Lighting Market Size, Share & COVID-19 Impact Analysis, By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens and Incandescent), By Application (General, Automotive, Backlighting, Others), by End User (Residential, Commercial and Industrial) and Regional Forecasts, 2020-2027
The Global “Lighting Industry Share “is expected to grow steadily in the coming years. The report illustrated latest insights into market drivers, restraints, risks and opportunities in the global market. The Lighting Market report shows the credible direction of the market in the coming years along with its estimates. A precise study aims to understand the market price. By analyzing the competitive landscape, the authors of the report have made excellent efforts to help the readers understand the key business strategies that large companies employ to maintain market stability.
The global lighting market size was USD 118.33 billion in 2019 and is projected to reach USD 163.72 billion by 2027, exhibiting a CAGR of 4.3% during the forecast period
The report focuses on the Lighting Market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the .
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Highlights of the Report:
While making the Lighting Market Analysis report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Industry Development
February 2019:Cree inc, launched a next-gen XLamp named XP-E2 photo red and far-red. This lamp will provide enhanced service in horticulture.
September 2019: OSRAM introduced new lasers named LiDAR( Light Detection Ranging) which will be used in vehicles to see longer distances without any difficulty.
List of Key Companies Operating in Lighting Market Include:
List of Key Companies Profiled:
- GE Lighting(Ohio, United States)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Panasonic Corporation (Osaka, Japan)
- OSRAM Licht AG (Munich, Germany)
- Schneider Electric SE(Rueil-Malmaison, France)
- Cree, Inc. (North Carolina, United States)
- CITIZEN ELECTRONICS CO., LTD. (Amanashi-ken, Japan)
- Lumerica (Vancouver, Canada)
- Havells India Ltd.(Uttar Pradesh, India)
- LEDtronics, Inc. (California, United States)
- Patriot LED (Ohio, United States)
- Acuity Brands, Inc. (Georgia, United States)
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General Application to Rise Significantly in Upcoming Years: Fortune Business Insights™
Based on the lighting type, the market is categorized into LED, CFL, LFL, HID, halogens, incandescent, and others. By the application, it is segregated into general, automotive, backlighting, and others. Based on the end-user it is divided into, residential, commercial, and industrial. In terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
However general application is expected to hold the major market share. In 2019, this segment stood at USD 93.4 billion. Automotive is also rising owing to increase usage of LEDs in Car interior and halogens in the headlights.
Drivers and Restraints
Rising Construction Activities in Developing Economies to Propel Growth
Rising construction activities in developing economies such as India, China, and many African countries have opened up the massive potential for the growth of the artificial light market. Governments in these regions are working to provide homes to underprivileged populations. Thus fueling the market growth.
On the other hand, due to stringent government policies, many manufactures are facing difficulties to set new light manufacturing units. Besides, high investment in the RandD sector and reduced availability of raw materials, and lack of advanced manufacturing equipment in developing economies are obstructing the market growth.
Market Segment Analysis –
- Market Sizing Estimations and Forecasts By Lighting Type (Value)
- LEDs
- CFLs
- LFLs
- HIDs
- Halogens
- Incandescent
- Market Sizing Estimations and Forecasts By Application (Value)
- General
- Automotive
- Backlighting
- Others
- Market Sizing Estimations and Forecasts By End User (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Impact of COVID-19 Pandemic on Lighting Market
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Lighting Market to See High Growth in Upcoming Year by 2028
