Lighting Market

Market Overview:

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. The growing adoption of enhanced and efficient lighting solutions among individuals, rising utilization in commercial and residential areas, and increasing use in the mining industry represent some of the major factors propelling the market growth.

Lighting solutions rely on energy to produce illumination and provide visibility to perform various tasks efficiently. They are widely available as halogen, light-emitting diode (LED), compact fluorescent lamps (CFLs), lower flammable limits (LFLs), and high-density discharges (HIDs) lighting options in different colors, capacities, and shapes. They are cost-effective, durable, and energy-efficient, and assist in reducing the risks of accidents at workplaces by providing better visibility to individuals. As it aids in maintaining a safe and secure environment, the demand for lighting solutions is increasing across the globe.

At present, the rising utilization of lighting solutions in commercial places, such as malls, warehouses, educational institutes, hospitals and clinics, and parking areas represents one of the key factors supporting the market growth. In addition, there is an increase in the demand for these solutions in photography to enhance the images of individuals. This, coupled with the rising employment in weddings, parties, and events, is bolstering the growth of the market. Moreover, the growing utilization of lighting solutions in the mining industry, as they assist in enhancing view, increasing productivity, maintaining the safety of miners, and preventing injuries by identifying potential hazards, are offering a positive market outlook. Furthermore, key players are introducing various advanced technologies in lighting solutions to attract a wide consumer base, which is strengthening the growth of the market.

Lighting Market Trends/Drivers:

Rising adoption of smart lighting solutions stimulating market growth

The growing demand for smart lighting solutions that provide enhanced comfort and convenience to individuals is offering a positive market outlook. Besides this, the integration of the Internet of Things (IoT) and artificial intelligence (AI) in lighting solutions allow customers to change lights according to their requirements. This, coupled with the increasing demand for lighting products that are easily connected to mobile devices, is contributing to the growth of the market. Moreover, changing living standards, along with inflating income levels of individuals, is impelling the growth of the market. Apart from this, the rising demand for a wide variety of designer bulbs in household areas to provide aesthetic appeal is strengthening the growth of the market.

Favorable government initiatives positively influencing the sales of lighting products

Governing agencies of various countries are encouraging the adoption of lighting solutions that assist in reducing carbon dioxide (CO₂) emissions in the environment. They are also taking several initiatives to adopt eco-friendly measures, which is propelling the growth of the market. In line with this, governing authorities are encouraging the usage of advanced lighting solutions due to the need to comply with energy efficiency regulations. Additionally, the rising construction of green buildings and smart cities across the globe is bolstering the growth of the market. Furthermore, the rising awareness about using environment friendly and sustainable products among individuals is strengthening the growth of the market.

Increasing demand for energy-efficient solutions facilitating market growth

The growing adoption of energy-efficient solutions with low maintenance costs around the world is contributing to the growth of the market. Moreover, there is a rise in the demand for LED lighting in indoor and outdoor places to reduce the wastage of electricity and minimize electricity bills. This, coupled with the increasing employment of LED lighting, as it operates on low voltage while providing better light quality as compared to conventional lighting options, is strengthening the growth of the market. In addition, the growing adoption of cost-effective and durable lighting among various end use industries across the globe is positively influencing the market.

Lighting Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global lighting market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, application, and end user.

Breakup by Type:

• LED
• Halogen
• Others
   

LED represents one of the widely used lighting types

The report has provided a detailed breakup and analysis of the lighting market based on the type. This includes LED, halogen, and others. According to the report, LED represented the largest segment. LED lighting has a longer life span and brighter illumination. Moreover, it is durable, withstands frequent switching, and reduces electricity bills. The increasing demand for LED lighting, as it consumes less energy compared to other lighting options, is propelling the growth of the market. In addition, there is a rise in the demand for safer and cooler lighting options among individuals across the globe.

Halogen lighting is mainly utilized in automobile headlights to provide a better visual experience to the driver. Apart from this, the rising adoption of halogen, as it offers enhanced color clarity, is bolstering the growth of the market.

Breakup by Application:

• Indoor
• Outdoor
   

Lighting finds extensive indoor applications

A detailed breakup and analysis of the lighting market based on the application has also been provided in the report. This includes indoor and outdoor. According to the report, indoor accounted for the largest market share. Indoor infrastructure, such as supermarkets, hypermarkets, shopping malls, hospitals, and schools, require lighting to perform daily tasks efficiently. Moreover, there is a rise in the demand for a wide variety of lighting options in different sizes, shapes, colors, and capacities in indoor places. This, coupled with the growing employment of energy-efficient lighting solutions to reduce electricity bills and operating costs, is offering a positive market outlook in the segment.

The rising demand for lighting at outdoor places, such as highways, parking areas, streets, airports, and other public places, is propelling the growth of the market. Additionally, the increasing utilization of LED lights for outdoor applications to reduce emissions is strengthening the growth of the segment. Besides this, lighting solutions at outdoor places, such as highways and streets, reduce the risks of accidents by providing proper lighting while driving.

Breakup by End User:

• Residential
• Commercial
• Industrial
• Others
   

Residential dominates the market share

A detailed breakup and analysis of the lighting market based on the end user has also been provided in the report. This includes residential, commercial, industrial, and others. According to the report, residential accounted for the largest market share. Lighting solutions are used in the residential sector for carrying out different everyday tasks, such as reading, watching television (TV), cleaning, cooking, and bathing. They are widely installed in kitchens, halls, and bathrooms. Apart from this, there is a rise in the demand for smart lighting options that are easily connected to mobile devices and provide increased comfort in the household area. This, coupled with the increasing construction of smart cities across the globe, is bolstering the growth of the market.

Commercial places, such as shopping malls, corporate offices, supermarkets, hospitals, restaurants, schools, and parks, require lighting products that have longer lifespans and higher efficacy. Moreover, there is a rise in the demand for lighting in commercial areas to reduce the number of thefts and burglaries.

The increasing demand for lighting in industrial areas, such as warehouses, factories, and manufacturing plants, to enhance worker safety and productivity is contributing to the growth of the segment.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest lighting market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for lighting. The growing number of construction activities in the residential, commercial, and industrial sectors in the Asia Pacific region is positively influencing the market. In line with this, the rising demand for low cost, highly efficient, and bright lighting products among individuals is propelling the growth of the market. Furthermore, the presence of various large-scale manufacturers, along with the increasing focus on several product innovations, is contributing to the growth of the market in the region.

Apart from this, North America is also witnessing an increase in the demand for lighting due to the increasing construction of smart cities. Moreover, governing agencies of the region are focusing on energy-saving solutions, which is bolstering the growth of the market.

Competitive Landscape:

Key players in the industry are investing in research and development (R&D) activities to develop innovative products that consume less energy and save costs. In line with this, they are focusing on producing environment friendly lighting solutions to attract a wide consumer base. Apart from this, the introduction of LED lighting that is easily connected to smart devices for remote functioning is offering lucrative growth opportunities to industry players. Furthermore, top manufacturers are introducing smart bulbs that are integrated with advanced technologies, such as artificial intelligence (AI) and machine learning (ML), which is contributing to the growth of the market.

The report has provided a comprehensive analysis of the competitive landscape in the global lighting market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• 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

Recent Developments:

• In February 2023, OSRAM GmbH (ams OSRAM AG), a leading provider of optical solutions using edge-emitting lasers (EELs) and vertical-cavity surface-emitting lasers (VCSELs) technology, announced a partnership with Cepton to provide light detection and ranging (LiDAR) solutions in autonomous vehicles.
• In December 2021, Signify N.V. announced the acquisition of Fluence to expand and enhance the agriculture lighting growth platform.
• In October 2020, Panasonic Holdings Corporation launched smart wi-fi enabled LED bulbs with multi-color lighting option.

Lighting Market Report Scope:

Key Questions Answered in This Report:

• How has the global lighting market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global lighting market?
• What is the impact of each driver, restraint, and opportunity on the global lighting market?
• What are the key regional markets?
• Which countries represent the most attractive lighting market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the lighting market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the lighting market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the lighting market?
• What is the competitive structure of the global lighting market?
• Who are the key players/companies in the global lighting market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of lighting market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global lighting market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the lighting industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.