Published on : Jan 23, 2018
Albany, New York, January 23, 2018: The global market discussion on the lighting products can be found in a new report which has been added to the wide repository of Market Research Hub (MRH). It is titled as “Lighting Product Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” and presents comprehensive analysis on the current as well as future growth prospects which are expected to influence market growth in the coming years. The main objective of the report is to provide analysis for the period 2015–2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The geographical expansion of the market has been also mentioned in the report, in which prime regions such as North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; are analyzed in terms of revenue generation.
It is well-known fact that lighting products such as LED tubes and bulbs are now used for several commercial and residential purposes, particularly since the recent past when the technology has paved way for lowered and affordable prices of these products. In the present time, governments across the world are resorting to advanced systems that can ensure appropriate utilization of energy and consequently, the demand for the global lighting product is increasing. According to the research key findings, the global lighting product market is projected to expand at a CAGR of 10.4% during the forecast period from 2017 to 2025. In terms of revenue, the prospects in this market translated into US$ 113,046.0 Mn in 2015, with a volume of 1,509 million units.
Factors Propelling Market Growth for Lighting Product
Owing to incrementing adoption, continuous research and developments in the field of lighting are taking place. For instance development of high-intensity discharge tubes, LEDs, and OLEDs has strongly given impetus to the lighting market. Since these bulbs/lamps are energy efficient and have long lifespan, its popularity is increasing.
Rapid urbanization in several emerging economies and the development of smart cities in developed regions with strong emphasis on efficient utilization of energy is expected to act as the primary driver of the global lighting product market.
The research also finds that key companies in this market are constantly putting effort to make product efficient. Due to this, the market is highly competitive. As per the report, key players who are currently ahead of the curve in the global lighting product as a service market include Azoogi LED Lighting, Koninklijke Philips N.V., Panasonic Corporation, GE Lighting (General Electric), Bed Bath & Beyond Inc., OSRAM Licht AG, Bulbs.com, The Home Depot Inc., Wal-Mart Stores Inc., Sam’s West Inc. Costco Corporation.
In terms of geography, the region of Asia Pacific is expected to provide for the maximum share of demand for lighting product, reflecting a stronger CAGR during the forecast period. One of the chief factors contributing to the Asia Pacific lighting product market is the increasing usage of lighting product in industrial automation.
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