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OEMs Segment Ambiance Lighting Market is Expected to Grow At A Significant Rate by 2024 | Key Players Osram, Philips, Acuity Brands, Wipro, GE, Hubbell lighting, Cree, Eaton, Thorn Lighting, Hafele
Ambiance Lighting Market
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On the basis of distribution channel, the industry is divider in to OEM and aftermarket. OEMs dominate the ambiance lighting market and is expected to continue its dominance during forecast period. residential customers looking for improving aesthetics of their houses will drive the demand for low cost alternatives supplied by aftermarket players. Aftermarket will exhibit high growth rate owing to development of OEM quality products and focus on providing warranty and installation services.
Increasing application in decorative illumination for residential and commercial purpose fuels the demand for ambiance lighting market. Increasing industrial projects and upgradation of infrastructure in developing countries will support the industry growth during forecast period. Stringent government regulation on implementation of energy efficient lights will boost the demand for low energy consumption illumination alternatives.
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Based on application, ambiance lighting market is categorized in to automotive, construction industries, infrastructure, residential, hospitality and retail. Residential applications dominate the overall share followed by automotive. The product is widely utilized in internal use for background light like TV, monitors, instruments, closet, bar counters, frames, painting, and external studio. Wide application areas will boost the demand from residential and commercial segment during forecast period.
Based on product, ambiance lighting market is categorized in to hardware and software. Hardware includes lamps luminaries, casing and other components. Hardware hold largest share as it used in most of residential as well as industrial application. Demand of hardware light is likely to increase in forecast period. Software includes control systems which enables color change and on/off control. Increasing demand for smart lighting will support the software requirements.
Asia Pacific is estimated to dominate overall ambiance lighting market owing to wide usage of the products in automotive, hospitality, retail, architecture & commercial industries including residential segment. Strong product demand in with highest consumers in various application will boost the overall industry growth.
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Some of the participants in ambiance lighting market are Osram, Philips, Acuity Brands, Wipro, GE, Hubbell lighting, Cree, Eaton, Thorn Lighting, Hafele. Competitors focus on developing low cost products available in various colors, shape and size to gain market share.
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