Ambient Lighting Market Growth Prospects, Key Vendors, and Future Scenario

Due to the surging demand for energy-efficient lighting solutions, soaring focus on smart lighting, and increasing implementation of stringent regulatory policies regarding energy efficiency in several countries, the global ambient lighting market is exhibiting huge expansion. According to the forecast of the market research company, P&S Intelligence, the market revenue will rise from $60.8 billion in 2019 to $156.5 billion by 2030. Furthermore, the market is expected to advance at a CAGR of 9.2% from 2020 to 2030.

Get the Free Sample Pages: https://www.psmarketresearch.com/market-analysis/ambient-lighting-market-report/report-sample

In recent years, energy conservation has become a major priority area for many governments, owing to the rapid environmental degradation and the rising electricity prices. As a result, several governments are enacting strict policies regarding energy efficiency, which is also allowing many residential and industrial end-users to reduce their expenditure on energy. For instance, the U.S. Department of Energy implemented the U.S. Energy Standard for Buildings, which is a national model code for commercial buildings and an important parameter for developing design and various related systems.

Furthermore, the adoption of LEDs in the residential sector is broadening the scope of efficiency and advanced designs. Depending on type, the ambient lighting market is divided into lighting controls, luminaires, and lamps categories. Out of these, the lamps and luminaires category dominated the market in 2019. This was because lamps and luminaires were critical components of ambient lighting. Moreover, with the increasing demand for energy efficiency, the requirement for LED luminaires and lamps is expected to surge sharply in the coming years.

Make Enquiry Before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=ambient-lighting-market-report

Across the world, the Asia-Pacific (APAC) region dominated the ambient lighting market in 2019, and this trend is predicted to continue in the coming years as well. This is credited to the increasing demand for ambient lighting solutions in the commercial and residential sectors, on account of the surging population, soaring disposable income of people, and expanding information technology (IT) industry, mainly in the ASEAN (Association of Southeast Asian Nations) countries and India.

Hence, it is safe to say that the market will grow substantially in the upcoming years, primarily because of the surging requirement for energy conservation and the growing popularity of energy-efficient lighting solutions.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

This release was published on openPR.