The global ambient lighting market is projected to reach $156.5 billion by 2030, growing with a 9.2% CAGR during 2020–2030. As per P&S Intelligence, the major growth drivers for the industry are:
COVID-19 is currently giving the ambient lighting market a bleak growth potential, at least in the short term. The restricted supply of components has stalled the manufacturing of lighting products, while even the original equipment manufacturers (OEMs) have downed their shutters, forced by the lockdown implemented in numerous countries.
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Lighting controls and lamps and luminaires are the two bifurcations of the ambient lighting market, on the basis of type. Of these, the larger share in 2019 was held by the lamps and luminaires bifurcation, on account of these products being the major ambient lighting components. In addition, as the focus on electricity conservation is rising, the sale of light-emitting diode (LED) luminaires and lamps is set to increase further.
The objective of this research includes;
Asia-Pacific (APAC) contributed the highest revenue to the ambient lighting market in the past. With the growing disposable income, information technology (IT) market, and population, mainly in the Association of Southeast Asian Nations (ASEAN) region and India, the installation of ambient lights in commercial and residential spaces is surging.
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India is expected to witness the fastest growth in the APAC ambient lighting market in the near future. This is attributed to the heavy investments in residential projects and government initiatives to install LEDs in place of incandescent bulbs. For instance, under the Pradhan Mantri Awas Yojana (PMAY) launched in 2015, the Indian government plans to construct a substantial number of affordable houses by 2020, which would drive the demand for ambient lighting solutions.
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