Lighting Market to grow by USD 54.76 billion from 2023 to 2028

 

The lighting market is expected to grow by USD 54.76 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 6.89% during the forecast period. The market is segmented by application (general lighting, automotive lighting, and backlighting), type (LED technology and traditional technology), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The declining manufacturing cost of light-emitting diodes is a key factor driving market growth. This is mainly due to the decreasing ASP of chips and components that are used in making LED devices. In addition, the lower cost of LED production will lead to a reduction in initial installation costs for LEDs and lamps. That accelerates the installation of new LED lamps and light bulbs in all application segments.

The growing traction of intelligent lighting systems is a major trend in the market.Intelligent ligh ting products can adapt to changing space requirements, such as in office buildings. In addition, Smart lighting systems save energy and provide valuable information that can be used for energy analysis and maintenance.

Sustainability in the lighting sector is an area that calls for energy conservation and eco-friendly solutions such as Compact Fluorescent Lights FLC or LED lights to help reduce the environmental impact of light.

Moreover, manufacturers should prioritize sustainability and energy efficiency in lighting products to inform consumers about the advantages of smart lighting solutions when making purchasing decisions.