Press release
Global General Lighting Market 2024 : Trends, Business Growth And Major Driving Factors | Schneider Electric SE, Panasonic Corporation, Signify N.V., Osram Licht AG, Acuity Brands
General Lighting Global Market Report 2024
The Business Research Company offers in-depth market insights through General Lighting Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The general lighting market size has grown strongly in recent years. It will grow from $94.08 billion in 2023 to $99.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in voice assistant devices, low interest rate environment, increase in internet penetration, high investments, and increasing per capita income.
The general lighting market size is expected to see strong growth in the next few years. It will grow to $121.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to continuous increase in the rate of construction activity, declining manufacturing cost of leds, increasing urbanization, rising use of electricity and increasing population growth. Major trends in the forecast period include increase demand for li-fi (light fidelity), developments in human-centric lighting and smart lighting, healthy lighting technology, increasing mergers and acquisitions, wi-fi enabled led bulbs, new product launches and high demand for led lights owing to energy efficiency.
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Market Segmentation:
The general lighting market covered in this report is segmented -
1) By Product Type: Light Emitting Diode (LED), Compact Fluorescent Lamps (CFL), Linear Fluorescent Lamps (LFL), High Intensity Discharge (HID), Halogens, Incandescent
2) By End User: Residential, Commercial, Outdoor, Industrial And Others
Major Driver - Rising Construction Activity Boosts Global Demand For General Lighting
The continuous increase in the rate of construction activities increases the demand for general lighting globally. Lighting equipment is required in office spaces and apartments and with increasing construction activities, the requirement for such lighting also increases. According to a report by Global Construction Perspectives and Oxford Economics, the global construction market is forecast to grow by over 70% by 2025. The increase in demand for construction activities will have a positive impact on the growth of the general lighting market.
Competitive Landscape:
Major companies operating in the general lighting market report are Schneider Electric SE, Panasonic Corporation, Signify N.V., Osram Licht AG, Acuity Brands, Inc., Eaton Corporation PLC, GE Lighting, Advanced Lighting Technologies, LLC, Honeywell International Inc., Wipro Limited, Surya Roshni Ltd., Havell's India Limited, SSK Group, Halonix, Param LED Products, MLS Lighting, NVC International Holdings Limited, OPPLE Lighting, San'an Optoelectronics Co., Ltd, Meka Electric Corporation, YEELIGHT, Odeer Lighting, Longhorn Intelligent Tech Co., LTD, Koninklijke Philips N.V., Decon Lighting Pvt. Ltd., Cooper Lighting, LG Innotek, Toshiba, Perfand LEd, Lena Lighting, PXF Lighting, Es-System, ELBA, Alpha Lighting, Tes-Lamp, Newled, Elux, Bergmen, Ideal Industries, Digital Lumens, Dimonoff, Cree, LSI Industries Inc., Energy Focus, Inc., Lumileds, OM lighting, UL, Dialight, Sylvania Lighting, Regency Lighting, Frederico Lopes Leal, Light Tool Industries E Comercio Ltd., Larsa Lighting, Arrco, Murano Lighting, Led world me, UC Lighting, Lutron, TRUST LED, Citizen Electronics Co. Ltd., Energy Focus, Shell Petroleum Development Corporation, Light Line Investment Ltd
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Top Trend - Li-Fi Integration Empowers General Lighting
Companies are increasingly using Li-fi (Light Fidelity) network to manufacture general lighting equipment. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission with speeds up to 224 gigabits per second. In 2022, Kyocera SLD Laser announced the development of the world's fastest Li-Fi system.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. General Lighting Market Characteristics
3. General Lighting Market Trends And Strategies
4. General Lighting Market - Macro Economic Scenario
5. General Lighting Market Size And Growth
…..
27. General Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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