Global General Lighting Market 2018-2022
About General Lighting
The lighting industry includes general lighting, automotive lighting, and backlighting. General lighting is based on fixed light source installations, which deliver a practical or aesthetic lighting effect. CFLs, LFLs, HID lights, and LEDs are some of the major general lighting products.
Technavio’s analysts forecast the global general lighting market to grow at a CAGR of 5.74% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global general lighting market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global General Lighting Market 2018-2022
Technavio recognizes the following companies as the key players in the global general lighting market: Acuity Brands, Cree, Eaton, GENERAL ELECTRIC, Koninklijke Philips, OSRAM, and Panasonic.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing number of households and urbanization. The rapid urbanization worldwide, particularly in emerging economies, is leading to the increasing demand for lighting devices from a growing number of households. The residential segment is one of the major contributors to the growing demand for lighting devices. The demand for general lighting (lamps and luminaires) in the residential segment is expected to grow at a CAGR of 6.12%.”
According to the report, one driver in the market is declining manufacturing cost of LEDs. The manufacturing cost of LEDs has declined since 2012 and will continue to decline during the forecast period. This is mainly because of the declining ASP of chips and components used in the manufacturing process of LED devices. The decline in the manufacturing cost of LEDs is leading to a decrease in the initial installation cost of LED lamps and fixtures.
Further, the report states that one challenge in the market is high average cost per LED fixture. Though the total cost of owning LED lamps and fixtures is low compared with traditional incandescent and halogen bulbs, the high initial cost acts as a hindrance. The total cost of installation includes the cost of LED luminaires and labor cost. In addition, consumers who install smart lighting fixtures require a huge amount of money for the Internet of Things (IoT) infrastructure.
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