A significant growth driver in the lighting market is the increasing awareness about environmental protection and sustainability. It is also driven by the increasing demand for energy-efficient solutions that help consumers reduce their electricity bills. Moreover, stringent government regulations that promote the use of LEDs are expected to boost the market.
The demand for LEDs is gaining momentum as they offer a range of benefits, including long lifespans and reduced energy consumption. They also don’t emit toxins that can affect the environment and are affordable as compared to traditional lights.
In addition to this, the rising awareness about environmental safety is also driving the development of smart LEDs. These technologies can detect human biorhythm, time of day, and other factors to optimize light output. Similarly, they can adapt the brightness of lights depending on the level of traffic or the work that will be carried out in a specific area.
As a result, the development of smart LEDs is expected to boost the lighting market. These devices can be used in a wide range of applications, including streetlights, home and office lights, and industrial applications.
Among all the segments, the lamps segment is expected to dominate the global lighting market during the forecast period. This is due to the growing adoption of A-type and T-type lamps in residential applications. These lamps are used for lighting up areas such as hallways, living rooms, bedrooms, and bathrooms.
On the other hand, the luminaries segment is projected to grow at a high CAGR during the forecast period. This is due to their increased use in various commercial and industrial applications such as downlights, track lights troffers, high bays, suspended pendants, and other applications.
The global lighting market is highly fragmented. There are many key players operating in the industry, such as Heliospectra AB, Dialight PLC, Eaton Corporation, General Electric Company, and OSRAM GmbH. These companies are focused on developing new products and acquiring new customers to enhance their share in the market.
These companies have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to strengthen their presence in the global lighting market. They are also working on innovative technologies to develop better lighting solutions for their clients.
Another factor that is influencing the growth of the lighting market is the increasing construction activities around the globe. Various projects are being implemented for residential and commercial buildings, which is expected to drive the demand for lighting equipment.
In addition to this, the European Union has a strategic plan that encourages the implementation of energy-efficient lighting systems. This plan is aimed at improving energy efficiency and reducing CO2 emissions. This strategy consists of a number of measures, such as replacing old lights with energy-saving models.
In addition to this, the rising population across the world is a significant driving force for the development of the lighting market. This is due to the increasing urbanization and the need for light and electricity in residential and commercial buildings.