Ambient Lighting Market Will Touch USD 156.5 Billion in 2030
Ambient Lighting Market Will Touch USD 156.5 Billion in 2030
Blog Article
The ambient lighting market will touch USD 156.5 billion, powering at a 9.2% compound annual growth rate, by 2030.
This is because of the surging need for energy-efficient lighting solutions, the rising focus on smart lighting, and the growing strictness of the regulatory guidelines about energy efficiency.
The mounting need for LED lighting solutions has become a major trend in the industry, as an LED light consumes 50% less energy to produce a similar intensity of light as generated by cold cathode fluorescent lamps and compact fluorescent lamps.
The decreased energy use can directly reduce the annual CO2 releases by around 700 million metric tons, thus reducing greenhouse gas releases.
Moreover, LEDs do not generate UV radiation, and they are neutral in nature. Because of these belongings, LEDs have become more sustainable for indoor lighting, and they possess the potential to fully substitute compact fluorescent lamps and cold cathode fluorescent lamps.
In recent years, the recessed lights category, on the basis of type, was the highest revenue contributor to the ambient lighting market. This is because these lights can be utilized in both residential and commercial settings. Moreover, these lights provide enhanced illumination and a greater look and feel to the given area.
The software and service category, based on offering, will advance at a faster rate in the coming years. This can be because of the surging need for software to control the lighting across various settings, according to the needs of users. Lighting control software offers enhanced functionality like brightness and color adjustment.
In recent years, the residential category, based on end user, led the industry. This is because of the LED lighting price erosion, the growing need for inexpensive housing, and the increasing emphasis on installing energy-efficient lighting globally.
Whereas, the automotive category will propel at the fastest rate during this decade. The surging production of automobiles and the rising incorporation of interior lighting solutions in vehicles is likely to drive this category expansion.
APAC was the largest contributor to the industry in recent years, and it will remain the largest throughout this decade. Because of the mounting populace, advancing IT sector, and increasing disposable salary, particularly in ASEAN nations and India, the need for ambient lighting is growing across the commercial and residential sectors of this region.
Moreover, India is likely to advance at the fastest compound annual growth rate in APAC, during this decade. This will be because of the rise in the government's emphasis on switching incandescent lighting with LED lighting, coupled with the increasing funding for residential projects.
It is because of the surge in the requirement for energy-efficient lighting solutions globally, the ambient lighting industry will continuously progress in the coming years.
Source: P&S Intelligence