Lighting Market to Exhibit 4.3%CAGR till 2027; Rising Demand for LED Lights to Accelerate Growth, reports Fortune Business Insights™May 10, 2021 at 06:42 AM EDT
Pune, India, May 10, 2021 (GLOBE NEWSWIRE) -- The global lighting market size is projected to reach USD 163.72 billion by 2027. The increasing usage of LED lights in photography, houses is fueling the market. Besides these LEDs are also used to grow plants at home and research laboratories as these are effective since it uses low energy usage, and is color optimized for the plant’s growth. This information was given by Fortune Business Insights™ in a report, titled, “Lighting Market Size, Share & COVID-19 Impact Analysis, By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens and Incandescent), By Application (General, Automotive, Backlighting, Others), by End User (Residential, Commercial and Industrial) and Regional Forecasts, 2020-2027.” As per the report, the market stood at USD 118.33 billion in 2019. It is set to exhibit 4.3 % during the forecast period between 2020 to 2027. Request to Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/lighting-market-101542 COVID-19 Impact. The COVID-19 has affected the growth of the market due to the sudden shutdown of manufacturing units along with the commercial sectors. As per a report by Lighting Industry Association (LIA) during lockdown due to lack of raw materials which are required to manufacture chips, light casing was heavily impacted and this obstructed the market’s growth. However, 89% of LIA members reported that have now recovered 95% of their sales which declined during the lockdown. Segments- General Application to Rise Significantly in Upcoming Years: Fortune Business Insights™ Based on the lighting type, the market is categorized into LED, CFL, LFL, HID, halogens, incandescent, and others. By the application, it is segregated into general, automotive, backlighting, and others. Based on the end-user it is divided into, residential, commercial, and industrial. In terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. However general application is expected to hold the major market share. In 2019, this segment stood at USD 93.4 billion. Automotive is also rising owing to increase usage of LEDs in Car interior and halogens in the headlights. Report Coverage- This report includes in-depth information about the lighting industry. The data present in it is associated with drastic changes in material usage, novel product launches, and technological advancements. It offers dynamics based on multiple factors, such as opportunities, challenges, drivers, and restraints. In addition to that, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size. To get to know more about the short-term and long-term impact of COVID-19 on this market, Please Visit: https://www.fortunebusinessinsights.com/industry-reports/lighting-market-101542 Drivers & Restraints Rising Construction Activities in Developing Economies to Propel Growth Rising construction activities in developing economies such as India, China, and many African countries have opened up the massive potential for the growth of the artificial light market. Governments in these regions are working to provide homes to underprivileged populations. Thus fueling the market growth. On the other hand, due to stringent government policies, many manufactures are facing difficulties to set new light manufacturing units. Besides, high investment in the R&D sector and reduced availability of raw materials, and lack of advanced manufacturing equipment in developing economies are obstructing the market growth. Regional Insights Asia Pacific to Dominate owing to Presence of Several Local Vendors Asia Pacific is expected to dominate the market in upcoming years owing to increased development in India, China Indonesia, Fiji Malaysia, and Maldives. The market stood at USD 55.84 billion in 2019. Out of these China is expected to hold a major share owing to the presence of several local manufactures. It is also a major exporter of these artificial lights. North America is anticipated to grow at a moderate rate, owing to the presence of several key players in the region. Moreover due to increased urbanization and availability of innovative, energy-efficient products are positively promoting regional growth. Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/lighting-market-101542 Competitive Landscape Key Players Aim to Broaden Product Portfolios by Launching Innovative & Effective Products Leading companies in this market are being shaped by the expansion of operations by key players. The demand for cost-effective and energy-efficient and innovative products has increased in recent years. Thus manufactures are working to come up with environment-friendly as well as of superior quality products to boost the market. For example, in 2016 launched Green Power LED flowering lamp 2.0. This lamp will help to extend daylight or interrupt the night in greenhouses for growers who cultivate strawberries, cut flowers, bedding plants, and cuttings. This method is a cost-effective way for these farmers as it uses less energy. Industry Development February 2019: Cree inc, launched a next-gen XLamp named XP-E2 photo red and far-red. This lamp will provide enhanced service in horticulture. September 2019: OSRAM introduced new lasers named LiDAR( Light Detection Ranging) which will be used in vehicles to see longer distances without any difficulty. List of Key Players Covered in the Lighting Market Report: · GE Lighting Quick Buy - Lighting Market: https://www.fortunebusinessinsights.com/checkout-page/101542 Table of Content:
Speak to Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/lighting-market-101542 Have a Look at Related Research Insights: Power Tools Market Size, Share & COVID-19 Impact Analysis, By Mode of Operation (Electric, Pneumatic, Others), By Tool Type (Drilling & Fastening Tools, Material Removal Tools, Sawing and Cutting Tools, Demolition Tools, Others), By Application (DIY, Industrial), and Regional Forecast, 2021-2028 Power Distribution Unit (PDU) Market Size, Share and Industry Analysis By Type (Basic PDU, Metered PDU, Switched PDU, Intelligent PDU & Others), By Power Phase (Single Phase & Triple Phase), By Application (Datacenters, Laboratories, Commercial Application & Others) and Regional Forecast, 2019 – 2026 Food Processing and Handling Equipment Market Size, Share & Industry Analysis, By Equipment Type (Processing Equipment, Packaging Equipment, and Service Equipment), By Application (Bakery and Confectionery Products, Meat and Poultry Products, Dairy Products, Beverages, and Others) and Regional Forecast, 2019-2026 Machine Tools Market Size, Share & Industry Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026 Road Transport Refrigeration Equipment Market Size, Share & Industry Analysis, By Install Vehicle (Van & Light Truck, Heavy Truck, Trailer), By Mode of Operation (Single Temperature, Multi-Temperature), By Power Source (Vehicle Powered, Self-Powered), By Application (Food and Beverage Products, Pharmaceutical and Other Healthcare Products, Floral Products) and Regional Forecast, 2019-2026 About Us: Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in. Contact Us: Fortune Business Insights™ Pvt. Ltd. 308, Supreme Headquarters, Survey No. 36, Baner, Pune-Bangalore Highway, Pune - 411045, Maharashtra, India. Phone: US :+1 424 253 0390 UK : +44 2071 939123 APAC : +91 744 740 1245 Email: sales@fortunebusinessinsights.com LinkedIn: https://www.linkedin.com/company/fortune-business-insights Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd Read Press Release: https://www.fortunebusinessinsights.com/press-release/lighting-market-9300
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