Artificial Lights Market Promises Steady Growth as Demand for Energy-Efficient Luminaries Surges
The artificial lights market has experienced steady growth over the past few years driven by increasing adoption of energy-efficient lighting technology such as LED bulbs and lamps across households and commercial establishments. Artificial lights provide illumination and save energy compared to conventional incandescent bulbs. Advancements in LED technology have made LED lights more affordable while offering numerous benefits such as high luminous efficiency, longevity, compact size, resistance to shock & vibration, and minimal energy consumption. The increasing spotlight on green initiatives coupled with government mandates to phase out inefficient bulbs is boosting demand for energy-saving LED lights globally.
Artificial lights market is estimated to be valued at USD 99.89 Bn in 2024 and is expected to reach USD 123.69 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 3.1% from 2024 to 2031.
Key Takeaways
Key players operating in the artificial lights market are General Electric (GE Lighting), Panasonic Corporation, Osram GmbH, Eaton Corporation, and Acuity Brands Lighting.
LED lighting is gaining widespread acceptance in the commercial sector owing to long operational lifespan and energy savings. The Artificial Lights Market major commercial applications include office buildings, retail outlets, hospitals, and hotels.
Ongoing technological innovations are focused on developing smart and tunable lighting solutions for flexible illumination needs. Improved luminous efficacies, novel packaging & integration, and lower costs will further catalyze market adoption.
Market Trends
Growing popularity of smart lighting controls: Integrating lighting fixtures with sensors and wireless networking capabilities allows remote monitoring and intelligent operations based on occupancy, daylight, and schedules. This improves energy efficiency.
Rising focus on horticulture lighting: Sophisticated horticulture grow lights enable year-round harvesting by supplementing the wavelengths required for optimal plant growth. LED-based vertical farming is gaining traction.
Market Opportunities
Surging replacement demand for conventional bulbs: Stringent regulations phasing out incandescent bulbs present significant opportunities for LED players as consumers upgrade to greener lighting.
Emergence of Li-Fi lighting technology: Integration of visible light communication into LED lights for high-speed data transmission and wireless connectivity when combined with photodetectors is an evolving area of innovation.
Impact of Covid-19 on Artificial Lights Market Growth
The COVID-19 pandemic presented unprecedented challenges for the artificial lights market. Government imposed lockdowns and business shutdowns heavily impacted the demand for artificial lighting products from commercial sectors like offices, retail stores, hotels etc. During the initial months of pandemic in 2020, the market experienced a sharp decline in sales as construction projects were stalled. Supply chain disruptions also affected the production and availability of lighting fixtures.
However, as restrictions were gradually lifted, the market started recovering from second half of 2020. Rising health concerns boosted demand for UV light products that can disinfect surfaces. Many residential consumers upgraded their indoor lighting systems to enhance comfort during increased time spent at home. The work from home culture expanded the usage of task lighting solutions. Various government stimulus packages also supported infrastructure projects involving public lighting systems.
Geographical Regions with Concentrated Artificial Lights Market Value
North America represents one of the major regional markets for artificial lights in terms of value, contributed by strong presence of leading manufacturers as well as high per capita lighting expenditure. The early widespread adoption of LED technology across residential, commercial and outdoor applications has boosted the regional market size. Growing construction activities along with renovation of existing infrastructure also support continuous demand for various lighting solutions. Stringent regulations regarding energy efficiency and carbon footprint further make North America an attractive market for innovative green lighting products.
Fastest Growing Regional Market for Artificial Lights
The Asia Pacific artificial lights market is identified as the fastest growing regional market based on value. Rapid urbanization and industrialization occurring across developing economies like China and India is the key growth driver. Rising disposable incomes push the installation of advanced lighting systems in residential and commercial buildings. Also, ongoing smart city projects involving intelligent street lighting modernization programs will accelerate future adoption. Government focus toward sustainable development through energy savings from efficient lighting promote higher investments in LED technologies. These factors make Asia Pacific an emerging hotspot for artificial lights market players.
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