IMARC Group, a leading market research company, has recently releases report titled “Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global lighting market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the lighting market?
The global lighting market size reached US$ 127.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 179.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.8% during 2023-2028.
What is Lighting?
Lighting refers to the deliberate use of artificial or natural sources of light to illuminate a space or object. It plays a crucial role in enhancing visibility, creating ambiance, and emphasizing architectural elements. The characteristics of lighting include intensity, colour temperature, direction, and distribution. Intensity refers to the brightness of the light, while colour temperature determines the warmth or coolness of the light. Direction and distribution refer to the angle and spread of light, respectively. Lighting features can vary widely, including options for dimming, colour-changing capabilities, and energy efficiency through the use of LED technology. Lighting finds its application in a wide range of industries. In residential settings, it is used for general illumination, task lighting, and decorative purposes. Commercial and retail spaces utilize lighting to highlight products, create attractive displays, and set a desired atmosphere. In the entertainment industry, lighting plays a vital role in stage productions, concerts, and film sets to enhance the visual experience and evoke specific moods.
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What are the growth prospects and trends in the lighting industry?
The increasing demand for energy-efficient lighting solutions represents one of the key factors influencing the market growth. Moreover, with a growing emphasis on sustainability and environmental conservation, there is a shift towards energy-saving lighting technologies such as LED (light-emitting diode) lighting. Another factor fueling the market growth is the rapid urbanization and infrastructural development taking place worldwide. As cities expand and new buildings and infrastructure projects emerge, there is a need for effective lighting systems to ensure safety, visibility, and aesthetic appeal. Lighting is crucial for urban landscapes, roads, bridges, tunnels, and public spaces, driving the demand for innovative lighting solutions. Furthermore, technological advancements in the lighting industry are playing a significant role in market growth. Other factors such as changing consumer preferences and evolving architectural trends are contributing to the growth of the lighting market across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Type:
Market Breakup by Application:
Market Breakup by End User:
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Acuity Brands Inc.
- Eaton Corporation plc
- GE Lighting (Savant Systems Inc.)
- Havells India Ltd.
- Hubbell Incorporated
- Ideal Industries Inc.
- Nichia Corporation
- OSRAM GmbH (ams OSRAM AG)
- Panasonic Holdings Corporation
- Seoul Semiconductor Co. Ltd.
- Signify N.V.
- Siteco GmbH
- Zumtobel Group
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