Global Lighting Product Market: LED Devices Continue to Attract Large Revenue Chunks Thanks to Innovation

Published Date : Feb 06, 2018

Albany, New York, February 6, 2018: A recent market research report added to the large research portfolio of presents a detailed overview of the global lighting product market, by comprehensively covering several facets of it. The report, titled “Lighting Product Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” sheds light on sales figures, factors contributing towards product demand, and key players, among others.

Our expert analysts have charted out a comprehensive segmentation for the global lighting product market based on four criteria: component, geographical spread, applications, and region. On the basis of component, the LED tubes and LED bulbs segments are anticipated to hold onto their dominant positions, mainly as a result of their energy saving capacity, along with the thrust on their usage promoting reduction in carbon footprints. Based on applications, the residential segment is expected to experience a boost, as a result of rising awareness amongst the masses to use efficient lighting products. The key geographic regions in the market are Asia Pacific, Europe, North America, South America, and the Middle East and Africa. With an increasing number of new companies manufacturing affordable and efficient lighting products in Asia Pacific, this region is likely to achieve the mantle of a winning segment in the next few years.

Electricity and the light bulb are considered two ground breaking discoveries which have changed our lives dramatically. Since then, the train of new lighting products being developed has never stopped, resulting in gigantic strides made in the global lighting product market. Businesses have certainly come a long way from the very first filament light bulb, up to the recent LED lights. This has been a major growth for the market with many of such companies going multinational. Another factor that has been acting as a boost to this industry is the encouragement to startups by many governments. This has brought together young and bright minds innovating in the market, thereby positively contributing towards better growth results.

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However, the market has been plagued by a few restraints, chief of which involve less penetration of cheaper and efficient lighting products in several developing as well as remote regions. For example, many countries from emerging economies in Asia show usage of the inefficient incandescent bulbs, which can severely manage to shoot up electricity bills. However, with growing awareness about better and less costly products, this picture is soon expected to change in future.

The global lighting product market has been classified on the basis of application, component, and geography. Component-wise, the market is split into lighting fixture and standalone type. Standalone type can be further segmented into T8 LED bulbs, LED tubes and bulbs, and tubes, among others. Lighting fixture type, again, is further divided into ceiling fixture, recessed lighting fixture, strip light fixture and others. The global lighting product market is bifurcated on the basis of application into residential, commercial, industrial and outdoor. Residential application includes table lamp, floor lamp, desk lamp, and others. Outdoor application includes street lights, parking garage, landscape etc.

The global lighting product market comprises several key players such as OSRAM Licht AG, Azoogi LED lighting, The Home Depot Inc., Sam’s West Inc., Panasonic Corporation, Koninklijke Philips N.V., Bed Bath & Beyond Inc.,, and others.

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