Press Release
Press Release
As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
According to a new report by EMR titled, ‘Global Lighting Market Report and Forecast 2021-2026’, the global market for lighting was around USD 106 billion in 2020. The industry is further expected to grow at a CAGR of 5.5% between 2021 and 2026 to attain a value of USD 140 billion by 2026.
The global lighting industry is being aided by the growing demand for energy-efficient lighting technology and rapid urbanisation. The rising urbanisation trend in the developing nations is leading to a rise in the construction and infrastructure activities, thus, generating enhanced demand for energy. The governments in these nations are offering incentives and rebates upon the replacement of conventional lamps with LED products, leading to customers increasingly preferring energy-efficient products. For instance, in India, the government has announced a ban on the sale of CFL and incandescent bulbs in Kerala from November 2021 as a part of the region’s sustainable energy policy. This is expected to promote the use of LED lighting within the region’s residential as well as commercial sectors, thus, aiding the market growth.
Some of the major players in the lighting industry include Signify NV (AMS: LIGHT) and Osram Licht AG (OTCMKTS: OSAGY). The growing demand for lighting in outdoor settings to enhance the commercial value of buildings is also fuelling the industry growth. In May 2021, Osram announced that its subsidiary, Traxon e:cue and LK Technology, recently illuminated the tallest skyscraper in Southeast Asia, namely, Landmark 81. This smart, dynamic lighting system on the facade of Landmark 81 has been developed by Traxon e:cue by incorporating several products, including customised LED dots and monochrome tubes, among others, to meet a wide range of lighting requirements while considerably reducing operating and maintenance costs. Such developments are expected to aid the industry growth in the forecast period.
Market Breakup by Technology, Product, Application, End Use, Distribution Channel, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global lighting market are Signify N.V., OSRAM GmbH, Schneider Electric SE, Nichia Corporation, GE Lighting, Eaton Corporation plc, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
About Us:
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
Contact Us:
Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
RIGHT PEOPLE
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
RIGHT METHODOLOGY
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
RIGHT PRICE
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
RIGHT SUPPORT
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.