Press release
Electric Lighting Equipment Market Trends, Competitive Insight, Key Drivers And Forecast 2024-2033
Electric Lighting Equipment Market
The electric lighting equipment market size is expected to see strong growth in the next few years. It will grow to $158.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to sustainability initiatives, infrastructure projects, e-commerce and online sales. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.
Market Overview -
The electrical lighting equipment produces light for the electrical products. These are used for various household and other applications.
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Led Lighting Adoption Driving Growth In The Electric Lighting Equipment Market
The increasing adoption of LED lighting is expected to propel the growth of the electric lighting equipment market going forward. LED lighting refers to a type of lighting technology that uses light-emitting diodes (LEDs) as the source of illumination. LED lighting offers numerous benefits in the electric lighting equipment market including energy savings, durability, environmental friendliness, and design flexibility. For instance, in December 2022, according to E-Green Electrical, an Australia-based energy efficiency company, around 50% of all light sources worldwide are already LED lamps, and researchers estimate that by 2030, LEDs would make up about 87% of all light sources. Therefore, the increasing adoption of LED lighting is driving the growth of the electric lighting equipment market going forward .
Competitive Landscape -
Major companies operating in the electric lighting equipment market include Stanley Electric Co Ltd., Panasonic Corporation, Robert Bosch GmbH, Eaton Corporation plc, Acuity Brands Inc., OSRAM GmbH, Alstom SA, Toshiba Corporation, Hubbell Incorporated, LG Electronics, Liron Lighting LLC, Nichia Corporation, EiKO Global LLC, RAB Lighting Inc., MaxLite Inc., NaturaLED, Westgate MFG Inc., Hydrofarm Holdings Group Inc., Signify NV, Cree Inc., Technical Consumer Products Inc., Satco Products Inc., Feit Electric Company Inc., Prescolite Inc., Light Efficient Design Co. Ltd., Litetronics International Inc., Ledvance GmbH, Fulham Co. Inc., Keystone Technologies LLC, Venture Lighting International Inc., Halco Lighting Technologies LLC, American Lighting Inc., Nora Lighting Inc., Litecontrol Corporation, Sea Gull Lighting Products LLC, Kichler Lighting LLC.
Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
Major companies operating in electric lighting equipment market are focusing on innovative products such as smart light panels to provide reliable services to their customers. Smart light panels refer to a type of lighting technology that combines the benefits of traditional lighting fixtures with smart technology. For instance, in August 2023, GE Lighting, a US-based company that focuses on the design, manufacture, and distribution of electric lighting equipment launched new Cync smart hexagon light panels. The hexagonal panels can be controlled with the Savant-powered Cync mobile app and connect to Wi-Fi as a single smart light fixture without the need for a separate hub. This app can access pre-made light shows, make their own, or sync the panels to music. It is simple to use and intuitive .
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Key Segments -
The electric lighting equipment market covered in this report is segmented -
1) By Type: General Lighting, Automotive Lighting, Back Lighting
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By Application: Residential, Commercial, Automotive, Other Applications
Subsegments Covered: Incandescent Bulbs, Halogen, High Intensity Discharge (HID) Bulbs, Linear Fluorescent (LFL) Bulbs, Compact Fluorescent Lamps (CFL), Light Emitting Diode (LED), Automotive Halogen Bulbs, High Intensity Discharge [HID] Bulbs, Automotive Light Emitting Diode (LED) Bulbs, Cold Cathode Fluorescent Lamps (CCFL), Back Lighting-Light Emitting Diode (LED)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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