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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.
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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.
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