The general lighting market effectively consists of sales of ambient lighting and connected services utilized for lighting indoors of a household, commercial, institutional sites. General lighting involves chandeliers, ceiling or wall-mounted fixtures, recessed or track lights and lanterns straddling on the outside of the home. It also involves wall lighting, spotlights, post lanterns, recessed fixtures, and hanging fixtures effectively optimized in hanging structures.
According to the report analysis, ‘General Lighting Global Market Report 2020’ states that in the general lighting global market there are several corporates which presently operating more actively for leading the highest market growth and dominating the handsome value of market share around the globe during the inflowing years while delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of such, improving the specifications of the general lighting, implementing the profitable strategies and analyzing and studying the strategies and policies of competitors and government includes Schneider Electric, Panasonic, Koninklijke Philips N.V., GENERAL ELECTRIC, Acuity Brands, Cree, Inc., Eaton, Bridgelux, Citizens Electronics are, OSRAM.
The worldwide general lighting market reached a value of approximately USD 102.5 billion in 2019, having increased at a compound annual growth rate (CAGR) of 6.73% since 2015, and is expected to increase at a CAGR of 9.75% to around USD 148.7 billion by 2023.The general lighting market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the largest economy in the general lighting market throughout 2019.
The continuous augment in the rate of construction activities raises the requirement for general lighting around the globe. Lighting equipment is demanded in office spaces and apartment and with growing construction activities, the demand for such lighting also increases. According to a report by Global Construction Perspectives and Oxford Economics, the worldwide construction market is predicted to increase by over 70% by 2025. The augment in requirement for construction activities will have a positive impact on the growth of the general lighting market.
Corporates are progressively utilizing Li-fi (Light Fidelity) network to produce general lighting equipment. Li-Fi is a wireless optical networking technology that utilized light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are prepared with a small chip that modulates the light utilized for data transmission with speeds up to 224 gigabits per second. Keeping up with the trend, during 2018, VLNComm, a USA based provider of Li-Fi technology, established its LumiNex LED panel. LumiNex LED panel is a Li-Fi-allowed general lighting luminaire that is capable of delivering 108Mbps download speed. During 2018, Philips, a Netherland based electrical provider, publicized its own Li-Fi platform. The platform is being optimized by a French real estate investment company Lcade.
Throughout 2019, IDEAL INDUSTRIES, INC., a U.S based merchant of the electrical and telecommunications components, obtained Cree, Inc for USD 310 million. The acquisition included Ideal Industries hold of Cree’s LED lighting fixtures, lamps and intelligent lighting control solutions. The acquisition will support Ideal industries to augment its product line offerings. Cree Inc. is a U.S based producer and marketer of lighting-class LEDs, lighting products and products for the power and radio frequency applications. Therefore, in the near years, it is predicted that the market of general lighting will increase around the globe more actively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications