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General Lighting Market Key Trends And Forecast Report 2024-2033
General Lighting Market Key Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Amgen Inc., Coherus Biosciences Inc., Sandoz, Biocon/Mylan, Teva Pharmaceuticals Inc., Chugai Pharma, Intalfarmaco Group, Pfizer, Sun Pharmaceutical Industries Limited, BeyondSpring Inc., Kyowa Hakko Kirin Co. Ltd, BioCad, Stada Arzneimittel, Dong-A Socio Group, Dr. Reddy's Laboratories, Celltrion Inc., Emcure Pharmaceuticals, Accord Healthcare UK, Intas Pharmaceuticals, Spectrum Pharmaceuticals, Apobiologix, Apotex Inc., Eurofarma Laboratórios, BIOPHARMA-MEA, NeoTX, AID Genomics Limited, GlaxoSmithKline plc, AstraZeneca, Merck Sharp & Dohme Corp., Julphar, Sanofi, Novo Nordisk A/S, Bayer, Kitov Pharma Limited, CureTech Ltd., Neopharma, Cipla.
General Lighting Market 2024 Key Insights:
• 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%.
• Rising Construction Activity Boosts Global Demand For General Lighting
• Li-Fi Integration Empowers General Lighting
• Asia-Pacific was the largest region in the general lighting market in 2023
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