Ambient Lighting Market to Hit USD 103.82 billion by 2024 where Light Emitting Diode (LED) Lamps and Luminaries Offer Potential Growth
Global Ambient Lighting Market 2019-2024 Growing at a CAGR of 10.60%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.
Dallas, United States – September 30, 2019 /MarketersMedia/ —
Market Overview
The ambient lighting market was valued at USD 62.74 billion in 2018 and is expected to reach USD 103.82 billion by 2024, recording a CAGR of 10.60%, during the forecast period 2019 – 2024. The growing trend of rising demand for comfortable & innovative lighting solutions and the need for energy-efficient solutions will create a market opportunity for the ambient lighting market.
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– Further, with the ongoing technological evolution, such as smart lighting systems in commercial or residential buildings, increasing infrastructural projects worldwide coupled with consumer preferences for better interior lighting designing is favoring the growth of the market.
– Moreover, the rising concerns over global climate change have led to the implementation of various rules and regulations pertaining to energy efficiency. Increasing the inefficiency of incandescent bulbs, owing to excess heat generation is making these solutions a more preferred option, thus aiding the ambient lighting market growth.
– However, the replacement of traditional systems with ambient light leads to high replacement costs and it is one of the hindering factors for the growth of the market during the forecast period.
Scope of the Report
Ambient lighting is a common type of lighting system used around the world. These lightings offer an edge over the traditional lighting such as low maintenance & operational cost, and higher flexibility due to wireless control, thus boosting the ambient lighting market growth.
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Key Market Trends
Light Emitting Diode (LED) Lamps and Luminaries Offer Potential Growth
– LED lighting systems use up to 50% less energy to generate an equivalent light intensity emitted by Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). This reduced energy consumption directly converts into a reduction of over 700 million tons of carbon dioxide emissions annually. Thus, it is expected that LEDs are estimated to completely replace CFLs and CCFLs in the forecasted year. This trend is going to expedite the ambient lighting market in the near future.
– Moreover, LEDs are UV radiation-free and neutral which makes it more suitable for indoor lighting. Additionally, they are suitable for photoreactive sickness people. The rays emitted from the LED are safe.
– Further, the LED lighting market is mainly driven by advantageous features offered by LED lights such as increased energy efficiency, longer lifetime, enhanced physical strength, smaller size, design flexibility, and environmental friendliness.
– All the above factors are expected to accelerate the LED lighting which in return create a market for ambient lighting market during the forecast period.
Asia- Pacific to Witness the Fastest Growth
– Asia-Pacific region is witnessing the fastest growth due to rampant infrastructure-building activities in emerging economies such as China and India.
– Further, the various governments in the region are also focusing on implementing stringent regulations and legislation pertaining to energy efficiency, which is further supporting the growth of the ambient lighting market in this region. For instance, initiatives from the Indian Government such as Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) and Integrated Power Development Scheme (IPDS) have already been implemented for rural and urban areas respectively.
– Along with that India is expected to become the world’s first country to use LEDs for all lighting needs by 2019, thereby saving INR 40,000 crore (USD 6.23 billion) on an annual basis. Such a huge implementation will be aiding the growth of the ambient lighting market.
– Moreover, these lights are used in automotive lighting systems as well. India, China, Japan, and South Korea are some of the major countries, which holds the majority of the vehicle production thus offering growth opportunity for the automotive lighting market. This in return a market for the ambient lighting market.
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Competitive Landscape
The ambient lighting market is highly competitive and fragmented. Some of the players in the ambient lighting market include Samsung, Cree Inc., Royal Philips, Osram Light AG, Acuity Brands Inc., The Zumtobel Group, GE Lighting, Advanced Lighting Technologies, Inc., and Nualight Limited. Rising competition among major players to offer advanced technology-based solutions in the ambient lighting market is making them invest increasingly in research and development.
-October 2018 – CK Holdings Co., Ltd. completed the acquisition of Magneti Marelli S.p.A. from Fiat Chrysler Automobiles. The combined business has been operating under the entity “Magneti Marelli CK Holdings Co., Ltd.” The completion of the transaction was a key milestone in creating a leading global independent automotive supplier.
-Feb 2018 – Acuity Brands Inc. acquired Lucid Design Group Inc., a California-based provider of building analytics. Lucid Technology enabled the company to extend the power of digital, building management, networked lighting, and IoT solutions.
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