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Electric Lighting Equipment Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Electric Lighting Equipment Market Key Drivers
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According to The Business Research Company's, The electric lighting equipment market size has grown strongly in recent years. It will grow from $121.39 billion in 2023 to $128.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to technological advancements, energy efficiency regulations, consumer awareness, urbanization, industrial growth.
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, .
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Market Drivers and Trends:
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 .
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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Major Key Players of the Market:
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.
Electric Lighting Equipment Market 2024 Key Insights:
• 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%.
• Led Lighting Adoption Driving Growth In The Electric Lighting Equipment Market
• Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
• Asia-Pacific was the largest region in the electric lighting equipment market in 2023
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