Electric Lighting Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Sales Channel, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

Electric Lighting Equipment Market Research, 2032

The global electric lighting equipment market was valued at $105.3 billion in 2022, and is projected to reach $217.4 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

Electric lighting equipment refers to devices that produce light using electricity. Electric lighting equipment produces light through the flow of electric current. This source of light is a common form of artificial lightning. The main types of electrical lighting equipment are general lighting, automotive lighting, and backlighting. The lighting system improves visibility, especially in low-light conditions. Nowadays, electric light is essential to modern society. It is used in many ways as it provides light to houses, buildings, offices, schools, roads, factories, etc. Electric lighting equipment market analysis offers exterior light for nighttime activities and interior lighting for buildings. The majority of lighting fixtures and fittings is usually powered by electric power. However, battery systems or electric generators can also assist in power lighting for various lighting products such as LED bulbs, and luminaries among others.

The electric lighting equipment market is segmented into Type, Sales Channel and Application.

On the basis of types, the market is divided into general lighting, automotive lighting, and back lighting. The general lighting segment was the highest revenue contributor to the market.

On the basis of sales channel, it is classified into online, and offline channel. The offline channel segment was the highest revenue contributor to the market.

On the basis of application, it is classified into residential, Commercial, and others. The residential segment dominated the market, in terms of revenue, and will acquire major market share till 2032.

Region-wise, the electric lighting equipment market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).The electric lighting equipment market size was dominated by Asia-Pacific in 2022 and is expected to witness a higher growth rate during the forecast period

There has been a growing demand for electric lighting equipment industry owing to the rise in the number of residential and commercial construction across the globe. For instance, according to Invest India, by 2030, more than 40% of India’s population is expected to live in urban India (33% as of 2023), thus, creating a demand for 25 million additional mid-end residential construction. Furthermore, the growing number of skyscrapers across the globe is also one of the factors which are bolstering electric lighting equipment market growth. For instance, according to Council on Tall Buildings and Urban Habitat (CTBUH), there are almost 25 skyscrapers globally that are currently under construction, and which are expected to be completed by 2025.

However, government regulation for energy efficiency standards for electric lighting equipment industry is anticipated to restrain the growth of electric lighting equipment market forecast period. For instance, according to the Environmental Protection Agency's s Energy Star program, commercial buildings' lighting consumes close to 35% of the electricity used in the U.S. It also affects building systems through its electrical requirements and the waste heat it produces. Thus, the companies operating in the market need to comply with the energy efficiency standards stated by the government agencies of the different nations. On the contrary, the technological advancement of electric lighting equipment market opportunity for growth over the forecast period. For instance, Wipro provides inSync a Human-centric lighting solution that works in harmony with the earth’s natural lighting cycle and can be programmed to imitate the natural sunlight. Human-centric lighting solutions can improve concentration, safety, and efficiency in workplaces or educational environments.

The market for electric lighting equipment market outlook is anticipated to expand significantly during the forecast period owing to the rise in the number of residential and commercial construction across the globe, and the growing number of skyscrapers across the globe. Additionally, during the forecast period, electric lighting equipment is anticipated to benefit from the technological advancement of lighting equipment and is expected to provide the opportunity for market growth over the forecast period. On the other hand, government regulation for energy efficiency standards for lighting equipment is anticipated to restrain the market growth over the forecast period.

Competitive Analysis

Competitive analysis and profiles of the major electric lighting equipment market players that have been provided in the report include General Electric, Acuity Brand Inc., Philips Lighting (Signify Holding), Stanley Electric Co Ltd., Osram GmbH, Nichia Corporation, Hubbell Incorporated, Everlight Electronics Co.ltd., Eaton Corporation plc., and Toshiba Corporation. These key players adopt several strategies such as new product launch and, acquisition to increase their market share in the global electric lighting equipment market during the forecast period.

Top Impacting Factors

The market for electric lighting equipment market is anticipated to expand significantly during the forecast period owing to the rise in the number of residential and commercial construction across the globe, and the growing number of skyscrapers across the globe. Additionally, during the forecast period, Electric lighting equipment is anticipated to benefit from the technological advancement of lighting equipment and is expected to provide the opportunity for market growth over the forecast period. On the other hand, government regulation for energy efficiency standards for lighting equipment is anticipated to restrain the market growth over the forecast period.

Key Developments/Strategies

General Electric, Acuity Brand, Inc., Hubbell Inc., Philips Lighting (Signify Holding), and Nichia Corporation are among the top companies which hold a prime share in the electrical illumination equipment market. Top market players have adopted various strategies such as product launches, acquisitions, and others to expand their foothold in the electric lighting equipment market.

• In March 2023, Nichia launched Nichia Light Cluster Type L, an LED module for lighting, which features an ultra-wide light distribution. This feature enables thin and lightweight fixtures which generate uniform luminescence and also realize a comfortable lighting space that envelops the entire space with soft light.
• In January 2023, GE Lighting launched new entertainment additions to its Cync Smart Home family at CES 2023. The Cync Smart Home family is a range of smart home products that can be controlled through a mobile app or by voice commands.
• In March 2022, Acuity launched Verjure Brand, a new LED horticulture lighting Solution that promotes more sustainable and consistent crop production.
• In February 2022, GE Current, a U.S.-based company operating in lighting acquired Hubbell Candlamp Lighting for an undisclosed amount. Through this acquisition, both companies enhance their distribution footprint and digital tools to serve customer needs more quickly, efficiently, and easily. Hubbell Candlamp Lighting is a U.S.-based company operating in general lighting.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric lighting equipment market share analysis from 2022 to 2032 to identify the prevailing electric lighting equipment market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the electric lighting equipment market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global electric lighting equipment market trends, key players, market segments, application areas, and market growth strategies.

  Electric Lighting Equipment Market Report Highlights