Global Lighting Product Market to Touch US$296,230 Million by 2025
While the lighting product market is prospering as it finds new demands across the globe, the competitive landscape is largely fragmented owing to incrementing number of new entrants, according to a recent business and commerce study by Transparency Market Research. That being said, the analysts of the report have identified Panasonic Corporation, GE Lighting, Koninklijke Philips N.V., Azoogi LED Lighting, and OSRAM Licht AG as a few companies who are currently ahead of the curve in the global lighting product market. These companies have a remarkable product portfolio and have been expanding their geographical presence steadily in the past decade. Going forward, the cost of the product, its efficiency, and availability is expected to define which company acquires maximum shares in the global lighting products market.
According to the projections provided in the report, the demand in the global lighting product market will multiply at an impressive CAGR of 10.4% during the forecast period of 2017 to 2025. The analysts have predicted that swelling from its calculated worth of US$113,046.0 mn in 2015 and reaching a worth of US$133,943.4 mn in 2017, the opportunities the global lighting product market will translate into a revenue of US$296,230.7 mn by 2025.
On the basis of component, the TMR report segments the global lighting product market into standalone type including LED tubes and bulbs, T8 LED bulbs and tubes, discharge tube, and incandescent and lighting fixture, which has been further bifurcated into ceiling fixture, strip light fixture, recessed lighting fixture, pendants, and chandeliers. Application-wise, the market for lighting product has been classified into commercial, industrial, residential including table lamp, floor lamp and desk lamp, and outdoor including parking garage, street lights, and landscape.
Geographically, the report has rated vastly populated region of Asia Pacific as the one to provide for the maximum demand towards the end of the forecast period. The Asia Pacific lighting product market is estimated to churn out a revenue of 147,858.4 mn by 2025, incrementing at a CAGR of 13.4% during the forecast period of 2017 to 2025. The region of the Middle East and Africa is projected for the second best CAGR of 10.2% during the same forecast period.
Technological improvements in bulbs and lamps has led to continuous adoption of newly build bulbs at commercial and industrial places. There is a growing need for highly efficient and long life span bulbs and tubes among end-user. Owing to incrementing adoption, continuous research and developments in the field of lighting is taking place. For instance development of high intensity discharge tubes, LEDs, and OLEDs has strongly given impetus to the lighting market. Since these bulbs/lamps are energy efficient and have long life span, its popularity is increasing, particularly for household applications. The adoption of such bulbs is also growing at commercial and industrial places.
Rapid urbanization in several emerging economies and the development of smart cities in developed regions with strong emphasis on efficient utilization of energy is expected to act as the primary driver of the global lighting product market. On the other hand, the lack of awareness pertaining to payback periods and reduced installation costs and absence of a common open standard are couple of restraints obstructing the market from attaining its true potential. Nevertheless, the vendors of the lighting product market are expected to gain new opportunities if they harness the wireless technology for LED lighting systems and concentrate on systems and solutions in the near future.
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