Owing to depleting resources of fossil fuel, escalating pollution concerns, and slow emergence of renewables, the usage of energy in an efficient manner has emerged as a key trend that is engulfing almost every industry. Governments across the world are resorting to advanced systems that can ensure appropriate utilization of energy and consequently, the demand in the global lighting product is increasing. Lighting products such as LED tubes and bulbs are now used for various commercial and residential purposes, particularly since the recent past when the technology has the paved way for lowered and affordable prices of these products.
The demand in the global lighting product market is projected to expand at a CAGR of 10.4% during the forecast period from 2017 to 2025. In terms of revenue, the opportunities in this market translated into US$ 113,046.0 Mn in 2015, with a volume of 1,509 mn units. Going forward, the valuation of the market is estimated to swell up to US$296,230.7 mn by 2025. Escalating demand for LED lighting as a result of rapid urbanization and development of smart cities, government support for energy-efficient methods, reduced cost of LED, and growing adoption of these products for residential purposes are some of the key factors driving the global lighting product market.
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LED Tubes and Bulbs Emerges as Most Profitable Component Segment
Based on component, the market for lighting product has been segmented into standalone type and lighting fixture. Standalone type is further classified into LED Tubes and Bulbs, T8 LED Bulbs & Tubes and others, including incandescent and discharge tube etc. In 2015, the LED tubes and bulbs segment accounted for a demand share of approximately 23.7% of the total market revenue extracted out of the standalone type segment of the market. The others segment that includes incandescent bulbs and tubes segment accounted for approximately 46.3% percent of market share out of the total standalone type segment. While the LED tubes and bulbs segment is expected to remain most profitable, the share of others is expected to decrease during the forecast period largely due to decrease in the adoption of incandescent bulbs and growing adoption of LED tubes and bulbs. Moreover, T8 LED tubes and bulbs are being used at commercial places and even at residential places since they easily fit into the fixture due to their efficient diameter.
Vastly Populated APAC to Remain Most Lucrative Region Until 2025
Region-wise, the global lighting product market has been bifurcated Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. Over the course of the forecast period, the region of Asia Pacific is expected to provide for the maximum share of demand for lighting product, reflecting a stronger CAGR during the forecast period than other regions. One of the primary factors aiding to the Asia Pacific lighting product market is the growing usage of lighting product in industrial automation in the emerging countries such as India, China, and Japan. Asia Pacific region is expected to grow at the most prominent CAGR of 13.4% % during the forecast period, and produce a demand worth of US$147,858.4 mn by 2025. In 2015, North America accounted for the second largest market share in the global lighting product market.
Some of the key players operating in the global lighting product market are GE Lighting (General Electric), Koninklijke Philips N.V., OSRAM Licht AG, Azoogi LED Lighting, and Panasonic Corporation. Currently, the competition is intense with widespread opportunities and a number of new players are making a foray to eat into the shares of those companies who are ahead of the curve.
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Popularity of Energy-efficient Solutions to Add Extra Stars of Growth to the Lighting Product Market
Heightening urbanization levels, the emergence of the smart city concept across various regions, and increasing initiatives of the government bodies of diverse countries in terms of energy efficiency are some of the vital factors that will turn the tables of growth across the lighting product market during the forecast period of 2017-2025.
- The lighting product market will score brownie points mainly on the factors such as the rising awareness among many individuals regarding the depleting fossil fuel reserves and the importance of using energy-efficient lighting products. Manufacturers in the lighting product market are focusing mainly on developing energy-efficient products through technologies like LED. This aspect will bode well for the growth of the lighting product market.
- The adoption of LED bulbs has increased substantially among a large chunk of the global populace. This factor is estimated to bring tremendous growth opportunities for the lighting product market. Urbanization has boosted the construction sector extensively. The residential and commercial segment is witnessing profitable growth, which, in turn, is influencing the revenues of the players in the lighting product market greatly.
- The replacement of traditional fixtures with the latest lighting products is a prominent trend that will decide the growth of the lighting product market. The ongoing research and development activities are further adding extra stars of growth to the lighting product market. The activities help in discovering novel insights, eventually increasing the revenues of the players in the lighting product market.
- The COVID-19 pandemic has negatively influenced the growth prospects of the lighting product market to a certain extent. The shutting down of manufacturing facilities and production units on the back of the lockdown restrictions led to a decline in the production and demand of lighting products. After a brief period, many relaxations were introduced which is serving as a relief for the players in the lighting product market.
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