Description
The
global high-end lighting market is expected to reach USD 24.32 billion by 2025,
growing at a CAGR of 6.1%, according to a new report by Grand View Research,
Inc. Increasing demand for connected lighting system has been a major factor
driving market growth. Some major technological innovations in this particular
market such as connected, dimmable, color changing, and sensor-enabled
lightings have contributed largely to the market growth.
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The
introduction of LEDs in recent years has changed market dynamics for high-end
lighting which was previously dominated by conventional lights such as
fluorescent lights, halogen and incandescent bulbs. Governments across all
major countries have taken initiatives for the adoption of LEDs in order to
save energy and reduce environmental pollution which is further anticipated to
boost the market growth for high-end lighting.
High-end
fluorescent lamps accounted for maximum revenue generation in 2016. The demand for
high-end LED lighting is increasing and it is projected to gain huge market
share by 2025. The factors such as enhanced LED features, government
initiatives for ban on incandescent bulbs and increasing demand for energy
efficient lighting is anticipated to drive the market growth for high-end LEDs.
High-end
lighting with wired application segment accounted for larger market share in
2016 and is expected to dominate the market over the forecast period. However,
the market for wireless high-end lightings is projected to grow at a high rate
owing to the technological advancement such as remote controlled operations via
smartphone, dimming & color changing feature, Wi-Fi and Bluetooth
connectivity. Wireless lighting is easier to install without damaging the
interior and are also more efficient than wired ones, thus the demand for the
wireless high-end lighting is expected to eventually grow over the forecast
period.
By
interior design, transitional lighting accounted for largest market share in
2016, the requirement for transitional interior consist of a mixture of modern
and traditional lights. The interior design market is slowly moving from
transitional to modern interior, thus market for modern high-end lighting
market is anticipated to grow at a highest rate over the forecast period.
However, traditional high-end lighting is projected to witness a steep fall in
overall high-end lighting market owing rising number of smart homes and smart
city projects.
In
2016, commercial high-end lighting accounted for over 32% market share, whereas
residential high-end lighting still holds largest market share. The industrial
high-end lighting is anticipated to grow exponentially over the forecast period
owing to increasing industrial lighting standards and regulations.
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Further key findings from the report
suggest:
•
Global LED high-end lighting demand was USD 5.12 billion in 2016 and is
anticipated to witness staggered growth over the next nine years
•
The wired high-end lighting segment is anticipated to grow at CAGR of 4.9% over
the forecast period.
•
The modern high-end lighting segment is projected to grow at CAGR of 6.8% from
2017 to 2025.
•
The Asia Pacific market is projected to witness substantial growth over the
next decade owing to various developments across major economies, especially in
the LED and OLED lighting market. The regional market is expected to grow at a
CAGR of 8.5% from 2017 to 2025.
•
Key players including Philips Lighting Holding B.V., OSRAM Licht AG, General
Electric Company, CREE, Inc. and Digital Lumens, Inc. dominated the global
high-end lighting market while accounting for over 58% of the total revenue in
2016
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