Albany, NY -- (SBWIRE) -- 10/18/2016 -- The report titled "Global Lighting Market in the Hospitality Sector 2016-2020"offers a 360-degree view of the global lighting market in the hospitality sector.
In recent times, the rise in tourism activities worldwide has resulted in increasing number of hotels and restaurants. Most restaurants, hotels, and bars are paying significant attention to the visual appeal in order to stay ahead in the competition and lighting plays a central role in their interior designing. As per the findings of the report, the global lighting market in the hospitality sector will exhibit a tremendous CAGR of over 7% from 2016 to 2020.
To reduce the carbon footprint and promote installation of energy-efficient lighting sources, several governments across the globe have initiated energy certification programs such as the Design Lights Consortium (DLC), the Energy Star certification, and the Lighting Design Lab certification. The introduction of such certification programs is bolstering the growth of the global lighting market in the hospitality sector. Other factors such as rising per unit cost of power consumption and implementation of international treaties such as the Minamata Convention on Mercury are driving the market in the hospitality sector.
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On the other hand, the limited thermal tolerance and the high cost of LED products along with the lack of standardization norms are limiting the widespread adoption of these lighting sources in the hospitality sector, thereby impeding the growth of the global lighting market. However, manufacturers are developing low-cost LEDs, which is expected to reflect positively on their sales in the coming years. Moreover, rapid urbanization and increasing demand for intelligent lighting systems are likely to offer lucrative opportunities to the manufacturers, thereby escalating market's growth in the hospitality sector.
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On the basis of technology, the compact fluorescent lamp (CFL) segment dominated the market in the hospitality sector in 2015, accounting for approximately 49% of the overall market volume. The increasing demand for compact lighting sources with minimum mercury level and the rising awareness regarding energy conservation are fuelling the growth of this segment. Based on product type, the lamps segment was the leading contributor in 2015, representing about 60% of the total market volume. The growth of this segment can be attributed to the fact that upgrading to lamps is cheaper than luminaire upgrade. Geographically, Asia Pacific was the leading volume contributor in 2015 and held more than 55% of the overall market. Many private and public investors are pouring in funds due to rapid urbanization, increasing domestic and international tourism, and robust growth of the hospitality sector in this region.
The global lighting market in the hospitality sector is highly competitive in nature, with the presence of well-diversified international and regional players. By merging with or acquiring regional players, international companies are estimated to grow inorganically over the forecast period. The competitive rivalry is expected to intensify with an increase in technological innovations and product extensions. Some of the key players in the market are GE, OSRAM, Cree, and Philips Lighting Holdings.
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