Press release
Lighting Product Market Is Expected To Reach The Value Of US$ 179.81 Bn by 2031
The global lighting products market is negatively affected by the COVID-19 pandemic. Lockdown and shutting down businesses led to disruptions in value chain. The COVID-19 pandemic has weakened all businesses including the lighting products market. The market witnessed a slump in revenue and sales after the COVID-19 pandemic broke out. Several governments issued strict lockdowns and travel restrictions that affected the manufacturing processes. This led to stopping of production processes and logistical operation, therby hampering market growth.Get Report Details- https://www.transparencymarketresearch.com/lighting-product-market.html
However, with the gradual opening of the global economy, the global lighting products market is expected witness staggered recovery in the upcoming months. While the declining construction activities could negatively impact the market, it is forecast to gain from the increasing investments in R&D activities to put renewable power to use. Manufacturers operating in the global lighting products market are making use of innovative business strategies to stay financially afloat. Manufacturers are taking efforts to recover from losses due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the global market. Rising applications of lighting products in various end-use industries is also creating value-grab opportunities.
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Increasing Applications in Residential Lighting Drives Global Market
Among key applications of lighting products, including residential, commercial, industrial, and outdoor applications, the residential lighting segment emerged dominant. The global lighting products market is gaining traction from the increasing use of LEDs at outdoor places over the past few years. Advanced lighting bulbs and lamps are increasingly being installed across parking areas and for traffic lights in emerging countries. These factors are indicative of a positive run that the lighting products market is forecast to witness in the global lighting products in the near future. The rising adoption of LED tubes and bulbs across the globe is driving the demand for lighting products. This trend is likely to become widespread across the residential sectors, thereby creating business opportunities for the market players across the globe.
Besides rising residential and non-residential construction, the global lighting products market is immensely gaining from the high demand for retrofitting and renovation across the globe. Recent technological advancements in lamps and bulbs aimed at providing improved energy efficiency have catapulted growth in this market. Not only in the household sector, the demand for energy-efficient lighting fixtures and products is rising across industries. This has paved way for several market players to come to the fore. Therefore, the increasing demand for highly efficient bulbs with long life spans will aid in the expansion of the global lighting products market.
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Increasing Installation of Bulbs and Lighting in Various End-use Industries to Fuel Market Growth
Light acts as an important change marker across almost every industry. The applications of light in different activities such as photography and interior design, among others, are growing with the rise in population. Rise in stringency in regulations in terms of inefficient lighting technologies and increase in government efforts toward sustainable development are key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), coupled with transformation in energy policies across the world, has been driving market growth. Moreover, attractive incentives and rebates provided by governments for the use of LED lighting several countries will leverage the demand.
The rising installation of bulbs and lighting fixtures across major applications will aid the expansion of the lighting products market across the globe. Growth witnessed in the residential and non-residential constructions will thus have an inevitable impact on the overall demand for lighting products. Besides new constructions, the demand for retrofitting advanced bulbs and tubes will emerge as a chief market driver.
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