LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global lighting market is expected to grow at a CAGR of more than 9% during the forecast period.
This research report titled ‘Global Lighting Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The market research analysis categorizes the global lighting market into three major application segments. They are:
- General lighting
- Automotive lighting
- Backlighting
Global general lighting market
General lighting is the most popular segment as it is most widely used in applications such as homes, offices, factories, streets, stadiums, and theaters. Market leaders such as Philips, GE Lighting, OSRAM, and Cree mostly focus on this segment.
A major boost to the general lighting segment in recent times is the introduction of LEDs. LEDs are highly preferred by customers because despite their high initial purchase cost, their maintenance cost is very low. They last significantly longer than traditional incandescent bulbs, consume very less electricity, and are environment-friendly. The continued reduction of LED prices is an added benefit.
According to Navin Rajendra, an industry expert for lighting research at Technavio, “Developed countries are experiencing the phenomenon of connected lighting, where every light fixture in a household or office can be controlled via smartphones. The widespread adoption of smart lighting will give general lighting a new direction in the future.”
Global automotive lighting market
This segment is seeing the fastest growth among the three segments due to numerous reasons such as increased safety and lower service and maintenance costs, and due to their better and brighter luminescence than incandescent bulbs.
Other than the LED technology, there are other technologies that are driving this segment. The next big thing in automotive lighting is laser lighting, wherein lasers are used to light up the roads. They are energy-efficient, brighter than regular lights, and can go up to distances of 300 meters. In addition, they add to the aesthetics of the car. Halogen bulbs are also an effective option. With the increasing number of cars produced worldwide, automotive lighting will see significant growth.
Global backlighting market
Backlighting will see rapid growth due to the growing customized needs and requirements of customers in display technology. OLED (organic light-emitting diode) is the next evolution of LED technology. It is much sought after as it offers clearer and crisper images than LED or other technologies.
Due to the continuous reduction in the prices of LEDs, the prices of end products like smartphones and televisions have declined, resulting in a higher demand for mobile devices. The display is the most expensive component in a smartphone, accounting for almost 35%-40% of the smartphone's cost. Due to a reduction in the price of the displays, OEMs can lower production costs and achieve better profits.
“Modern LED backlighting technology also facilitates miniaturization of electronic devices. As a result, it is observed that smartphones and TV displays getting bigger but slimmer, with a longer lifespan,” says Navin.
Some of the top vendors highlighted by Technavio’s market research analysts in this report are:
- Acuity Brands
- Cree
- General Electric (GE)
- HELLA
- KOITO
Browse Related Reports:
- Global UV Lamp Market 2017-2021
- Global Architectural Lighting Market 2017-2021
- Global Light Emitting Diode (LED) Phosphor Market 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like displays, sensors, and computing devices. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
