Commercial Lighting Market Outlook & Forecasts 2024-2029: Emergence of IoT and Product Innovations to Aid Replacements, Rise in Commercial Construction and Projects
The global commercial lighting market is highly competitive, with many public and private companies. These vendors typically compete on key parameters such as product design, quality, reliability, support services, and price. Rapid technological advancements adversely impact vendors in the commercial lighting market as consumers expect continuous innovations and product upgrades. The present scenario drives vendors to alter and refine their unique value proposition to achieve a strong market presence.
Some major vendors dominating the global commercial lighting market include Signify NV (Philips Lighting), Acuity Brands Lighting, ABB Ltd, Honeywell LED Lighting, and Wipro Lighting Limited. These brands have many product offerings and a widespread presence in the global market. The major vendors are adopting innovative technologies to retain their strong commercial lighting market position.
APAC accounted for the highest share of the commercial lighting market, valued at over USD 3 billion in 2023. The region poses a higher market share due to the presence of countries like China, Japan, South Korea, India, and other emerging countries that are the manufacturing hubs for electronics. The demand for commercial lighting in APAC is driven by stringent regulations for emission standards, better fuel economy, and concerns over sustainability. Also, swift urbanization and infrastructure development in APAC cities create new commercial buildings, shopping centers, hotels, hospitals, and transportation hubs. Consequently, opportunities for commercial lighting applications abound as urban populations seek efficient and sustainable lighting solutions to bolster safety, productivity, and comfort in commercial environments.
Europe was the second-largest revenue contributor to the global commercial lighting market in 2023. Major factors spiking commercial lighting sales in Europe are rising average construction spending, increasing retail building construction projects, rising government spending on sustainable building development, industrial developments, rapid urbanization, changing climatic conditions, and growth in disposable income across European countries. Government regulations regarding eco-friendly refrigerants and energy-efficiency smart commercial lighting are expected to increase the demand for commercial lighting maintenance & service, particularly in Germany, the U.K., France, and Italy, due to the construction of buildings.
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