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Ambiance Lighting Market Pit Falls and Growth Prospects from 2017 to 2024

News   •   Jan 31, 2018 02:19 EST

Global Ambiance Lighting Market size will expand owing to increasing applications in residential, industrial, automotive, hospitality, retail. Rising awareness about energy efficient lighting sources will drive the overall industry growth. Manufacturers developing low power consumption and eco-friendly lights will support the industry growth during forecast period.

Increasing application in decorative illumination for residential and commercial purpose fuels the demand for ambiance lighting market. Increasing industrial projects and upgradation of infrastructure in developing countries will support the industry growth during forecast period. Stringent government regulation on implementation of energy efficient lights will boost the demand for low energy consumption illumination alternatives.

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Technological advancements resulting in wide range of bright colors, energy efficiency, better life, waterproof and light weight will stimulate the industry demand. Surge in demand for LED lights will support the industry growth. Low energy consumption and extended product life will positively affect the demand of ambiance lighting market during forecast timeframe.

High quality components used in manufacturing increases the final cost of product. High cost will restrict the adoption of product in price sensitive markets. Functional failure caused by surrounding heat & moisture will affect the product adoption.

Based on product, ambiance lighting market is categorized in to hardware and software. Hardware includes lamps luminaries, casing and other components. Hardware hold largest share as it used in most of residential as well as industrial application. Demand of hardware light is likely to increase in forecast period. Software includes control systems which enables color change and on/off control. Increasing demand for smart lighting will support the software requirements.

Based on lights, the industry is divided in surface mounted lights, track lights, strip lights, recessed and suspended light type. Surface mounted fixed illumination provide fixed illuminations and is used in commercial settings. Increasing demand from industrial and commercial applications will drive the demand for surface mounted lights during the forecast period. Airports and shops deploying decorative illumination for improving customer experience will drive the demand for suspended lights. Growth of strip light is attributed to advantages such light weight strips & easy installation of product. High demand for decorative purpose lights and availability wide colors will boost the growth of strip lights.

Based on application, ambiance lighting market is categorized in to automotive, construction industries, infrastructure, residential, hospitality and retail. Residential applications dominate the overall share followed by automotive. The product is widely utilized in internal use for background light like TV, monitors, instruments, closet, bar counters, frames, painting, and external studio. Wide application areas will boost the demand from residential and commercial segment during forecast period.

Growth in automotive application is credited to its advantages such as light weight and superior strength products. High temperatures resistant of product will positively impact the demand from automotive.

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On the basis of distribution channel, the industry is divider in to OEM and aftermarket. OEMs dominate the ambiance lighting market and is expected to continue its dominance during forecast period. residential customers looking for improving aesthetics of their houses will drive the demand for low cost alternatives supplied by aftermarket players. Aftermarket will exhibit high growth rate owing to development of OEM quality products and focus on providing warranty and installation services.

Asia Pacific is estimated to dominate overall ambiance lighting market owing to wide usage of the products in automotive, hospitality, retail, architecture & commercial industries including residential segment. Strong product demand in with highest consumers in various application will boost the overall industry growth.

North America is expected to witness significant growth during the forecast timeframe owing to high demand for energy efficient lighting. Moreover, presence of end-user in automotive & residential application will boost the demand of ambiance lighting market share in forecast period.

Some of the participants in ambiance lighting market are Osram, Philips, Acuity Brands, Wipro, GE, Hubbell lighting, Cree, Eaton, Thorn Lighting, Hafele. Competitors focus on developing low cost products available in various colors, shape and size to gain market share. Companies also use marketing strategies to build brand name and increase awareness about their product.

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