General Lighting Market size is set to grow by USD 60.8 billion from 2024-2028

The global general lighting market  size is estimated to grow by USD 60.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.72%  during the forecast period.  Declining manufacturing cost of leds is driving market growth, with a trend towards growing number of households and urbanization. However, high average cost per led fixture  poses a challenge.

The LED lighting market faces an obstacle in its growth due to the high initial cost of LED luminaires and smart fixtures. Installation expenses include both the cost of the LED components and labor fees. Moreover, the implementation of IoT infrastructure for smart lighting systems adds to the financial burden. The price range for smart LED bulbs from major manufacturers is broad, ranging from USD15 to USD180.

The general lighting market faces several challenges in the implementation of various technologies. LED technology, such as CFLED and LFL, is becoming increasingly popular due to its energy efficiency and longevity. However, the high initial investment cost is a significant barrier for many businesses. Additionally, the integration of artificial intelligence and connectivity features, like those found in smart lighting systems, adds complexity and cost. Another challenge is the need for compatibility with existing infrastructure and the requirement for ongoing maintenance and updates. Furthermore, the regulatory environment, including energy codes and certifications, adds to the complexity and cost of implementation. Overall, the lighting market requires a balance between innovation and affordability to meet the needs of businesses and consumers alike.