With many new players entering the market, the global lighting product Market is becoming fragmented and also competitive, states a market intelligence report by transparency market research TMR. According to the report, Panasonic Corporation, Koninklijke Philips N.V., GE Lighting (General Electric), Azoogi LED Lighting, and OSRAM Licht AG are the leading companies within the global lighting product market which have extensive product portfolio. Players within the market are expanding the geographical reach through mergers and acquisitions, collaborations, alliances, and partnerships.
An impressive CAGR of 10.4% for the global lighting product market is predicted by Transparency Market Research between 2017 and 2025. The report furtherstates that the revenue generated by the lighting product market will increase from US$133,943.4 mn in 2017, to US$296,230.7 mn by 2025. By geography, Asia Pacific is emerging as the most lucrative regional market followed by the Middle East in Africa. Why Asia Pacific is predicted to expand it a 13.4% CAGR between 2017 and 2025, the Middle East and Africa will expanded the 10.2% CAGR during the same forecast period. Buy component, the LED tubes and Bulbs segment has been leading in the lighting product Market.
As per the lead author of this report, “there has been a continuous adoption of latest bulbs and lighting’s in the commercial and Industrial Arena on account of technological advancements and improvements in lamps, bulbs, and other lighting products.” One of the most desirable features in lighting products is durability or longer life span. Therefore, market players are investing extensively on research and development and trying to develop products with higher lifespan.
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One of the key factors boosting the growth of the global lighting product market is the rapid urbanization which can be seen across developing nations as well as the rising efforts taken by governments worldwide to develop smart cities. A strong emphasis is being laid by government and other concerned bodies regarding optimal and efficient utilization of energy and this will have a strong bearing on the global lighting products market.
On the downside however, a lack of awareness among consumers regarding payback periods need for efficient utilization of energy, and the absence of a common standard will restrict the growth of this market. On a bright note however, the market for lighting products will benefit from increasing efforts taken by windows resulting in harnessing of the wireless technology for LED Lighting systems.