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Global Lighting Market to Grow at a CAGR of 5.5% During 2021-2026, Bolstered by the Rising Demand for Energy-Efficient Lighting Solutions

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:

  • By technology, the industry can be divided into LED, fluorescent, halogen, and incandescent, among others.
  • On the basis of product type, the industry can be categorised into bulbs, streetlights, downlights, tube lights, and flood lights, among others.
  • Based on application, the industry can be bifurcated into indoor, and outdoor segments.
  • Based on end-use, the industry is divided into residential, commercial, industrial, agricultural, and hospital, among others.
  • By distribution channel, the market is categorised into supermarkets and hypermarkets, convenience stores, specialty stores, and online, among others. 
  • Region-wise, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by rapid urbanisation, rising construction activities, and the growing demand for energy. 
  • The growing awareness regarding the benefits of LED and rising environmental concerns among consumers are also accelerating the market growth.
  • The favourable government initiatives, particularly in the developing nations, is significantly contributing to the market growth. 
  • The growing living standards and increasing focus on aesthetics are further aiding the growth of the overall market.

Key Offerings of the Report:

  • The EMR report gives an overview of the market for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for technology, products, applications, end-uses, distribution channels, and regional markets of lighting.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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