The global lighting market is set to reach USD 115.58 billion by 2026, exhibiting a CAGR of 4.4% during the forecast period. The major driver of the growth of the market is the speedy expansion of the construction sector, especially in the developing countries. According to the World Economic Forum (WEF), urban population across the world is growing at the rate of 200,000 people per day, who require affordable housing and sanitation. Furthermore, the WEF states that the Engineering and Construction sector account for 6% of the world’s GDP; in developing countries such as India, the figure is close to 8%. Increasing construction activities will raise the demand for lighting, providing market players with the opportunity to innovate. In the end, these factors will aid the global lighting market growth during the forecast period.
Asia-Pacific to Register the Best Growth Figures
Having generated a revenue of USD 54.5 billion in 2018, Asia-Pacific is expected to continue its impressive performance in the global lighting market during the forecast period. The main reason for the region’s growth is the rapid urbanization in China and India where construction activities are being driven by a soaring demand for affordable housing. These countries are actively promoting the adoption of LED lighting to reduce carbon emissions. Huge investments in manufacturing are anticipated to drive the market in the Middle East and Africa, whereas moderate growth is expected in Latin America owing to lower level of economic development.
Some of the leading companies Mentioned in the Global Lighting Market are –
- Cree, Inc.
- Panasonic Corporation
- GE Lighting
- LED Leader USA
- OSRAM Licht AG
- Koninklijke Philips N.V.
- LEDtronics, Inc.
- CITIZEN ELECTRONICS CO., LTD.
- Havells India Ltd.
Increasing Innovation to Drive Market Competition
Key players in the global lighting market are increasingly focusing on developing innovative products and integrating different technologies to diversify their product offerings. For example, in January 2019, GE Lighting, under its C by GE Triples portfolio, launched its new color light bulbs integrated with Made for Google applications. This enables consumers to conveniently control their home or workplace lighting using one app which will be empowered by the Google Assistant AI. In July 2019, LEDtronics introduced their novel product, LED Rope Light, which is a more energy-efficient alternative to the conventional neon lights, making it ideal for commercial lighting.
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