Categories: Market Research

General Lighting Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The General Lighting by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s General Lighting, The general lighting market size has grown strongly in recent years. It will grow from $94.08 billion in 2023 to $99.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in voice assistant devices, low interest rate environment, increase in internet penetration, high investments, and increasing per capita income.

The general lighting market size is expected to see strong growth in the next few years. It will grow to $121.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to continuous increase in the rate of construction activity, declining manufacturing cost of leds, increasing urbanization, rising use of electricity and increasing population growth. Major trends in the forecast period include increase demand for li-fi (light fidelity), developments in human-centric lighting and smart lighting, healthy lighting technology, increasing mergers and acquisitions, wi-fi enabled led bulbs, new product launches and high demand for led lights owing to energy efficiency.

The continuous increase in the rate of construction activities increases the demand for general lighting globally. Lighting equipment is required in office spaces and apartments and with increasing construction activities, the requirement for such lighting also increases. According to a report by Global Construction Perspectives and Oxford Economics, the global construction market is forecast to grow by over 70% by 2025. The increase in demand for construction activities will have a positive impact on the growth of the general lighting market.

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The general lighting market covered in this report is segmented –

1) By Product Type: Light Emitting Diode (LED), Compact Fluorescent Lamps (CFL), Linear Fluorescent Lamps (LFL), High Intensity Discharge (HID), Halogens, Incandescent

2) By End User: Residential, Commercial, Outdoor, Industrial And Others

Companies are increasingly using Li-fi (Light Fidelity) network to manufacture general lighting equipment. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission with speeds up to 224 gigabits per second. In 2022, Kyocera SLD Laser announced the development of the world’s fastest Li-Fi system.

The general lighting market report table of contents includes: