Lighting market to grow at a CAGR of 6.3% from 2022 to 2027

The lighting market is expected to grow by USD 46.85 billion during the five-year forecast period. The market will progress at a CAGR of 6.3% during 2022-2027.

The demand for LED lighting products is increasing rapidly. LEDs use software to automate lighting operations. Smart lighting systems save energy and provide valuable information. These factors will drive the growth of the market during the forecast period. Gain a competitive edge in your industry Download latest sample report within minutes!

Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips NV, LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Global Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The declining manufacturing cost of LEDs is driving market growth. This decline is mainly caused by the decrease in the ASP of chips and components used in the production of LED devices. Low LED manufacturing costs decrease the initial installation costs of LEDs and fixtures. This accelerates the installation of new LEDs and luminaires. The decline in LED production costs is attributed to government subsidies for the purchase of semiconductor equipment. As a result, LED manufacturers are increasing their LED production capacity. Hence, decreasing production costs are expected to fuel the growth of the market during the forecast period.