Lighting Market Size, Share, Key Players, Latest Insights, Analysis and Forecast 2024-2032
IMARC Group, a leading market research company, has recently releases report titled “Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global lighting market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the lighting market?
The global lighting market size reached US$ 134.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 212.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.22% during 2024-2032.
Lighting encompasses the intentional utilization of either artificial or natural light sources to brighten up a space or object, serving pivotal functions such as improving visibility, establishing ambiance, and accentuating architectural features. Key characteristics associated with lighting encompass elements such as intensity, color temperature, direction, and distribution. Intensity signifies the luminosity of the light, whereas color temperature determines whether it emits a warm or cool hue. Direction and distribution pertain to the angle and spread of the illumination, respectively. Lighting features can exhibit a broad spectrum, including capabilities like dimming, color variation, and energy-efficient technologies, notably LED lighting. The application of lighting extends across a wide array of industries. In residential settings, it serves purposes ranging from general illumination to task-specific lighting and decorative accents. Commercial and retail spaces leverage lighting to spotlight products, create enticing displays, and establish desired atmospheres. Within the entertainment industry, lighting assumes a critical role in stage productions, concerts, and film sets, enriching the visual experience and eliciting particular emotional responses.
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What are the growth prospects and trends in the lighting industry?
The market growth is being influenced by several key factors. One of these factors is the increasing demand for energy-efficient lighting solutions, driven by a growing focus on sustainability and environmental conservation. LED (light-emitting diode) lighting is gaining prominence as an energy-saving technology in response to this trend. Additionally, the market is benefiting from the ongoing global urbanization and infrastructure development, which require effective lighting systems to ensure safety, visibility, and aesthetic appeal in expanding cities, new buildings, and infrastructure projects. Lighting is essential for various urban settings, including roads, bridges, tunnels, and public spaces, thus generating a demand for innovative lighting solutions. Furthermore, technological advancements within the lighting industry are playing a pivotal role in driving market growth. Changing consumer preferences and evolving architectural trends also contribute to the lighting market’s expansion on a global scale.
What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Type:
- LED
- Halogen
- Others
Market Breakup by Application:
- Indoor
- Outdoor
Market Breakup by End User:
- Residential
- Commercial
- Industrial
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Acuity Brands Inc.
- Eaton Corporation plc
- GE Lighting (Savant Systems Inc.)
- Havells India Ltd.
- Hubbell Incorporated
- Ideal Industries Inc.
- Nichia Corporation
- OSRAM GmbH (ams OSRAM AG)
- Panasonic Holdings Corporation
- Seoul Semiconductor Co. Ltd.
- Signify N.V.
- Siteco GmbH
- Zumtobel Group
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