Lighting Market size is set to grow by USD 54.76 billion from 2024-2028

The global lighting market size is estimated to grow by USD 54.76 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period. APAC held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of  45%.

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

The lighting market encompasses various applications, including interior designing, photography, and scientific research. LED lights, a significant segment, are used in automotive headlamps, aviation, advertising, and lighted wallpapers. LED lighting also plays a crucial role in medical devices, camera flashes, traffic signals, and horticulture sector CEA systems. White light LEDs reduce electricity consumption and energy costs compared to traditional CFL bulbs. Building automation systems, including HVAC, security, and smart lighting solutions, further expand the market's scope. Scientists continue to develop advanced LED technologies, improving color rendering index and metal-halide alternatives.

The global lighting market is experiencing significant growth, driven by the aggressive product development and launch of vendors. Retail sectors, residential areas, and industries such as automotive and consumer electronics are major investors in lighting, particularly energy-efficient solutions like LED. Developing and under-developing nations are focusing on the off-grid solar sector for energy-efficient luminaires and light control systems. Effective manufacturers are taking environmental actions to reduce capital costs and logistics inefficiency.

Raw materials for lighting include LED, CFL, LFL, HID, halogen, and incandescent. Applications range from general lighting and automotive headlamps to aviation, advertising, medical devices, camera flashes, traffic signals, and outdoor LED lighting in urban cities, highways, commercial buildings, malls, stores, restaurants, hospitals, schools, and more. Energy consumption and operating costs are key considerations, with solar and energy-efficient solutions becoming increasingly popular. Companies like Hero Motocorp and Dialight are leading the way with innovative LED products and extended warranties, highlighting their commitment to product quality and customer satisfaction.

The global lighting market faces challenges due to sustainability concerns, particularly in the context of parking lots and large real estate projects that rely on energy-intensive incandescent lamps and LED fixtures. The semiconductor industry, which produces LED components, faces environmental degradation and energy problems due to the increasing demand for rare earth elements, such as those used in Phosphor-based LEDs. To address these issues, cost-effective and energy-efficient solutions like smart LED bulbs and smart outdoor lighting are gaining popularity.

Companies like Signify, with their EcoLink range, offer energy-efficient alternatives for office buildings and bridges. The Biden Harris Administration's focus on environmental sustainability and energy efficiency initiatives further emphasizes the importance of these solutions. Smart cities initiatives prioritize the use of smart lighting solutions, which offer extended life expectancy, improved luminous intensity, and reduced infrared radiations. The Horticulture sector and CEA systems also benefit from advanced lighting technologies, while building automation systems, HVAC, and security systems integrate smart lighting solutions to optimize energy usage. The Color Rendering Index of smart LED bulbs ensures accurate color representation, making them suitable for various applications.