Drivers and Restraint
The global ambient lighting market, according to a report by Market Research Future (MRFR), is slated to reach a substantial market valuation of USD 94 Billion by 2023, at a moderate 11% of CAGR over the review period of 2017 to 2023.
The global market for ambient lighting is poised to witness growth, owing to several driving factors. The growing demand for innovative lighting solutions contributes towards the market growth for ambient lighting, owing to their features such as low-cost maintenance, reliable performance, energy-saving, among others. Moreover, the continual technological advancements taking place in lighting solutions, such as smart lighting systems, along with the increasing consumer preference for advanced interior lighting designs, are expected to offer potential growth opportunities to the market players over the review period. Moreover, the growing demand for ambient lighting from the residential and commercial construction sector is expected to contribute substantially towards market growth over the assessment period.
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The major market players identified by MRFR in the global ambient lighting market are General Electric Company (U.S.), Enterprise Lighting LTD (U.S.), Philips Lighting Holding B.V. (Netherlands), Cree, Inc. (U.S.), Unity Technologies SF (U.S.), Acuity Brands Lighting Inc. (U.S.), Pasolite (India), Häfele GmbH & Co KG (Germany), Thorn Lighting (U.K), LIGMAN Lighting Co., Ltd. (Thailand), and OSRAM Licht GmBH (Germany), among others.
The global ambient lighting market is segmented on the basis of type, components, and applications. The types of ambient lighting available in the market are down lighting, suspended lighting, surface mounted lighting, track lighting, and others. The components used in global market hardware, services, software, and others. The applications of ambient light are found in end-use industries such as commercial (automotive, hospitals, offices), residential, and others.
The geographical analysis of the global lighting market is conducted across four major regions, namely Europe, Asia Pacific, North America, and the rest of the world.
The North American region is the largest market for ambient light across the globe in terms of market value, and is projected to witness substantial growth over the review period. This is attributed to the early adoption of modern technologies in the lights market The presence of mjor market players in a higher concentration is also expected to contribute towards market growth over the assessment period.
Europe is also one of the significant regions in the global ambient light market and is expected to reach substantial growth over the review period. The increasing residential construction in the region is offering favorable conditions for the growth of the market.
The Asia-Pacific region is one of the major regional markets for ambient lighting, and is slated to witness the fastest growth, owing to extensive infrastructure-building activities in the emerging economies, such as China and India. Additionally, the various governments in the region are also focusing on implementing strict regulations and legislation concerning energy efficiency. Thus, this is further supporting the growth of the ambient lighting market in this region. Moreover, these lights are used in automotive lighting systems as well. India, China, Japan, and South Korea are some of the developing countries, which hold the majority of the vehicle production, thus, providing growth opportunity for the ambient lighting market.
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The major market players are expected to contribute towards the market growth by increasing investments and shifting their focus on research and development activities for advanced technological integration in the products. The competitive dynamics of the market is also slated to witness several innovative business strategies such as mergers, joint ventures, acquisitions, and partnerships for market players to sustain their position. These factos are expected to pave way fro several growth opportunities over the review period.
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