The growing preference for innovative and comfortable lighting solutions can prompt the expansion of the world Ambient Lighting Market 2020, states Market Research Future (MRFR) study. The rise in energy efficient solutions requirements to create numerous market opportunity that can allow the ambient lighting market to surge. Under the light of COVID-19 situation, the ambient lighting market is likely to be largely impacted. As per MRFR findings, the world ambient lighting market can rise at 11% CAGR through the evaluation period. MRFR study also shows that the global market of ambient lighting market can value at USD 94 Bn by on the conclusion of the forecast period.
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Technological evolutions, such as smart lighting systems are being applied largely in residential and commercial buildings, which can bolster the growth of the world ambient lighting market in the near future. The increased utility of infrastructural projects across the globe, along with rise in the preferences of consumers for a better interior lighting designing can favor the expansion of the world ambient lighting market in the near future.
In addition, the rise in concerns about climate changes can led to the surge in the implementation of different norms and regulations that pertain to energy efficient solutions can promote the world ambient lighting market growth. The increased inefficiency of incandescent bulbs due to excessive heat generation lead in the rising adoption of ambient lighting solutions. Thus, can impel the ambient lighting global market growth.
On the downside, the rapid replacement of traditional lighting solutions with ambient light have high replacement price. This is one of the factors that can hinder the rise of the ambient lighting market through the study period.
The segment study of the world ambient lighting market is based on applications, components, and type. The type based, ambient lighting market segments are surface mounted lighting, track lighting, suspended lighting, down lighting, and others. The components based, ambient lighting market is segments are software, hardware, and services among others. The applications based segments of the ambient lighting market are commercial, and residential among others. Offices, hospitals, and automotive are among the commercial segments.
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MRFR’s regional analysis of the ambient lighting market shows that the ambient lighting market in the Asia Pacific region is expected to surge at a high pace in the years to come. The rise in infrastructure activities in economies, such as India and the rest of APAC is likely to cause the expansion of the regional ambient lighting market. In addition, the growing focus of governments in the implementation of regulations and legislation that pertain to the application of energy efficiency can also bolster the ambient lighting market in APAC. Ambient lights are widely applied as automotive lighting systems. The expansion of the automobile sector across India, South Korea, China, and Japan as they house numerous reputed vehicle producers can impel the expansion of APAC ambient lighting market. The automotive sector is observed to create numerous growth opportunity for the market. In Europe and North America, the rise of automobile utility can impel the expansion of the market.
MRFR listed some noteworthy players operating in the worldwide ambient lighting market. They are; General Electric Company (U.S.), Pasolite (India), Enterprise Lighting LTD (U.S.), Thorn Lighting (U.K) Philips Lighting Holding B.V. (Netherlands), Häfele GmbH & Co KG (Germany), Cree, Inc. (U.S.), Acuity Brands Lighting Inc. (U.S.), LIGMAN Lighting Co., Ltd. (Thailand), Unity Technologies SF (U.S.), and OSRAM Licht GmBH (Germany) among others.
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