LONDON, Feb. 02, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the general lighting market, the Wi-Fi enabled LED bulb is gaining popularity among general lighting market trends. The smart Wi-Fi LED bulb is an internet-enabled LED light bulb that can be remotely operated, scheduled and personalized. The smart Wi-Fi LED bulb contains user data capabilities and can protect user information in the cloud via its smartphone app. For instance, in October 2020, Panasonic introduced a smart LED bulb that provides multi-color lighting options and automatic scheduling features. The smart bulb can be operated via the Panasonic smart Wi-Fi app, which can link to and use the Wi-Fi activated smart bulb via Google and Alexa Assistant vocal control features.
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The global general lighting market size grew from $99.4 billion in 2020 to $102.9 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $140.7 billion in 2025 at a CAGR of 8%.
As per the general lighting industry market research, the declining manufacturing cost of LEDs is contributing to the growth of the market. The decline in the manufacturing cost of LEDs is leading to a decrease in the initial installation cost of LED lamps and fixtures. In addition, government support has helped vendors reduce the variable costs associated with manufacturing by operating their manufacturing facilities at full capacity. For instance, the manufacturing cost of LEDs has declined since 2012 and will continue to do so during the forecast period, primarily because of the declining average selling prices (ASP) of chips and components used in the manufacturing process. The declining manufacturing cost of LEDs is expected to drive the growth of the general lighting market.
The global general lighting market is segmented by product type into LED, CFL, LFL, HID, halogens, incandescent, others; by end user into residential, commercial, outdoor, industrial, others; by application into general lighting, automotive lighting, backlighting, others.
The general lighting market is fragmented with a large number of players. The key players in the market are focusing on expanding their operational and business presence in the general lighting market through development by opening new facilities, and expanding its product portfolio by new product launch to meet the global demand. The top ten competitors in the market made up to 23.19% of the total market in 2020. Major players covered in the global general lighting market include Schneider Electric SE, Panasonic Corporation, Signify N.V., Osram Licht AG, Acuity Brands, Inc., Eaton Corporation PLC, GE Lighting, Advanced Lighting Technologies, LLC, Honeywell International Inc., and Wipro Limited.
Asia Pacific was the largest region in the global general lighting market, accounting for 44.6% of the total in 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the general lighting market will be South America and Africa, where growth will be at CAGRs of 6.12% and 6.07% respectively. These will be followed by Asia Pacific and North America.
General Lighting Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide general lighting market overviews, general lighting market analyze and forecast market size and growth for the whole market, general lighting market segments and geographies, general lighting market trends, general lighting market drivers, general lighting market restraints, general lighting market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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