The analysts forecast the global general lighting market to grow at a CAGR of 5.74% during the period 2018-2022. The lighting industry includes general lighting, automotive lighting, and backlighting.One trend in the general lighting 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%.
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.
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According to the general lighting market 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.
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Key players in the global general lighting market: Acuity Brands, Cree, Eaton, GENERAL ELECTRIC, Koninklijke Philips, OSRAM, and Panasonic. 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.
List of Exhibits
Exhibit 01: Parent market
Exhibit 02: Global lighting market
Exhibit 03: Market characteristics
Exhibit 04: Market segments
Exhibit 05: Market definition Inclusions and exclusions checklist
Exhibit 06: Market size 2017
Exhibit 07: Validation techniques employed for market sizing 2017
Exhibit 08: Global Market size and forecast 2017-2022 ($ bn)
Exhibit 09: Global Year-over-year growth 2018-2022 (%)
Exhibit 10: Cost comparison analysis of incandescent bulbs and LEDs
Exhibit 11: Five forces analysis 2017
Exhibit 12: Five forces analysis 2022
Exhibit 13: Bargaining power of buyers
Exhibit 14: Bargaining power of suppliers and more..