06 December 2021
Visiongain has published a new report entitled the Commercial Lighting Market Report 2021-2031: Forecasts by Offering (Hardware (Lights & Luminaires, Lighting Control), Software (Local Web-based Software, Cloud-based Software), Services (Pre-installation Services, Post-installation Services)), by Communication Technology (Wired, Wireless), by Installation Type (New Installation, Retrofit), by End-use Application (Indoor, Outdoor) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
This report evaluates the commercial lighting market for the period 2020-2031. The global market was valued at US$xx billion in 2020. It is expected to reach US$xx billion in 2026. Visiongain further anticipates that the market will reach US$xx billion in 2031 while growing at a CAGR of xx% from 2021 to 2031. The ongoing developments in smart cities projects across the world and integration of advanced technologies in the construction sector are some of the major factors that boosting the growth of global commercial lighting market.
How has COVID-19 had a significant negative impact on the Commercial Lighting Market?
The outbreak of COVID-19 across the world led to major supply chain disruptions, thereby significantly affecting the growth of the commercial lighting market. The production facilities in China were temporarily shut in the initial phase of the pandemic, leading to a huge loss in the global market where the players in the other country sought more expensive suppliers. Further, the closure of commercial spaces and lack of demand also affected the growth of the global market. Companies are concerned about supply and demand gaps caused by the COVID-19 epidemic. In the current scenario, with the rising concerns over the spread of COVID-19 added to the mix, the automated and UV disinfectant lighting solutions have added a greater value in the demand in the global market.
How this Report Will Benefit you?
Visiongain’s 470+ page report provides 358 tables and 263 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global commercial lighting market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for commercial lighting. Get the financial analysis of the overall market and different segments including offering, installation type, end-use application, and communication technology. We believe that high opportunity remains in this fast-growing commercial lighting market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
Development of Smart Cities
In the recent times, there are numerous ongoing smart city projects throughout the world that offer several opportunities to the technology companies, service providers, utility companies, and consulting companies. The optimum usage of electricity is one of the key goals of the infrastructures of smart city. Smart city developments are considered as a key driving parameter for sustainable economic growth in a specific country. The sustainability of resources, energy efficiency, and advancements in digital technologies have steered the demand for smart cities development projects. Smart & advanced lighting solutions are expected to play a crucial role in achieving energy savings and sustainability.
Integration of Advanced Technologies in Construction
Over the past years, the construction sector has been witnessing modest growth in the adoption of advanced and high-end technologies for enhanced efficiency, cost reduction, and sustainability. The companies operating across the industry are increasingly leveraging advanced technologies which is projected to fuel market growth over the forecast period. Further, the integration of advanced technologies including IoT, Bluetooth, Wi-Fi, and other wireless connectivity solutions have created new growth avenues for the market players to offer innovative lighting solutions.
Paradigm Shift from Conventional to Connected Solutions
Over the recent years, there has been an increasing shift from conventional systems for lighting to advanced connected lighting solutions owing to various benefits offered, including improved energy efficiency, enhanced workplace ambience, and cost savings over the long term. Connected lighting devices use comparatively lesser power and have a longer life, thereby minimizing the maintenance & replacement costs. Most of the connected lighting solutions include wireless sensors & switches that offer flexibility in the operations of lighting control, whereas conventional solutions do not comprise such features. The advent of wireless lighting controls has proliferated the market for retrofit lighting, which, in turn, has propelled the demand for the lighting control systems. Wireless solutions have not only minimized the usage of wires but also aided in avoidance of reconstruction of the existing buildings.
Growth in Adoption in the Emerging Economies
Asia Pacific is projected to witness the fastest growth over the forecast period in the commercial lighting market. The region has the presence of a significant construction sector across the world owing to increasing population and rise in the number of tourists and migrants. The demand for commercial lighting solutions in the region is mainly steered by the persistent infrastructure requirements and growing need for elegant & aesthetic designs. The Gulf countries also look forward to diversifying their economies and reduce the dependency on oil & gas sector. Thus, growth in adoption of commercial lighting solutions in the emerging economies is opportunistic for the growth of the market.
The major players operating in the commercial lighting market are Signify Holding, OSRAM Licht AG, Honeywell, ABB Ltd., Hubbell, Inc., Legrand, Acuity Brands, Bosch, Cree, Schneider Electric, Leviton, Panasonic Corporation, Zumtobell, Dialight, and GE Current. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch. For instance, in August 2020, Signify entered into a partnership with EDZCOM, one of the significant players in the Nordic region, for edge connectivity. The partnership was aimed at introducing Signify’s Trulifi, a two-way wireless network connectivity based on infrared and visible light, for manufacturing industries. Further, in July 2021, OSRAM launched a new Quantom Dot LED, the Osconiq E 2835 CRI 90 (QD). The solution is able to attain exceptional efficiency values and ensures excellent color rendering in a broad range of applications, from retail to lighting in offices.
Notes for Editors
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