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Ambient Lighting Market to Generate Revenue Worth $156.5 Billion by 2030

Published Date:   June 2020

The growing demand for energy-efficient lighting solutions and the rising focus on smart lighting systems are the key factors positively impacting the ambient lighting market growth. In view of this, the market is expected to generate revenue worth $156.5 billion by 2030, advancing at a CAGR of 9.2% during the forecast period (2020–2030), according to the market research study published by P&S Intelligence

The COVID-19 pandemic has caused disruption in the supply chain of electric components, thus affecting original equipment manufacturers (OEMs) globally. This, in turn, has impacted global shipments of lighting products. The disruption can be mainly attributed to the temporary shutdown of industries to curtail the spread of the disease in the wake of its rising incidence.

Lamps and Luminaires to Hold the Larger Share in the Market throughout the Forecast Period

The ambient lighting hardware market, on the basis of type, is classified into lamps and luminaires, and lighting controls. Of the two, the lamps and luminaires category held the larger share in the market in 2019. Lamps and luminaires are important elements of ambient lighting. Moreover, with the rise in the focus on energy efficiency, the demand for LED lamps and luminaires is projected to increase globally, thereby driving the ambient lighting market in this category.

Besides, during the forecast period, the LED category is expected to witness the fastest growth in the market when the lamps and luminaires category is further segmented on the basis of type. This can be attributed to the increasing demand for LED lighting due to its higher efficiency and longer life as compared to other lighting types.

The sensors category is expected to continue dominating the industry in the near future, when segmented on the basis of lighting controls. This is due to the growing demand for these sensors in smart homes for automation in lighting. Moreover, due to the growing focus on home automation, the demand for sensors is rising across the world.

The residential category held the largest share in the ambient lighting market in 2019, in terms of end user. The demand for ambient lighting in this category is mainly driven by the price erosion of LED lighting, rising focus on the installation of energy-efficient lighting, and increasing demand for affordable housing around the world.

Geographically, the Asia-Pacific (APAC) region held the largest share in the ambient lighting market in 2019 and is expected to lead the market during the forecast period as well. Due to the increasing population, rising disposable income, and growing IT market, mainly in India and ASEAN countries, the demand for ambient lighting is increasing across the residential and commercial sectors of the region.

Among the major countries, India is expected to be the fastest-growing industry for ambient lighting in the APAC region during the forecast period. This can be attributed to the increasing government focus toward replacing incandescent lighting with LED lighting as well as rising investments in residential projects. For instance, in 2015, the government of India launched the Pradhan Mantri Awas Yojana (PMAY), which aims to provide housing for the people in the country by 2022.

Mergers and Acquisitions Can Be Viewed as the Strongest Strategic Measure by Market Players

Players in the ambient lighting industry are increasingly focusing on mergers and acquisitions to increase their product portfolio and expand their market foothold. For instance, in March 2020, Signify N.V. acquired Cooper Lighting Solutions from Eaton Corporation Inc. for $1.4 billion in cash. With this acquisition, the company aimed at strengthening its position in the North American lighting market.

Browse report overview with detailed TOC on "Ambient Lighting Market Research Report : By Offering (Hardware [Lamps and Luminaires { Incandescent, Halogen, Fluorescent, LED}, Lighting Controls {Sensors, Switches and Dimmers, Relay Units}], Software and Service), Type (Suspended Lights, Recessed Lights, Track Lights, Strip Lights, Surface-Mounted Lights), End User (Residential, Hospitality and Retail, Healthcare, Industrial, Corporate, Automotive) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/ambient-lighting-market-report

Similarly, in July 2019, Signify N.V. acquired a 51% stake in Zhejiang Klite Lighting Holdings Co. Ltd., a provider of LED lamps and luminaires. With this acquisition, the company aimed at enhancing its product portfolio of connected lighting solutions.

Some of the major players operating in the ambient lighting market are Signify N.V., General Electric Company, OSRAM Licht AG, Acuity Brands Inc., Häfele GmbH & Co KG, Zumtobel Group AG, Samsung Electronics Co. Ltd., Wipro Enterprises (P) Ltd., Cree Inc., and Hubbell Incorporated.