According to a market report, published by Sheer Analytics and Insights, The Global Lighting Equipment Market was valued at $121.3 billion in 2021 and it is expected to reach $212.2 billion at a CAGR of 5.1% between 2022 and 2032. At present days, lighting equipment is rapidly increasing across the global market. Modern lights such as LEDs and CFLs are replacing traditional bulbs. The rising awareness of the urban society toward environmental conservation is positively contributing to the growth of the market. Additionally, the increasing population is also supporting the market to have growth. Demand for LED lights is rapidly increasing as it is widely used in various manufacturing industries. Moreover, it plays an essential role in plant growth and development, as it can convert electricity into light by using metals; hence it produces white lights. Lighting equipment manufacturing refers to the industrial production of lighting elements such as incandescent bulbs, fluorescent lamps, halogen bulbs, HID bulbs, LED bulbs, and others. In addition, there are various types of electrical lighting equipment such as automotive lighting, general lighting, and backlighting, among others. Several major companies in the global market are integrating lighting products with IoT technology to enable remote user control and for controlling lighting in sectors such as offices, work environments, and city infrastructure. Therefore, these have driven the market growth; hence, it is expected to witness significant growth during the forecast period.
In several nations, governments are focusing on implementing regulations on energy-efficient products. Therefore, with governmental support, few industries have been witnessing the integration of advanced technologies such as artificial intelligence and IoT. Hence, the wide use of these things has supported the manufacturing companies to develop innovative products for a large number of consumers across the globe. Furthermore, the demand for lighting equipment has increased in developing countries such as India, China, and South Korea, among others. Wide productions of LEDs are further driving the lighting equipment market across the globe as it is helping in green initiatives. Moreover, lighting equipment is widely used in residential usage, shopping malls, healthcare sectors, airports, stadiums, and other workplaces, which is further expected to drive the market growth during the forecast period.
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In a photography studio, there are several types of lighting equipment such as studio strobes, continuous lights, flashgun or Speedlight, key light, fill light, backlight, background light, hair light, ambient light, modifiers, umbrellas, softboxes, strip boxes, octa boxes, reflectors, snoots, honeycombs, portable reflectors and others. Demand for this equipment is rapidly increasing in industries such as film and television institutes, and photography retail shops; therefore, the product sales of lighting equipment are growing. Hence, it is estimated to propel the market growth of lighting equipment throughout the forecast period. However, the high costs of the advanced technologies in lighting equipment become a major problem for price-sensitive customers; thus restraining the growth of the market. In the present market scenario, some key players such as Panasonic, Philips, MIC Electronics, and Osram, among others are producing innovative lighting equipment products to stay ahead in the competitive market.
According to the study, key players dominating the global lighting equipment market are Philips Multinational Conglomerate Company (Netherlands), Eaton Corporation Company (U.S), AMS Company (Austria), General Electric Multinational Conglomerate Company (U.S), Warom Technology Inc Company (China), Zhejiang Tormin Electrical Co., Ltd. (Germany), Ocean’s King Lighting Company (China), Panasonic Industrial Conglomerate Company (Japan), Wolfspeed Company (U.S), Citizens Electric Corporation (U.S), Havells Home Appliance Company (India), LEDtronics Inc. (India), Acuity Brands (U.S), Lumerica Company (U.S), Koito Manufacturing Co. Ltd. (Japan), Stanley Electrics Company (Japan), Samsung Group Multinational Conglomerate Company (South Korea), Signify Lighting Company (Netherlands), LG Corporation Multinational Conglomerate Company (South Korea), Zumtobel Group Lighting Company (Austria), Seoul Semiconductor Co. Ltd (South Korea), Dialight Company (U.K), Trilux Company (Germany), MITSUBA Corporation Company (Japan), Valeo Automaker Company (France), Imasen Electric Industrial Co. Ltd. (Japan), among others.
The Global Lighting Equipment Market Has Been Segmented Into:
The Global Lighting Equipment Market – By Product Type:
The Global Lighting Equipment Market – By Technology:
The Global Lighting Equipment Market – By End-Users:
The Global Lighting Equipment Market – By Regions: