Lighting Product Market is Projected to Expand at a CAGR of 10.4% during the Forecast Period from 2017 to 2025
Global Lighting Product Market: Snapshot
Owing to depleting resources of fossil fuel, escalating pollution concerns, and slow emergence of renewables, the usage of energy in an efficient manner has emerged as a key trend that is engulfing almost every industry. Governments across the world are resorting to advanced systems that can ensure appropriate utilization of energy and consequently, the demand in the global lighting product is increasing. Lighting products such as LED tubes and bulbs are now used for various commercial and residential purposes, particularly since the recent past when the technology has the paved way for lowered and affordable prices of these products.
The demand in the global lighting product market is projected to expand at a CAGR of 10.4% during the forecast period from 2017 to 2025. In terms of revenue, the opportunities in this market translated into US$ 113,046.0 Mn in 2015, with a volume of 1,509 mn units. Going forward, the valuation of the market is estimated to swell up to US$296,230.7 mn by 2025. Escalating demand for LED lighting as a result of rapid urbanization and development of smart cities, government support for energy-efficient methods, reduced cost of LED, and growing adoption of these products for residential purposes are some of the key factors driving the global lighting product market.
LED Tubes and Bulbs Emerges as Most Profitable Component Segment
Based on component, the market for lighting product has been segmented into standalone type and lighting fixture. Standalone type is further classified into LED Tubes and Bulbs, T8 LED Bulbs & Tubes and others, including incandescent and discharge tube etc. In 2015, the LED tubes and bulbs segment accounted for a demand share of approximately 23.7% of the total market revenue extracted out of the standalone type segment of the market. The others segment that includes incandescent bulbs and tubes segment accounted for approximately 46.3% percent of market share out of the total standalone type segment. While the LED tubes and bulbs segment is expected to remain most profitable, the share of others is expected to decrease during the forecast period largely due to decrease in the adoption of incandescent bulbs and growing adoption of LED tubes and bulbs. Moreover, T8 LED tubes and bulbs are being used at commercial places and even at residential places since they easily fit into the fixture due to their efficient diameter.