Global ambient lighting market is projected to witness a compound annual growth rate of 8.90% during the forecast period, reaching a total market size of US$104.55 billion in 2023 from US$62.680 billion in 2017. The rising number of infrastructural projects globally is complementing the ambient lighting market growth coupled with high rate of modernization of the projects. Demand for ambient lighting solutions is estimated to gain momentum over the next five years on account rising demand for energy efficient and smart lighting systems. In addition, ambient lighting market size is expected to expand due to high demand in automotive industries.
The growth of ambient lighting is also aided by favourable government regulations regarding energy-efficient lighting sources in various countries. Ambient lighting systems are often integrated with trending technologies such as IoT thus, increasing the efficiency and competency of these lights. Due to foretold factors, the demand for automation and smart lighting is rising continuously and hence driving the growth of the ambient lighting market for lighting control units.
Various challenges predicted to affect the growth of the global ambient lighting are lack of awareness about payback period, lack of common standards, and high costs involved in replacement of the traditional lighting.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the Ambient Lighting value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Major industry players profiled as part of the report are Philips Lighting Holdings B.V., Häfele GmbH & Co KG, Acuity Brands Lighting Inc., Wipro Consumer Care & Lighting, OSRAM Licht AG, Eaton Corporation, Cree Inc., Hubbell, General Electric, Zumtobel Group AG, and Selux AG.
By End User Industry
Middle East and Africa