Lighting Power Market Size by End-User, by Applications, by Type, by Deployment & by Technology 2032
Global Lighting Power Market was valued at USD 15 Billion in 2022 and is projected to reach USD 22 Billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030.
The lighting power market is undergoing a significant transformation, driven by technological advancements and a growing emphasis on energy efficiency. In 2024, the global lighting industry was valued at approximately USD 128.76 billion, with projections indicating a rise to USD 242.71 billion by 2034, reflecting a compound annual growth rate (CAGR) of 7.3%.
One of the primary catalysts for this growth is the widespread adoption of Light Emitting Diodes (LEDs). LEDs consume 80-85% less electricity than traditional lighting sources and boast operational lifespans exceeding 50,000 hours. This efficiency not only reduces energy consumption but also minimizes greenhouse gas emissions, addressing global environmental concerns.
In India, the lighting market reached a value of more than USD 3.79 billion in 2023 and is expected to grow at a CAGR of 9.8% between 2024 and 2032, reaching a projected value of USD 8.79 billion by 2032. Government initiatives, such as the UJALA and Street Lighting National Programme, have been instrumental in this surge. Over 1.15 billion LEDs have been installed under these programs, leading to substantial energy savings and enhanced public safety.
However, the market faces challenges. The high initial cost of LED fixtures can deter consumers, despite long-term savings. Additionally, the rapid pace of technological advancements necessitates continuous innovation from manufacturers to stay competitive. The dominance of imported LEDs from countries like China, Taiwan, and Korea further complicates the landscape for domestic producers.
On a personal note, transitioning to LED lighting in my home significantly reduced monthly electricity bills. The immediate brightness upon switching on and the absence of flickering enhanced the living experience. While the upfront investment was notable, the long-term benefits in energy savings and reduced maintenance have proven worthwhile.
Looking ahead, the integration of smart lighting systems, leveraging the Internet of Things (IoT), is set to revolutionize the market. These systems offer automated control, real-time monitoring, and data analysis, optimizing energy consumption and enhancing user convenience. As urbanization accelerates, especially in developing economies, the demand for advanced lighting solutions in residential, commercial, and industrial sectors is poised to escalate.
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Who are the largest Global manufacturers in the Lighting Power industry?
- Altair Nanomaterials
- Angstrom Power
- Asahi Glass
- Ballard
- BASF
- Ceramic Fuel Cells
- GrafTech International
- Heliocentris Fuel Cells
- Johnson Matthey
- Manhattan Scientifics
- Masterflex
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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What are the factors driving the growth of the Global Lighting Power Market?
Growing demand for below applications around the world has had a direct impact on the growth of the Global Lighting Power Market
- Fire Exits Use
- Home Use
- Outdoor Sports Use
- Others
What are the types of Lighting Power available in the Market?
Based on Types the Market is categorized into Below types that held the largest Lighting Power market share In 2023.
- Backup Lighting Power Supply
- Evacuation Lighting Power Supply
- Security Lighting Power Supply
Which regions are leading the Global Lighting Power Market?
- Global (United States, Global and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Detailed TOC of Global Lighting Power Market Research Report, 2024-2032
1. Introduction of the Global Lighting Power Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. Global Lighting Power Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. Global Lighting Power Market, By Type
6. Global Lighting Power Market, By Application
7. Global Lighting Power Market, By Geography
- Global
- Europe
- Asia Pacific
- Rest of the World
8. Global Lighting Power Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
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