APAC holds the largest market for the ambient lighting in 2019 and is expected to dominate during the forecast period
Northrook, IL -- (SBWIRE) -- 08/20/2020 -- The report "Ambient Lighting Market with COVID-19 Impact by Offering (Hardware, Software & Services), Type (Surface-mounted, Strip Lights, Track Lights, Recessed Lights), End Users (Residential, Industrial, Office Buildings), and Geography - Global Forecast to 2025", is estimated to be USD 58.0 billion in 2020 and projected to reach USD 88.3 billion by 2025, at a CAGR of 8.8%. The rapid growth of the global ambient lighting market is attributed to the factors such as Surging demand for ambient lighting products due to modernization of infrastructure and upcoming smart city projects in developing economies, government initiatives and policies for energy savings, increasing consumer preferences for better interior designing with energy-efficient lighting systems, and rising preference for smart lighting.
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Hardware to hold largest market share in the global ambient lighting market between 2020 and 2025
The hardware segment comprises lamps & luminaires, and control systems. Lights and bulbs are of different types based on various technologies used for lumens production and are distinguished by the intensity of illumination they produce. Ambient lighting offers general lighting functionality with standard protocols and distributed control systems. The increasing demand for energy-efficient lighting solutions is among the major factors driving the growth of the hardware segment. The ambient lighting hardware include lamps and luminaires, and lighting controls.
Recessed lights to hold larger market share during the forecast period
Recessed lights hold a major share of the ambient lighting market owing to their high demand and wide applications. Recessed lighting has a wide range of applications in office buildings, residential, industrial, hospitality, and retail sectors. The demand for recessed lights is increasing with the growth in the various end user segments worldwide. There are multiple lamping options available for recessed lights, including LED, halogen, fluorescent, and incandescent. These lights are hidden as their control units are embedded in ceilings, which provides a fine finish to the interior.
Residential sector to hold largest market share from 2020 to 2025
The adoption of ambient lighting in the residential sector is comparatively higher than that in other sectors. Factors such as ongoing technological advancements, increasing consumer preference for better interior designing, and rising need for energy-efficient lighting are driving the growth of the market for decorative and smart lighting. The increasing global population and rising income are contributing to the growth of the ambient lighting market for the residential sector. According to Construction Dive, a website for news and analysis for the construction industry, economists have predicted a 5% annual growth in residential construction until 2025. This is expected to lead to an increase in residential construction activities worldwide, thereby driving the growth of the ambient lighting market.
APAC held the largest market for the ambient lighting in 2019 and is expected to dominate during the forecast period
Asia Pacific is expected to remain the largest market for ambient lighting during the forecast period. The ambient lighting market has a huge potential in APAC; this type of lighting is likely to be accepted by consumers as an integral part of digitized households. The increasing demand for new constructions is contributing to the growth of the ambient lighting market in the region. Emerging economies, such as India and China, are also fueling the growth of the market significantly.
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The report profiles key players such as Signify N.V. (Netherlands), GE (GE Lighting) (US), Acuity Brands (US), Hubbell Lighting (US), and OSRAM Licht AG (Germany). Some of the other players in this market are Hafele (Germany), Helvar (Finland), Wipro Enterprises (P) Ltd (India), Zumtobel Group AG (Austria), and Dialight PLC (UK).
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