According to a new report by Expert Market Research, ‘Global Lighting Market Report and Forecast 2020-2025’, the global Lighting Market is set to reach USD 115.58 billion by 2025, exhibiting a CAGR of 4.4% during the forecast period.
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Competitive Landscape & Supplier Analysis:
Basically, lighting products are found throughout homes, workplaces and public spaces. The major two key trends that are shaping the lighting market are, the need for energy efficiency, and the emergence of solid-state lighting. Lighting presents a clear opportunity to save energy and slow climate change, as it accounts for about 19% of global electricity consumption. Innovative lighting solutions can save energy while also improving the quality of light. There is a significant differences in LED technology versus other lighting technologies which finally majority of the consumers as well as industries have coped up with, and LED is expected to lead to a fundamental disruption of the lighting industry along the entire value chain. Standard lighting approaches are being challenged by entirely new possibilities enabled by LEDs, such as design flexibility, or the ability to dynamically change the color temperature of light. The controllable quality of LED-generated light enables intelligent lighting systems, and according to McKinsey, the estimated revenue generated from control-system components is expected to reach over $9.5 billion by the end of 2020.
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Light Emitting Diodes (LED) are energy-efficient light bulbs that use electroluminescence and semiconductors to produce light, offering a variety of economic and ecological benefits. For example, the US Department of Energy estimates that 20% of energy consumption in the US comes from lighting. The department’s calculations suggest that LEDs can reduce lighting costs to just 5% of the total household energy consumption in the US. Moreover, LEDs have a long shelf life. For example, a 6 to 8 Watt LED bulb has a lumen output of 800 and has the ability to last for 50,000 hours; the traditional incandescent bulb lasts just 1200 hours.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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