Lighting Market Size, Share, Growth & Industry Trends [2031]
Lighting Market Size, Share, Growth & Industry Trends [2031]
Segments - Lighting Market by Type (LED, LFL, CFL, Halogen, HIDs, and Incandescent), Application (General Lighting, Backlighting, Automotive Lighting, and Others), End-user (Residential, Industrial, and Commercial), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CG-5713
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| 190 Pages
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Report Description
Lighting Market Outlook 2031
The global lighting market size was USD 122.01 Billion in 2022 and is likely to reach USD 172.48 Billion by 2031, expanding at a CAGR of 4.5% during 2023–2031. The market is driven by advancements in LED technology.
Growing urbanization and the increasing occurrence of smart homes are anticipated to fuel the lighting market during the assessment period. Demand for lighting and infrastructure development in cities is high. Moreover, the rapid establishment of smart home setups requires LED-based smart lighting systems that are controlled wirelessly. Over the years, technological advancements have led to the development of highly cost-effective and versatile lighting systems for urban areas, which is likely to boost the market in the coming years.
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In January 2022, Acuity Brands, an eminent industrial technology company, entered into a strategic partnership with Microsoft to enhance its smart lighting and building automation solutions. The collaboration aims to merge Microsoft's Azure IoT and Cloud for Sustainability with Acuity Brands' solutions for facility managers to forecast and evaluate the environmental and financial implications of these avant-garde technologies.
Growing awareness for environmental issues as well as various government regulations encourage the use of eco-friendly and energy-efficient lighting solutions such as LED. The market is expected to expand during the forecast period, due to the constant decline in the prices of LED lights and the rising implementation of technologies such as the Internet of Things (IoT).
The COVID-19 pandemic hindered the market growth, owing to the lockdowns imposed by various governments around the world. The production and trade activities were abruptly halted to effectively contain the spread of infection. As a result, the supply chain was completely disrupted, which created a significant deficit in supply and demand, thereby resulting in a slowdown of the market. However, the market is expected to register substantial growth post-pandemic.
Impact of Artificial Intelligence (AI) in Lighting Market
The use of artificial intelligence is likely to provide substantial propulsion to the lighting market. The AI-based lighting systems facilitate precise adjustments, ambient lighting, and customizations. It also allows for synchronicity in patterns of lighting as well as reduces the consumption of energy. The implementation of artificial intelligence helps create light designs for use in buildings in commercial spaces.
Lighting Market Dynamics
Major Drivers
High demand for lighting equipment in the construction industry is expected to drive the market during the projection period. The construction industry has registered significant growth in recent years, largely due to the increasing government efforts worldwide to provide housing for homeless people. This has created a huge potential for market propulsion, particularly in developing regions. Light equipment is crucial for construction activities, as it allows workers to complete tasks within deadlines. Additionally, it is used for safety purposes to identify potential hazards and highlight work-in-progress areas.
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According to a recent survey published in August 2023, the global spending value of the construction industry has grown by USD 12 trillion in the period of 2014-2019. This includes commercial and residential real estate as well as the industrial infrastructure.
Existing Restraints
Difficulty in establishing manufacturing hubs is likely to hamper the market during the forecast period. Investors are encountering various challenges while establishing light manufacturing centers in multiple countries, primarily due to strict government policies related to environmental regulations. Some other obstacles faced by them include high capital costs, lack of advanced manufacturing equipment, significant investments in R&D, logistics inefficiencies, and supply chain inefficiencies. All these factors are hindering the market growth in emerging economies.
Emerging Opportunities
Supportive government initiatives for the incorporation of LED lights are anticipated to provide substantial growth opportunities for the market. Governments are encouraging investments in energy-efficient lighting technology by implementing various laws and expanding the use of LED lights in the industrial, commercial, and residential sectors. Lighting costs are significantly higher for businesses and commercial spaces as compared to residential buildings. Companies save a substantial amount on their electricity bills while reducing their carbon footprint by upgrading to energy-efficient lighting solutions. The market is expanding, due to the increasing demand for energy conservation and is likely to register significant growth in the coming years.
Scope of the Lighting Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Lighting Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (LED, LFL, CFL, Halogen, HIDs, and Incandescent), Application (General Lighting, Backlighting, Automotive Lighting, and Others), End-user (Residential, Industrial, and Commercial) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Schneider Electric; SAVANT TECHNOLOGIES LLC.; Panasonic Corporation; OSRAM GmbH; Lumerica; LEDtronics, Inc.; Koninklijke Philips N.V.; Havells India Ltd.; Cree Lighting; Signify Holding; and CITIZEN ELECTRONICS CO., LTD |
Lighting Market Segment Insights
Type Segment Analysis
Based on type, the lighting market is divided into LED, LFL, CFL, halogen, HIDs, and incandescent. The LED segment is projected to hold a major share of the market during the projection period as LED lights are safer, more durable, and easier to install than traditional incandescent bulbs. They do not increase in temperature as rapidly as incandescent bulbs, reducing the risk of combustion or burn injuries. Epoxy lenses make them less likely to break if bumped or dropped. Around 25 LED light strings are connected in series without the risk of overloading the wall sockets. LEDs are considered as an effective lighting option, owing to their versatility, and are expected to register high adoption in the coming years.
- According to the survey published in June 2023, the LED light industry in China is estimated to grow by 24.4 % in the period of 2022-2032. By 2032, it is expected to reach USD 15 billion.
Application Segment Analysis
On the basis of application, the global market is segregated into general lighting, backlighting, automotive lighting, and others. The general lighting segment is projected to expand at a high CAGR during the forecast period, as effective lighting is crucial in all types of commercial real estate properties, including offices, retail stores, and industrial facilities. It has a significant impact on the comfort, safety, and productivity of employees, while enhancing the appeal of the space for customers. Consequently, a large number of business establishments incorporate the use of attractive lighting to create a welcoming and attractive environment. This segment is likely to register major growth during the projection period, due to technological advancement in lighting systems and the availability of various types of lighting.
End-user Segment Analysis
On the basis of end-user, the lighting market is segmented into residential, industrial, and commercial. The commercial segment is anticipated to register robust growth during the forecast period, owing to the expansion of the real estate industry, which has led to the development of a large number of commercial buildings and public infrastructure. These properties make extensive use of lighting, as proper lighting is necessary for the prevention of accidents. Lighting enhances productivity by improving focus and reducing eye strain and is therefore an essential part of the work environment. Hence, the commercial segment is projected to register significant growth in the coming years, due to the continuous expansion of business properties.
The residential segment is anticipated to expand at a significant pace in the market, due to the growing demand for new and innovative products. However, the focus of light manufacturing companies is on developing LEDs that are energy-efficient, provide maximum brightness, and have a long lifespan. A large number of residential real estate properties are now incorporating the use of LED lighting, due to its many benefits, such as lower energy consumption, longer lifespan, and reduced maintenance costs, making it a sustainable and cost-effective lighting solution for residential spaces. Moreover, the constant rise in the global population is leading to a significant surge in housing requirements, which is likely to result in high growth of the market.
Regional Outlook
In terms of region, the global lighting market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, as it is the world's largest producer of light products, such as bulbs, fixtures, and LED lights, with China having a robust manufacturing infrastructure and efficient production processes. This region contains numerous factories that specialize in light production, making it a global manufacturing hub. Rapid urbanization and infrastructure development have led to high demand for domestic light products, while the expanding middle class and increasing consumer spending power have contributed to the rise of the light industry.
The market in North America is expected to register significant growth, due to the presence of large-scale companies. Factors such as urbanization, adoption of innovative technologies, and rise in disposable income play a considerable role in raising the demand for lighting systems. Moreover, the awareness for energy conservation has surged the requirement for energy-efficient products, further propelling the market.
Segments
The lighting market has been segmented on the basis of
Type
- LED
- LFL
- CFL
- Halogen
- HIDs
- Incandescent
Application
- General Lighting
- Backlighting
- Automotive Lighting
- Others
End-user
- Residential
- Industrial
- Commercial
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Schneider Electric
- SAVANT TECHNOLOGIES LLC.
- Panasonic Corporation
- OSRAM GmbH
- Lumerica
- LEDtronics, Inc.
- Koninklijke Philips N.V.
- Havells India Ltd.
- Cree Lighting
- Signify Holding
- CITIZEN ELECTRONICS CO., LTD
Competitive Landscape
Key players competing in the global lighting market are Schneider Electric; SAVANT TECHNOLOGIES LLC.; Panasonic Corporation; OSRAM GmbH; Lumerica; LEDtronics, Inc.; Koninklijke Philips N.V.; Havells India Ltd.; Cree Lighting; Signify Holding; and CITIZEN ELECTRONICS CO., LTD.
These companies implement development strategies such as mergers, product launches, acquisitions, collaborations, partnerships, and production expansion to expand their consumer base worldwide. These key players heavily invest in research and development to maintain their market relevance and stay ahead of the curve. For instance,
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In January 2023, Nichia Corporation, one of the prominent market players, partnered with Infineon Technologies AG to launch an industry-first fully integrated micro-LED light engine for high-definition adaptive driving beam applications. The micro-LED technology promises to revolutionize the automotive industry by providing drivers with high-definition adaptive driving beams that are safe and efficient.
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In December 2022, GE Lighting, a Savant company, unveiled a range of ornamental light fixtures and pendants with integrated LED lighting. These fixtures offer a perfect blend of aesthetics and functionality, making them an ideal choice for modern homes and offices.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Lighting Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Lighting Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Lighting Market - Supply Chain
4.5. Global Lighting Market Forecast
4.5.1. Lighting Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Lighting Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Lighting Market Absolute $ Opportunity
5. Global Lighting Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Lighting Market Size and Volume Forecast by Types
5.3.1. LED
5.3.2. LFL
5.3.3. CFL
5.3.4. Halogen
5.3.5. HIDs
5.3.6. Incandescent
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Lighting Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Lighting Market Size and Volume Forecast by Applications
6.3.1. General Lighting
6.3.2. Backlighting
6.3.3. Automotive Lighting
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Lighting Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Lighting Market Size and Volume Forecast by End Users
7.3.1. Residential
7.3.2. Industrial
7.3.3. Commercial
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Lighting Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Lighting Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Lighting Demand Share Forecast, 2019-2026
9. North America Lighting Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Lighting Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Lighting Market Size and Volume Forecast by Types
9.4.1. LED
9.4.2. LFL
9.4.3. CFL
9.4.4. Halogen
9.4.5. HIDs
9.4.6. Incandescent
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Lighting Market Size and Volume Forecast by Applications
9.7.1. General Lighting
9.7.2. Backlighting
9.7.3. Automotive Lighting
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Lighting Market Size and Volume Forecast by End Users
9.10.1. Residential
9.10.2. Industrial
9.10.3. Commercial
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Lighting Demand Share Forecast, 2019-2026
10. Latin America Lighting Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Lighting Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Lighting Market Size and Volume Forecast by Types
10.4.1. LED
10.4.2. LFL
10.4.3. CFL
10.4.4. Halogen
10.4.5. HIDs
10.4.6. Incandescent
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Lighting Market Size and Volume Forecast by Applications
10.7.1. General Lighting
10.7.2. Backlighting
10.7.3. Automotive Lighting
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Lighting Market Size and Volume Forecast by End Users
10.10.1. Residential
10.10.2. Industrial
10.10.3. Commercial
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Lighting Demand Share Forecast, 2019-2026
11. Europe Lighting Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Lighting Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Lighting Market Size and Volume Forecast by Types
11.4.1. LED
11.4.2. LFL
11.4.3. CFL
11.4.4. Halogen
11.4.5. HIDs
11.4.6. Incandescent
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Lighting Market Size and Volume Forecast by Applications
11.7.1. General Lighting
11.7.2. Backlighting
11.7.3. Automotive Lighting
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Lighting Market Size and Volume Forecast by End Users
11.10.1. Residential
11.10.2. Industrial
11.10.3. Commercial
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Lighting Demand Share Forecast, 2019-2026
12. Asia Pacific Lighting Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Lighting Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Lighting Market Size and Volume Forecast by Types
12.4.1. LED
12.4.2. LFL
12.4.3. CFL
12.4.4. Halogen
12.4.5. HIDs
12.4.6. Incandescent
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Lighting Market Size and Volume Forecast by Applications
12.7.1. General Lighting
12.7.2. Backlighting
12.7.3. Automotive Lighting
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Lighting Market Size and Volume Forecast by End Users
12.10.1. Residential
12.10.2. Industrial
12.10.3. Commercial
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Lighting Demand Share Forecast, 2019-2026
13. Middle East & Africa Lighting Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Lighting Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Lighting Market Size and Volume Forecast by Types
13.4.1. LED
13.4.2. LFL
13.4.3. CFL
13.4.4. Halogen
13.4.5. HIDs
13.4.6. Incandescent
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Lighting Market Size and Volume Forecast by Applications
13.7.1. General Lighting
13.7.2. Backlighting
13.7.3. Automotive Lighting
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Lighting Market Size and Volume Forecast by End Users
13.10.1. Residential
13.10.2. Industrial
13.10.3. Commercial
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Lighting Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Lighting Market: Market Share Analysis
14.2. Lighting Distributors and Customers
14.3. Lighting Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. Schneider Electric
14.4.2. SAVANT TECHNOLOGIES LLC.
14.4.3. Panasonic Corporation
14.4.4. OSRAM GmbH
14.4.5. Lumerica
14.4.6. LEDtronics, Inc.
14.4.7. Koninklijke Philips N.V.
14.4.8. Havells India Ltd.
14.4.9. Cree Lighting
14.4.10. Signify Holding
14.4.11. CITIZEN ELECTRONICS CO., LTD
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