Enjoy complimentary customisation on priority with our Enterprise License!
The lighting market size is projected to increase by USD 54.76 billion at a CAGR of 6.89% between 2023 and 2028. The growth trajectory is propelled by substantial government support, incentive programs, and declining manufacturing costs for LEDs. Regulations governing road safety are stringent and necessitate the adoption of technologies such as industrial lighting that improve illumination and minimize accidents in both commercial and industrial sectors. The need for energy-efficient alternatives, such as LEDs, is projected to escalate as governments emphasize safety and sustainability in their policies. The lighting market is undergoing significant transformation, driven by advancements in Internet of Things (IoT) technology and the expansion of smart city lighting systems. Developing countries and under-developing nations are focusing on energy-efficient solutions to address energy problems, reduce environmental degradation, and lower electricity costs. The off-grid solar sector is gaining traction, particularly in houses and commercial malls, using luminaires and light control systems to enhance energy efficiency and luminous intensity. Retail demand for LED, LFL, HID, halogen, and fluorescents is increasing due to their role in minimizing capital costs and logistics inefficiencies. Smart outdoor lighting and smart cities initiatives support environmental actions while promoting effective manufacturers. These trends are reshaping lighting applications in the residential sector and interior designing, balancing affordability and environmental responsibility.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.