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Ambient Lighting Market is predicted to reach USD 129.1 billion in 2029, growing at 8.5% CAGR during 2022-2029 | Size, Report & Trends
Ambient Lighting Market
Ambient Lighting Market was recorded at USD 67.2 billion in 2021 and is estimated to register a CAGR of 8.5% over the forecast period, 2022-2029 and is projected to reach USD 129.1 billion in 2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/ambient-lighting-market/
The factors driving the growth of Ambient Lighting Market includes increasing demand for energy efficient lighting solutions, growing emphasis on reducing greenhouse gas emissions, rise in the sales of luxurious vehicles around the world. According to the report published by Statista, the Global Luxury Cars Market is calculated around USD 19,260 million for 2022 and the market volume is expected to reach USD 20,690 million by the end of 2026, growing at a CAGR of 1.81% over the forecast period (2022-2026), which will accelerate the Ambient Lighting Market size in the approaching years. Moreover, growing adoption of smart lighting systems in the residential areas, rise in the launch of innovative products, availability of wide range of ambient lighting products at the online platforms and increase in the number of smart cities across the globe, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, collaborations between OEMs and lighting system manufacturers, rapid urbanization, rising disposable incomes and growing population growth rates, are further contributing to the market growth.
However, the growth of Ambient Lighting Market is hindered attributed to disruptions in the global supply chain.
The major players operating in the Ambient Lighting Market are INDUSTRIES, INC., Osram Licht AG, Lutron Electronics Co., Inc, ACUITY BRANDS LIGHTING, INC., Signify Holding, General Electric, Häfele, Honeywell International Inc., Hubbell Incorporated, IDEAL INDUSTRIES, INC., and Zumtobel Group, among others.
Based on Offering, the Hardware segment is predicted to grow at a significant CAGR during the forecast period
Growing demand for energy efficient LED systems worldwide, is the major factor responsible for the growth of the segment.
Based on Type, the Recessed Lights segment is projected to expand at a remarkable CAGR over the forecast period
As per the Ambient Lighting Market Research Report, increasing deployment of recessed lighting systems in the residential and commercial areas, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
Growing demand for smart lighting solutions, Government initiatives to promote the use of energy efficient lights, rising concerns related to climate change and greenhouse gas emissions, increasing disposable incomed and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments
In 2020, Osram Licht AG introduced OSRAM 24V TEC which offers uniform illumination for a different range of outdoor and indoor applications.
In 2020, Signify Holding completed the acquisition of Cooper Lighting Solutions from Eaton. Through this acquisition, the company plans to strengthen its foothold in the North American market.
Market Segmentation
Segmentation by Offering
Software & Services
Hardware
Lighting Controls
Lamps & Luminaries
Halogen Lamps
Incandescent Lamps
Light-Emitting Diode (LED)
Fluorescent Lamps
Segmentation by Type
Suspended Lights
Surface-Mounted Lights
Track lights
Strip Lights
Recessed Lights
Segmentation by End-User
Hospitality & Retail
Residential
Industrial
Healthcare
Automotive
Office Buildings
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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