The analysts forecast the global lighting market to grow at a CAGR of 9.22% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global lighting market for 2017-2021. To calculate the market size, the report considers the revenue from the sale of new products units only. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is LED continues to be the future of lighting. LED is the most sought after technology in lighting currently. It offers the benefits of energy savings, cost-efficiency, and low maintenance. Governments around the world are encouraging the use of LEDs in public and private spaces. The continued price erosion of LEDs is a bonus. In India, under the Domestic Efficient Lighting Programmed (DELP), the cost of procurement of LED bulbs has come down drastically over the past two years.
The latest trend gaining momentum in the market is connected lighting for homes and offices, giving way to new opportunities. Connected lighting or smart lighting can be described as any lighting equipment that has an element of intelligence or connectivity in it. In other words, the ability to control lights using devices such as computers or smartphones is called connected lighting. In a connected lighting system, a lighting fixture or bulb has its own unique hardware address, having a separate bridge that connects the bulb to the Internet. The Internet of Things is going to be a major moderator for connected technology to become mainstream in the future.
Further, the report states that one of the major factors hindering the growth of this market is dynamic reshuffling of business activities to achieve operational efficiency. New LED technologies require higher product development costs that cannot be easily passed on to the customers. New technologies force fixture manufacturers to adopt the latest production processes, which costs them heavily. Also, firms prefer giving priority to the business units that are showing faster growth than lighting
LED continues to be the future of lighting
Increase in sales of vehicles driving the demand for automotive lights
LED lighting in various unique and specialty applications
Replacement market affected by LED
Dynamic reshuffling of business activities to achieve operational efficiency
Rapid changes and extensive requirements in LED lighting technology
Connected lighting for homes and offices, giving way to new opportunities
Increase in the demand for energy-efficient lighting options like solar lighting
Laser lights - a developing headlight technology
Ensuring safety options is an added requirement in automotive lights today
General Electric (GE)
Other prominent vendors
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction Key market highlights
PART 05: Market landscape - Market overview - Market size and forecast - Five forces analysis
PART 06: Market segmentation by application - Global lighting market by application - Global general lighting market - Global automotive lighting market - Global backlighting market
PART 07: Market segmentation by technology - Market overview - Market size and forecast for traditional lighting - Market size and forecast for LED lighting
PART 08: Geographical segmentation - Global lighting market by geography - Americas - APAC - EMEA
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape - Competitive scenario - Other prominent vendors
PART 15: Key vendor analysis - Acuity Brands - Cree - General Electric (GE) - HELLA - KOITO - Magneti Marelli - Nichia - OSRAM - Philips - Stanley Electric