Indoor lighting involves the various types of lights used in illuminating the interiors of houses and large complexes. The effect on the ambience and environment of buildings and people can induce its demand greatly. The global indoor lighting market report considers the various drivers, challenges, opportunities, and trends for the forecast period while keeping in mind the outbreak of the COVID-19 pandemic.
The indoor lighting management market is expected to grow at approximately USD 17 billion by 2023. It can display a 19% CAGR between 2017 and 2023 (forecast period).
The market is driven by dipping prices of LED lights, focus on renewable energy, changing lifestyles of people, and high disposable income levels. The long shelf life of LEDs, high reliability and energy-efficiency, and high brightness levels are features which can attract people towards indoor lighting. Development of smart homes coupled with support from connected ecosystem solutions pushed by vendors can drive the market demand.
Advances in interior designs, leaps in the construction sector, and energy saving policies are other major drivers of the market. Creation of flexible workspaces, use of energy intelligence, and use of sensors for creating ambience will aim to improve the experience of employees working in complexes.
The global indoor lights management market can be segmented on the basis of product, type, space type, and application.
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Koninklijke Philips N.V., General Electric, Osram Sylvania, Havells Sylvania, Crompton Greaves, Osram Licht AG, Thorn Lighting, Shenzhen MR LED, Gstar Technology Co. Ltd., and Ushio Lighting Technologies are key players of the global indoor lighting management market.
The regional analysis of indoor lighting management market is being studied for region such as Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). North America is one of the leading regions in the indoor lighting management market owing to high disposable income of people and demand for ambient lighting is boosting the market in the region.
Rapid infrastructural activities across different industries have driven the market of indoor lighting management market in the APAC. This growth is mainly attributed to the rising demand for ambient lighting paired with stringent energy efficiency regulation.
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