Global Lighting Product Market is valued approximately at USD XX billion in 2019 and is anticipated to grow with a growth rate of more than XX % over the forecast period 2020-2027.
Lighting Products are all forms of illumination that observe a tremendous growth due to adoption of the recent innovated bulbs and lighting in households, commercial as well as industrial sector.
Rise in efforts of governments of different countries towards smart cities and rapid urbanization are the major factors driving the growth of the market. Urbanization is growing at a higher pace with people moving towards urban areas. As per United Nations (UN) in 2018, 55% of the world’s population live in urban areas and the number is expected to grow to 68% by 2050. Further, continuous research and acceptance of new technologies enhance the growth of the market. Further, product’s high performance fixtures and innovations with the motive of energy consumption are motivating the growth of the market.
The COVID-19 Pandemic has affected the manufacturing sector the most with lockdowns and labor security around the world directly impacting the growth of the market. Employment rates are declined, hitting the customer sentiments to put a brake on spending shrinking the market growth. However, the demand for renovation of old buildings with advanced interior design would boost the market growth of lighting products. For Instance: As per McKinsey in 2019, enhancement in modular buildings across the world will be observed by 10% boosting the Global Lighting Product Market growth. Moreover, high acceptance of LED technologies with higher light intensity and lower power consumption accelerates the growth of the market.
However, timely changes in government norms regarding energy consumption and high number of competitors are the restraining factors which impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Lighting Product market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world due to increase in household population and new power consumption lightning technologies. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such rise in industrial automation with availability of cost optimized products in emerging economies such as India, China and Japan would create lucrative growth prospects for the Lighting Product market across Asia-Pacific region.
Major market player included in this report are:
GE Lighting (US)
Koninklijke Philips N.V. (Netherlands)
Panasonic Corporation (Japan)
OsRam Licht AG (Germany)
Schneider Electric (France)
Cree, Inc. (US)
Citizen Electronics Co. Ltd. (Japan)
Havells India Limited (India)
LEDtronics, Inc. (US)
Acuity Brands, Inc. (US)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Battery/propane or liquid fuel Camping lighting
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Lighting Product Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers