According to a report by Altus Market Research titled, “General Lighting Global Market 2022 Opportunities And Strategies To 2030: By Product Type: (Light Emitting Diode (LED); Compact Fluorescent Lamps (CFL); Linear Fluorescent Lamps (LFL); High Intensity Discharge (HID); Halogens; Incandescent); By End User”, the global general lighting market size reached a value of nearly $94,071.2 million in 2020, having increased at a compound annual growth rate (CAGR) of 2.0% since 2015. The global general lighting market is expected to grow from $94,071.2 million in 2020 to $125,340.0 million in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth is mainly due to growing demand for general lighting in emerging markets, increase in voice assistant devices, low interest rate environment, increase in internet penetration, high investments, increasing per capita income. In addition to this, continuous increase in the rate of construction activity, declining manufacturing cost of LEDs, increasing urbanization, rising use of electricity and increasing population growth have positively influencing the growth of general lighting market on the global level. The global general lighting market is expected to reach $154,409.0 million in 2030, at a CAGR of 4.3%.
Growth in the historic period resulted from strong economic growth in emerging markets, increase in voice assistant devices, low interest rate environment, increase in internet penetration, high investments, and increasing per capita income. Factors that negatively affected growth in the historic period were fluctuating prices of metals, and harmful effects of LEDs (light emitting diode) on human health. Going forward, continuous increase in the rate of construction activity, declining manufacturing cost of LEDs, increasing urbanization, rising use of electricity and increasing population growth. Factors that could hinder the growth of the general lighting market in the future include coronavirus pandemic.
The general lighting market is fragmented, with a large number of players. The key players in the market are focusing on expanding their operational and business presence in the general lighting market through development by opening new facilities, and expanding its product portfolio by new product launch to meet the global demand. The top ten competitors in the market made up to 23.19% of the total market in 2020. Major players covered in the global general lighting market include Schneider Electric SE, Panasonic Corporation, Signify N.V., Osram Licht AG, Acuity Brands, Inc., Eaton Corporation PLC, GE Lighting, Advanced Lighting Technologies, LLC, Honeywell International Inc., and Wipro Limited.
Request Research Sample with Latest Industry Insights (254+ Pages Report): https://altusmarketresearch.com/reports/sample/43186
Player-adopted strategies in the general lighting market includes strategic collaboration and acquisitions for new product development and to increase geographic presence, establishment of new manufacturing facilities, and new product launches to meet the global demand.
The general lighting market is segmented by product type into light emitting diode (LED), compact fluorescent lamps (CFL), linear fluorescent lamps (LFL), high intensity discharge (HID), halogens, and incandescent. The light emitting diode (LED) market was the largest segment of the general lighting market segmented by product type, accounting for 67.3% of the total in 2020 and is expected to be the fastest growing segment going forward, at a CAGR of 7.3% during 2020-2025.
The general lighting market is segmented by end user into residential, commercial, outdoor, industrial and others. The residential market was the largest segment of the general lighting market segmented by end user, accounting for 37.8% of the total in 2020 and others segment is expected to be the fastest growing segment going forward, at a CAGR of 6.4% during 2020-2025.
Asia Pacific was the largest region in the global general lighting market, accounting for 44.6% of the total in 2020. It was followed by Western Europe, North America, and then the other regions. Going forward, the fastest-growing regions in the general lighting market will be South America, and Africa, where growth will be at CAGRs of 6.12% and 6.07% respectively. These will be followed by Asia Pacific and North America, where the markets are expected to grow at CAGRs of 6.0% and 5.94% respectively, during 2020-2025.
Coronavirus disease (COVID-19) is an infectious disease that is caused by a newly discovered coronavirus. COVID-19, which originated in the Wuhan Province of China, in December 2019, has now spread across the world and the World Health Organization (WHO) has declared this outbreak a pandemic. The disease outbreak has affected the general lighting market across several countries around the globe, mostly in countries where a lockdown has been declared to contain the disease. The deadly COVID-19 pandemic has hugely affected the electronic devices market in China – the source of the pandemic. China is a major supplier of finished electronic products as well as raw materials. The entire industrial sector is now suffering from production losses, supply disruptions, and price fluctuations. Though these challenges could motivate local manufacturers to evolve their businesses and operations further, the lack of key raw materials poses a major impediment. The effect has been felt on the lighting industry as well, and there is a considerable shortage of electronic components, such as chips. For example, around 30% of electronic drivers, which include chips, are imported from Chinese suppliers and are in limited supply, resulting in an increase in the price of these products.
The top opportunities in the general lighting market segmented by product type will arise in the LED segment, which will gain $26,704.8 million of global annual sales by 2025. The top opportunities in the general lighting market segmented by end user will arise in the residential segment, which will gain $12,440.7 million of global annual sales by 2025. The general lighting market size will gain the most in the China at $6,967.8 million.
Market-trend-based strategies for the general lighting market include increase demand for Li-Fi (light fidelity), developments in human-centric lighting and smart lighting, healthy lighting technology, increasing mergers and acquisitions, WI-FI enabled led bulbs, new product launches and high demand for LED lights owing to energy efficiency.
To take advantage of these opportunities, Altus Market Research recommends the general lighting companies to focus on human centric lighting, invest in smart lighting, leverage in innovative product launches, focus on sustainable lighting options, expand in emerging markets, setup authorized distributors and sales representatives, offer competitive pricing, increase visibility through SEO campaigns, leverage technology to maximize reach, participate in trade shows and events, focus on construction companies, and focus on post purchase services.
Competitive Landscape – This section provides details on the competitive landscape of the global general lighting market, estimated market shares and company profiles of the leading players.
Eaton Corporation PLC, GE Lighting, Advanced Lighting Technologies, LLC, Honeywell International Inc., Wipro Limited, Surya Roshni Ltd., Havell’s India Limited, SSK Group, Halonix, Param LED Products, MLS Lighting, NVC International Holdings Limited, OPPLE Lighting, San’an Optoelectronics Co., Ltd, Meka Electric Corporation, YEELIGHT, Odeer Lighting, Longhorn Intelligent Tech Co., LTD, Koninklijke Philips N.V., Decon Lighting Pvt. Ltd., Cooper Lighting, LG Innotek, Toshiba, Perfand LEd, Lena Lighting, PXF Lighting, Es-System, ELBA, Alpha Lighting, Tes-Lamp, Newled, Elux, Bergmen, Ideal Industries, Digital Lumens, Dimonoff, Cree, LSI Industries Inc., Energy Focus, Inc., Lumileds, OM lighting, UL, Dialight, Sylvania Lighting, Regency Lighting, Frederico Lopes Leal, Light Tool Industries E Comercio Ltd., Larsa Lighting, Arrco, Murano Lighting, Led world me
