Market Analysis
Market Research Future (MRFR) presumes the global ambient lighting market to reach USD 94 billion at a CAGR of 11% from 2017 to 2023 (forecast period).
The lighting system utilized to illustrate the surroundings is referred to as ambient light. The ambient lighting in the home has to be bright and glare-free. It should use less energy, be more cost-effective, and improve the ambiance. It is suitable for both indoor and outdoor use. Ambient lighting for home and commercial use is gaining popularity these days. Ambient room lighting is growing in popularity as the interior design business grows.
Governments in nations such as India are taking steps to limit energy consumption. LED lights are being promoted since they utilize less energy, and so produce less pollution. This has given ambient lighting market report a boost. The expansion in residential, commercial, and infrastructure projects has also boosted the demand for ambient lighting devices. The global ambient lighting industry is also being driven by urbanization and modernization.
COVID-19 Impact on the Global Ambient Lighting Market
The COVID-19 is affecting people all over the world. Except for the pharmaceutical business, it has had a negative impact on the running of all industries. Almost every country has gone under complete lockdown. The borders have been locked, which implies that cross-border movement will be impossible for the foreseeable future. Businesses are also being closed down. The wave appears to have affected every individual and business on the planet.
This has had a negative impact on the ambient lighting market report. Ambient lighting market share is likely to expand dramatically following the COVID-19 crisis. This means that all residential and commercial projects that were halted due to the total lockdown will be resumed.
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Market Segmentation
The segment study of the world ambient lighting market is based on applications, components, and type. The type based, ambient lighting market segments are surface mounted lighting, track lighting, suspended lighting, down lighting, and others. The components based, ambient lighting market is segments are software, hardware, and services among others. The applications based segments of the ambient lighting market are commercial, and residential among others. Offices, hospitals, and automotive are among the commercial segments.
Regional Analysis
In North America, the rise of the ambient lighting market can be credited to surge in the demand for convenient and luxurious lighting solutions. The adoption of technologically evolved smart lighting systems used in residential and commercial buildings can support the expansion of the regional ambient lighting market in the foreseeable future. In Europe, the growing concerns on climate changes is resulting in the rise in implementation of different regulations and strict norms that pertain to the installation of energy efficient solutions. This can support the expansion of the ambient lighting market in UK and other parts of EU. In Asia Pacific region, the increase in awareness about the inefficiency of incandescent bulbs as they produce excessive heat is creating the surge in the adoption of ambient lighting solutions. This is likely to promote the growth of the ambient lighting global market growth in the region in years ahead.
Key Players
IGMAN Lighting Co., Ltd. (Thailand), Philips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), Enterprise Lighting LTD (U.S.), Acuity Brands Lighting Inc. (U.S.), Häfele GmbH & Co KG (Germany), Cree, Inc. (U.S.), Unity Technologies SF (U.S.), OSRAM Licht GmBH (Germany), and Pasolite (India), Thorn Lighting (U.K) among others are some notable names in the worldwide ambient lighting market as enlisted by MRFR.
Summary
The global ambient lighting industry is predicted to reach USD 94 billion at a CAGR of 11% from 2017 to 2023 (forecast period). The expansion in residential, commercial, and infrastructure developments has also boosted the demand for ambient lighting devices. The global ambient lighting industry is also being driven by urbanization and modernization.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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