Lighting market to grow at a CAGR of 6.3% from 2022 to 2027, Growing traction of intelligent lighting systems to influence market growth - Technavio

NEW YORK, May 17, 2023 /PRNewswire/ -- Technavio has been monitoring the lighting market, and it is expected to grow by USD 46.85 billion during the five-year forecast period. As per the latest report, the market will progress at a CAGR of 6.3% during 2022-2027. This report aids business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. The growing traction of intelligent lighting systems is a key trend in the market. Intelligent lighting products can adapt to changing space requirements. A single controller can be used to control multiple lights for functions such as dimming, timer, and color-changing. A smart bulb can be controlled through a mobile app. The demand for LED lighting products is increasing rapidly. LEDs use software to automate lighting operations. Smart lighting systems save energy and provide valuable information. These factors will drive the growth of the market during the forecast period. Gain a competitive edge in your industry Download latest sample report within minutes!

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips NV, LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Global Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The declining manufacturing cost of LEDs is driving market growth. This decline is mainly caused by the decrease in the ASP of chips and components used in the production of LED devices. Low LED manufacturing costs decrease the initial installation costs of LEDs and fixtures. This accelerates the installation of new LEDs and luminaires. The decline in LED production costs is attributed to government subsidies for the purchase of semiconductor equipment. As a result, LED manufacturers are increasing their LED production capacity. Hence, decreasing production costs are expected to fuel the growth of the market during the forecast period. 

Lighting Market 2023-2027 : Segmentation

• Application 
• General Lighting
• Automotive Lighting
• Backlighting
• Type 
• LED Technology
• Traditional Technology
• Geography 
• APAC
• Europe
• North America
• Middle East and Africa
• South America

The general lighting segment will account for a significant major share of market growth during the forecast period. General lighting is widely used in applications such as homes, offices, factories, streets, stadiums, and theaters. Customers prefer LED lights, as their maintenance cost is low. Moreover, they last longer than traditional bulbs, consume less electricity, and are environmentally friendly. The use of connected lighting will further drive market growth during the forecast period. 

To learn more about the global trends impacting the future of market research, download a sample report 

Lighting Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our lighting market report covers the following areas:

• Lighting market size
• Lighting market trends
• Lighting market industry analysis
• Lighting market five forces analysis
• Lighting market competitive landscape

Sustainability issues in the lighting industry are challenging market growth. The use of energy-saving and eco-friendly solutions such as compact fluorescent lamps (CFLs) and LEDs helps reduce environmental impact. However, LEDs require rare earth elements such as phosphorus, which are in short supply. The rising demand for rare earth materials owing to the development of the lighting industry can increase prices and lead to supply chain disruptions. These factors will impede the growth of the global lighting market during the forecast period.

What's new? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/active/niche/trivial - Buy the report!

Lighting Market 2023-2027: Vendor analysis

We provide a detailed analysis of around 25 vendors operating in the lighting market. Backed with competitive intelligence and benchmarking, our research reports on the lighting market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Vendor offering

• Bridgelux Inc. - The company offers lighting products and solutions such as V Series, HDE Series, Vero Series, Vero SE Series, Vesta Series, and Vesta SE Series.
• Dialight Plc - The company offers lighting products and solutions for industrial and hazardous LED fixtures.
• Digital Lumens Inc. - The company offers lighting products and solutions such as LED Highbay Luminaire, LED Batten Luminaire, and LED Troffer Luminaire.
• Eaton Corp. Plc - The company offers lighting products and solutions such as Champ CPMV LED Hazardous Area Wallpack Light Fixtures and Crouse Hinds series LED products for non-hazardous industrial applications.

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Related Reports:

The LED lighting market is estimated to grow at a CAGR of 7.35% between 2022 and 2027. The size of the market is forecasted to increase by USD 34.82 billion. This report extensively covers market segmentation by application (residential, commercial, outdoor, industrial, and others), product (luminaries and lamps), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The industrial lighting market is estimated to grow at a CAGR of 6.34% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,014.53 million. This report extensively covers market segmentation by type (LED technology and traditional technology), application (new installation, replacement installation, and retrofit installation), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Lighting Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist lighting market growth during the next five years
• Estimation of the lighting market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the lighting market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of lighting market vendors

Browse for Technavio Industrials market reports and take the first step towards improving your business strategy

Table of Contents :

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global lighting market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global lighting market 2017 - 2021 ($ billion)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 General lighting - Market size and forecast 2022-2027 
• Exhibit 34: Chart on General lighting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on General lighting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on General lighting - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on General lighting - Year-over-year growth 2022-2027 (%)

• 6.4 Automotive lighting - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Automotive lighting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Automotive lighting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Automotive lighting - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Automotive lighting - Year-over-year growth 2022-2027 (%)

• 6.5 Backlighting - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Backlighting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Backlighting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Backlighting - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Backlighting - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 46: Market opportunity by Application ($ billion)
• Exhibit 47: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 48: Chart on Type - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 50: Chart on Comparison by Type
• Exhibit 51: Data Table on Comparison by Type

• 7.3 LED technology - Market size and forecast 2022-2027 
• Exhibit 52: Chart on LED technology - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on LED technology - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on LED technology - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on LED technology - Year-over-year growth 2022-2027 (%)

• 7.4 Traditional technology - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Traditional technology - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Traditional technology - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Traditional technology - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Traditional technology - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 60: Market opportunity by Type ($ billion)
• Exhibit 61: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Acuity Brands Inc.
• Exhibit 115: Acuity Brands Inc. - Overview
• Exhibit 116: Acuity Brands Inc. - Business segments
• Exhibit 117: Acuity Brands Inc. - Key news
• Exhibit 118: Acuity Brands Inc. - Key offerings
• Exhibit 119: Acuity Brands Inc. - Segment focus

• 12.4 ams OSRAM AG
• Exhibit 120: ams OSRAM AG - Overview
• Exhibit 121: ams OSRAM AG - Business segments
• Exhibit 122: ams OSRAM AG - Key offerings
• Exhibit 123: ams OSRAM AG - Segment focus

• 12.5 Bridgelux Inc.
• Exhibit 124: Bridgelux Inc. - Overview
• Exhibit 125: Bridgelux Inc. - Product / Service
• Exhibit 126: Bridgelux Inc. - Key news
• Exhibit 127: Bridgelux Inc. - Key offerings

• 12.6 Dialight Plc
• Exhibit 128: Dialight Plc - Overview
• Exhibit 129: Dialight Plc - Business segments
• Exhibit 130: Dialight Plc - Key offerings
• Exhibit 131: Dialight Plc - Segment focus

• 12.7 Digital Lumens Inc.
• Exhibit 132: Digital Lumens Inc. - Overview
• Exhibit 133: Digital Lumens Inc. - Product / Service
• Exhibit 134: Digital Lumens Inc. - Key offerings

• 12.8 Eaton Corp. Plc
• Exhibit 135: Eaton Corp. Plc - Overview
• Exhibit 136: Eaton Corp. Plc - Business segments
• Exhibit 137: Eaton Corp. Plc - Key news
• Exhibit 138: Eaton Corp. Plc - Key offerings
• Exhibit 139: Eaton Corp. Plc - Segment focus

• 12.9 Ennostar Inc.
• Exhibit 140: Ennostar Inc. - Overview
• Exhibit 141: Ennostar Inc. - Business segments
• Exhibit 142: Ennostar Inc. - Key offerings
• Exhibit 143: Ennostar Inc. - Segment focus

• 12.10 General Electric Co.
• Exhibit 144: General Electric Co. - Overview
• Exhibit 145: General Electric Co. - Business segments
• Exhibit 146: General Electric Co. - Key news
• Exhibit 147: General Electric Co. - Key offerings
• Exhibit 148: General Electric Co. - Segment focus

• 12.11 Hubbell Inc.
• Exhibit 149: Hubbell Inc. - Overview
• Exhibit 150: Hubbell Inc. - Business segments
• Exhibit 151: Hubbell Inc. - Key offerings
• Exhibit 152: Hubbell Inc. - Segment focus

• 12.12 IDEAL INDUSTRIES Inc. 
• Exhibit 153: IDEAL INDUSTRIES Inc. - Overview
• Exhibit 154: IDEAL INDUSTRIES Inc. - Product / Service
• Exhibit 155: IDEAL INDUSTRIES Inc. - Key offerings

• 12.13 Koninklijke Philips NV 
• Exhibit 156: Koninklijke Philips NV - Overview
• Exhibit 157: Koninklijke Philips NV - Business segments
• Exhibit 158: Koninklijke Philips NV - Key news
• Exhibit 159: Koninklijke Philips NV - Key offerings
• Exhibit 160: Koninklijke Philips NV - Segment focus

• 12.14 LSI Industries Inc.
• Exhibit 161: LSI Industries Inc. - Overview
• Exhibit 162: LSI Industries Inc. - Business segments
• Exhibit 163: LSI Industries Inc. - Key offerings
• Exhibit 164: LSI Industries Inc. - Segment focus

• 12.15 Lumileds Holding BV
• Exhibit 165: Lumileds Holding BV - Overview
• Exhibit 166: Lumileds Holding BV - Product / Service
• Exhibit 167: Lumileds Holding BV - Key offerings

• 12.16 Panasonic Holdings Corp. 
• Exhibit 168: Panasonic Holdings Corp. - Overview
• Exhibit 169: Panasonic Holdings Corp. - Business segments
• Exhibit 170: Panasonic Holdings Corp. - Key news
• Exhibit 171: Panasonic Holdings Corp. - Key offerings
• Exhibit 172: Panasonic Holdings Corp. - Segment focus

• 12.17 SMART Global Holdings Inc. 
• Exhibit 173: SMART Global Holdings Inc. - Overview
• Exhibit 174: SMART Global Holdings Inc. - Business segments
• Exhibit 175: SMART Global Holdings Inc. - Key offerings
• Exhibit 176: SMART Global Holdings Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

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