Global lighting market size is estimated to grow by USD 54.76 billion from 2024 to 2028

The global lighting market size is estimated to grow by USD 54.76 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period.

APAC is estimated to contribute 45%. To the growth of the global market. The Lighting Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.

In the APAC region, China is a significant contributor to the lighting market's revenue due to the presence of numerous LED manufacturing units and industries. The Chinese government has supported this growth through subsidies for Metal-Organic Chemical Vapor Deposition (MOCVD) technology since the past decade. Consequently, many players have entered the LED market in China and acquired MOCVD tools for manufacturing LED dies.

With over 450 smart city projects under construction in China, the upcoming smart cities are expected to boost the regional lighting market substantially during the forecast period. Vendors, such as Signify, are expanding their operations in China. For instance, in August 2023, Signify launched its largest LED lighting manufacturing site in China, spanning 200,000 square meters and featuring 192 production lines.