Sharp Surge Expected in Global Ambient Lighting Market in Near Future

The global ambient lighting market reached a valuation of $60.8 billion in 2019 and it is predicted to progress at a CAGR of 9.2% between 2020 and 2030. Furthermore, the market will generate a revenue of $156.5 billion by 2030, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the burgeoning requirement for energy-efficient lighting solutions and the increasing implementation of strict regulatory policies regarding energy efficiency in several countries.

The ballooning demand for energy conservation is fueling the requirement for greater energy efficiency in various countries around the world. Moreover, the governments of several countries are enacting stringent policies regarding energy efficiency, which is consequently propelling the popularity of energy-efficient lighting solutions across the world. For example, as per the U.S. Department of Energy, the U.S. Energy Standard for Buildings is a critical parameter for building designs and associated systems.

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It is also the national model code for all commercial buildings in the country. According to several reports, the implementation of model energy codes for commercial and residential buildings is predicted to result in electricity costs savings of as much as $126 billion and a reduction of nearly 841 million metric tonnes (MMT) of carbon dioxideemissions. In recent years, China has become one of the largest consumers of energy in the world.

The country is currently accounting for nearly 14% of the total power consumption in the world. Due to this reason, the Chinese government made some serious commitments via its Development Plan for LED Lighting Industry in 2017. Under these commitments, the country aims to promote the usage of LED lights for augmenting energy savings in the coming years. This will help the country achieve sustainable growth in the future years.

Depending on type, the ambient lighting market is categorized into lighting controls and lamps and luminaires. Between these, the lamps and luminaires category recorded higher growth in the market during the last few years. This is because lamps and luminaires are critical elements and components of ambient lighting systems. Moreover, the rising demand for higher energy efficiency is propelling the requirement for LED lamps and luminaires all over the globe.

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Globally, the ambient lighting market recorded the highest growth in the Asia-Pacific (APAC) region in the past years and this trend is likely to continue in the coming years as well. This will be because of the growing requirement for ambient lighting solutions in the region, on account of the booming population levels, the surging disposable income of people, and the rapid expansion of the information technology (IT) industry, primarily in India and the Association of Southeast Asian Nations (ASEAN).

Hence, it can be said with full surety that the market will register huge growth all over the world in the forthcoming years, primarily because of the growing demand for higher energy efficiency and the soaring implementation of favorable government policies and regulations regarding the same in several countries.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.