Ambient Lighting Market Worldwide Analysis on Revenue, Segmentation and Key Players

The report "Ambient Lighting Market with COVID-19 Impact by Offering (Hardware, Software & Services), Type (Surface-mounted, Strip Lights, Track Lights, Recessed Lights), End Users (Residential, Industrial, Office Buildings), and Geography - Global Forecast to 2025", is estimated to be USD 58.0 billion in 2020 and projected to reach USD 88.3 billion by 2025, at a CAGR of 8.8%. The rapid growth of the global ambient lighting market is attributed to the factors such as Surging demand for ambient lighting products due to modernization of infrastructure and upcoming smart city projects in developing economies, government initiatives and policies for energy savings, increasing consumer preferences for better interior designing with energy-efficient lighting systems, and rising preference for smart lighting.

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Hardware held the larger share in the global ambient lighting market in 2019

The ambient lighting market for hardware held a larger market share in 2019. The increasing demand for energy-efficient lighting solutions is contributing to the growth of the market for hardware offerings. The demand for automation and control of lighting components is also boosting the demand for the hardware segment of market. The hardware component market for ambient lighting is expected to witness a substantial dip in 2020 owing to the subdued demand as a result of the COVID-19 pandemic.

Recessed lights to hold larger market share during the forecast period

The ambient lighting market for recessed lights holds a larger market share. The market growth can be attributed to the flexibility of these lights to fit in surfaces and their increasing use in the residential and commercial sectors. The surging demand for recessed lighting from residential buildings, hotels, retail showrooms, and offices is propelling the growth. Availability in variant colors and installation flexibility are some of the other factors fueling the growth of this market.

Residential sector to hold larger market share during the forecast period

The ambient lighting market for the residential sector holds the larger market share in 2019 and the same tred is expected to be followed throughout the forecast period. The increasing number of infrastructural projects worldwide is driving the growth of the market for the residential sector. The hospitality and retail segment is expected to grow at the highest rate during the forecast period, driven by the increasing demand for comfort and proper ambiance.

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APAC held the largest market for the ambient lighting in 2019 and is expected to dominate during the forecast period

Asia Pacific is expected to remain the largest market for ambient lighting during the forecast period. The ambient lighting market has a huge potential in APAC; this type of lighting is likely to be accepted by consumers as an integral part of digitized households. The increasing demand for new constructions is contributing to the growth of the ambient lighting market in the region. Emerging economies, such as India and China, are also fueling the growth of the market significantly.
The report profiles key players such as Signify N.V. (Netherlands), GE (GE Lighting) (US), Acuity Brands (US), Hubbell Lighting (US), and OSRAM Licht AG (Germany). Some of the other players in this market are Hafele (Germany), Helvar (Finland), Wipro Enterprises (P) Ltd (India), Zumtobel Group AG (Austria), and Dialight PLC (UK).

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This release was published on openPR.