Ambient lighting market to grow at a CAGR of 10.71% between 2017 and 2023
According to the new market research report, the ambient lighting market is expected to grow from USD 46.48 billion in 2016 to USD 96.09 billion by 2023, at a CAGR of 10.71% between 2017 and 2023. The growth of this market can be attributed to the increasing awareness about energy-efficient lighting system, modernization of infrastructure, and decreasing costs of light sources such as LEDs. However, the lack of awareness about the payback period of lamps and high replacement costs to switch from traditional to ambient lighting are restraining the growth of the market.
Hardware to hold a major share of the ambient lighting market in 2017
Hardware pertaining to ambient lighting products includes lamps and luminaires and lighting control. The presence of a large number of companies that offer ambient lighting products for infrastructure projects is driving the growth of the ambient lighting market for hardware. The market is expected to grow at a high rate between 2017 and 2023. The increasing demand for automation and connected lighting is contributing to the growth of the market.
Ambient lighting market in APAC to grow at a high rate between 2017 and 2023
This report covers the market in regions such as North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). The ambient lighting market in Asia Pacific is expected to grow at a high rate between 2017 and 2023. APAC is home to some of the top players in the lighting market such as Sharp Corporation (Japan) and Samsung (South Korea). Besides this, APAC has a large population, and the standard of living in this region is also improving. The countries of in APAC are introducing legislations pertaining to energy efficiency, which is further supporting the growth of the ambient lighting market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people.
Break-up of the profile of primary participants has been given below:
• By Designation: C-Level Executives – 50%, Director Level – 40%, and Others – 10%
• By Region: North America – 35%, Europe – 22%, APAC – 28%, RoW – 15%
The major players in the ambient lighting market include Philips Lighting Holding B.V. (Netherlands), Cree, Inc. (US), General Electric (US), Acuity Brands, Inc. (US), and OSRAM Licht AG (Germany).
The ambient lighting market, on the basis of offering, has been segmented into hardware, and software and services. On the basis of type, the market has been segmented into recessed lights, suspended lights, track lights, strip lights, and surface-mounted lights. Moreover, the market for ambient lighting has been segmented on the basis of end user into residential, hospitality and retail, healthcare, office buildings, industrial, and automotive. The overall ambient lighting market has been divided on the basis of region into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
• Major drivers, challenges, and opportunities pertaining to the ambient lighting market have been detailed in this report
• Illustrative segmentation, analysis, and forecast for the ambient lighting market based on offering, type, end user, and region have been conducted to provide an overall view of the ambient lighting market
• Detailed competitive landscape, including key players, in-depth analysis, and revenues of the key players, has been provided
• Available customizations of the report offer further country-wise segmentation (in terms of value) of the ambient lighting market; further breakdown of the industry could be provided, along with the profiling of additional companies in the report
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