Ambient Lighting – A Movement Towards Home Sprucing
Ambient lighting refers to the general lighting that are used inside rooms and halls to spruce of the ambience of the rooms. These types of lights generally include those types of lights that hang from ceilings that mainly include chandeliers, pot lights, track lights that offer a soothing ambience to the room. Also, table lamps, and floor lights are also considered to be an integral part of the ambient lighting solutions. These lights are considered to be highly effective as they have considerably less operational and maintenance costs. The integration of technology has led to the development of wireless lights and wirelessly controlled systems, thus these lights also offer higher flexibility thereby, driving the adoption of these lights in developing countries of the world due to higher standards of living, and higher purchasing power of the people. The integration of technology and the rising investments by market players in the development of smart lighting systems and the burgeoning adoption of these systems is also projected to be one of the key opportunity for the market to grow in the near future.
Segment Overview
The ambient lighting market has been segmented on the basis of type, end-user industry, and geography. By type the market has been segmented into indoor and outdoor. By the end-user industry, the ambient lighting market has been classified into residential, hospitality, retail, automotive, commercial and others. Geographically, the market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By type, the indoor segment is projected to hold a substantial market share on account of the burgeoning adoption of these lighting solutions across the residential sector on account of due to the integration of automatic floor lighting systems. The market for indoor lighting systems is also projected to grow on account of the rising investments in smart homes in major developing economies of the world due to the growing disposable income and rising middle class population. The outdoor segment is projected to witness a healthy CAGR throughout the forecast period on account of the rising initiatives by the governments of various countries towards the conservation of energy and thus adopting energy efficient lighting solutions.
By end-user industry, the residential sector is projected to hold a notable market share throughout the forecast period. The major factors supplementing the share of this segment includes the high adoption of these lighting systems across the residential sector coupled with increasing investments in smart homes. Also, booming residential construction in both the developed and developing countries around the world is bolstering the demand for ambient lightings for the residential sector, thus propelling the opportunities for the market to grow in the near future. The automotive segment is anticipated to witness a decent growth during the next five years on account of growing adoption of lighting solutions by the automakers primarily due to the growing consumer expectations regarding the features of their vehicles. Also, the growth in the sale of luxury cars on around the globe on account of the increased affordability coupled with the booming investments by key luxury car manufacturers in for setting up new production facilities as well as expanding the existing facilities further support the demand for these lighting solutions for the automotive industry, and there by drive the global ambient lighting market growth during the next five years.
Geographically, the Asia Pacific region is projected to show substantial growth over the course of the next five years. The major factors that are driving the market growth in the APAC region include the rapid increase in the demand for energy efficient lighting solutions in the major developing economies of the region such as India and China among others primarily on account of the government initiatives for the conservation of energy. For instance, in 2015, the Government of India, Unnat Jyoti by Affordable LEDs, in which the government of the country aimed to replace and distributed around 770 million LED lights under a subsidized pricing to all the residents of the country. Furthermore, the rapid investments by the governments of various countries for the development of commercial infrastructure due to impressive economic growth is also projected to propel the demand for various lighting systems, thus driving positively impacting the market growth during the next five years. Furthermore, the initiatives by the governments of various developing economies of the APAC region for uplifting the residential sector is also driving the market growth during the coming years. For instance, the smart cities mission by the Indian Government, in which 99 cities have been identified to be converted to smart cities and the adoption of energy efficient lighting systems will bolster the market growth in these countries. Similarly, in China, in 2018 the government announced and investment worth US$255 billion for the Shantytown Redevelopment Project. The North American region is projected to hold a noteworthy market share on account of the presence of well-established semiconductor industry in countries like the United States and Canada. Furthermore, the growing construction activities coupled with the high adoption of these efficient lighting systems is also one of the key factors bolstering the significant share of the North American region in the global ambient lighting market.
ABOUT THE AUTHOR:
Rachit Gulati is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from automation to food and beverages, with a special knack for automotive and healthcare. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.
