Lighting Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
The lighting equipment market is in a state of flux as the conventional incandescent bulbs are increasingly being replaced by the more efficient lighting such as LEDs and CFLs. The lighting equipment market is under much scrutiny of late, owing to the high potential for CO2 abetment and because of the many new entrants making their way in the industry. The rising awareness among an expanding segment of the urban society regarding environmental conservation is contributing to the growth of the market. The growing population is also aiding the growth of the market.
By end user, the market is segmented into industrial, commercial, and others. The lighting equipment industry depends heavily upon the commercial and residential construction, as the demand from these segments makes up a significant share of the industry revenue. On the basis of application, the market is segmented into general purpose lighting, vehicle/automobile lighting, backlighting, and others.
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The report is holistic, providing a complete view across all key sectors, geographies, applications, light-source technologies, and different stages of the value chain. The study covers key industry parameters such as market definition, classification, specification, and application. It discusses the growth prospects and upcoming trends in the global lighting equipment market. Factors hindering the growth of the market have also been discussed in detail. The impact of regulatory policies and predominant economic trends on the overall market has been studied in the report.
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Rising urbanization is encouraging the market to grow. Newer innovations and developments of products such as LED, which support green initiatives, are other factors driving the growth of the global lighting equipment market. Lighting equipment is used across homes, workplaces, shops, hospitals, roads, airports, and sports stadiums. Manufacturing firms also use lighting equipment in products such as household appliances and other electronic gadgets. All these factors will ensure the market’s growth over the coming years.
The high competition in the market owing to the presence of a number of players is one of the factors restraining the growth of the market. The high cost of the technologically advanced lighting equipment becomes a problem for price sensitive consumers.
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The developing countries in Asia Pacific are expected to be lucrative markets for lighting equipment. The low labor costs in Asian countries have enabled foreign producers to sell competing products at much lower prices.
On the basis of technology, the global lighting equipment market is segmented into conventional lighting/non-eco-friendly lighting, eco-friendly lighting, solid state lighting (SSL), light emitting diodes (LED), organic light emitting diodes (OLED), and polymer light emitting diodes (PLED).
Key Players in the Global Lighting Equipment Market
The report profiles key vendors operating in the market such as Philips, GE, Panasonic, MIC Electronics, Osram, Zumtobel, and others. The key strategies adopted by companies and their business and financial overview have also been analyzed in the report. The challenges faced by companies and their recent developments are discussed.
Key segments of the lighting equipment market
- Based on Application
- General Purpose Lighting
- Vehicle/Automobile Lighting
- Backlighting
- Others
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