Global electric lighting equipment market is expected to decline

The global electric lighting equipment market is expected to decline from $129.5 billion in 2019 to $129.2 billion in 2020 at a compound annual growth rate (CAGR) of -0.3%.

The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9% from 2021 and reach $164.8 billion in 2023.

Major lighting companies are integrating lighting fixtures with IoT technology to enable remote user control and for controlling lighting in office, work environment and city infrastructure. IoT technology is widely being used in homes and work places to integrate and control internal and external light fixtures. Beacons, which are small Bluetooth radio transmitters that give signals to other devices, are used to enable wireless lighting control and broadcast the location of fixtures. For instance, Belleds, a smart lighting designer based in Cambridge, offers wireless lighting control and broadcast location through luminaires using the beacon technology. The company is partnering with major lighting companies such as GE, Philips and Acuity to provide its services .

The Asia Pacific was the largest region in the global electric lighting equipment market, accounting for 31% of the market in 2019. Western Europe was the second largest region accounting for 25% of the global electric lighting equipment market. Africa was the smallest region in the global electric lighting equipment market.