest in human-centric lighting
- 01: Impact of drivers and challenges
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