Enjoy complimentary customisation on priority with our Enterprise License!
The professional lighting market size is poised to grow by USD 29.82 billion, categorized by Type, Distribution Channel, and Geography. In 2018, the LED segment, valued at USD 45.91 billion, emerged as the largest segment. The global professional lighting market is seeing high growth in the use of LED components and LED-based luminaires by end-users. The major reasons for this tremendous growth are the energy-saving characteristics of LEDs, their decreasing cost, and compatibility with the existing lighting fixtures. This trend is anticipated to drive substantial growth, expected to reach a CAGR of 6.75% during the 2023-2028 forecast period.
Professional Lighting Market Forecast 2024-2028
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The global professional lighting market has experienced a growing demand for architecture and decorative lighting in the commercial and industrial sectors. This trend is driven by various factors, including the rapid growth of urbanization, increasing emphasis on aesthetic appeal, and the need for energy-efficient lighting solutions. One of the key drivers of the demand for architecture and decorative lighting in the commercial sector is the rise in urbanization. LED lights are highly efficient and have a longer lifespan compared with traditional lighting options, making them a popular choice in commercial buildings. They not only reduce energy consumption but also contribute to cost savings for businesses in the long run.
Moreover, the industrial sector has also seen a rise in demand for architecture and decorative lighting. Industrial facilities, such as factories and warehouses, require effective lighting solutions for both functional and aesthetic purposes. Decorative lighting is often used in office spaces and break areas to enhance the overall atmosphere and increase employee satisfaction. For example, pendant lights or track lighting can be used to add a decorative touch while providing sufficient illumination in industrial settings. Thus, such factors are expected to increase the demand for professional lighting, which will propel the growth of the global professional lighting market during the forecast period.
The digital revolution is driving the lighting industry with the introduction of a new generation of intelligent lighting systems and controls. The need for energy-efficient and cost-efficient lighting systems is increasing. The use of movement detection, daylight equalization, and control technology for scheduling power management through dimming and control of lights can effectively improve the efficiency of lighting systems. Intelligent lighting systems feature smart LED fixtures with built-in occupancy and daylight harvesting sensors that sense natural daylight and automatically reduce the use of artificial lighting. The demand for LED lighting products is increasing at a rapid pace, especially in outdoor and industrial applications.
In addition, LEDs are used in lighting control systems that have automated/mechanical capabilities and use specific software. For instance, LEDs in lighting control systems switch off automatically in response to bright daylight and in the absence of an individual. The lifespan of light sources also plays a crucial role in industrial units that operate 24 hours a day. Intelligent lighting systems not only save energy but also provide valuable information that can be used for energy analysis and maintenance. Hence, the above-mentioned factors are expected to drive the growth of the global professional lighting market during the forecast period.
The issue of sustainability has become increasingly important in the electronics industry, and it can potentially hamper the growth of the global professional lighting market if not properly addressed. Sustainability in the lighting industry refers to using environmentally friendly and energy-efficient solutions such as CFLs and LED lighting that minimize the impact of lighting on the environment. Many lighting technologies, including LEDs, require rare earth elements such as phosphor-based LEDs that are limited in supply. The increased demand for these rare earth materials due to the growth of the lighting industry can lead to price spikes and supply chain disruptions.
Additionally, governments need to provide incentives and support to encourage the adoption of sustainable lighting solutions. By working together, the lighting industry can grow sustainably while minimizing its environmental impact. With the growing concerns over climate change, sustainability has become a critical issue, and it will adversely impact the global professional lighting market during the forecast period.
The LED segment is estimated to witness significant growth during the forecast period. The adoption of LEDs worldwide is increasing at a rapid rate. The penetration of LEDs in Japan grew significantly after the Fukushima nuclear disaster, leading to a severe energy crisis in the country. In addition, the European Commission has decided to ban low-voltage halogen lamps. The ban on incandescent and halogen lamps will boost the adoption of LED lights in these countries. The growing adoption of professional lighting products will also drive sales of LED lighting, which will drive the growth of the LED segment in the professional lighting market during the forecast period.
Get a Customised Report as per your requirements for FREE!
Based on distribution channel, the market has been segmented into offline channel and online channel. The offline channel segment will account for the largest share of this segment. The offline segment holds a significant position in the global professional lighting market as it provides a traditional and tangible shopping experience for consumers and businesses alike. While the online market has seen remarkable growth, the offline segment maintains its relevance through various distinct advantages. One of the primary strengths of the offline segment is the hands-on experience it offers. Moreover, the offline segment caters to a demographic that values in-person shopping experiences and prefers to make decisions based on tangible interactions. This segment can include customers who may not be as tech-savvy or who simply prefer the traditional shopping approach. Thus, the abovementioned advantages are expected to increase the demand for offline distribution channels, which will propel the growth of the offline segment in the global professional lighting market during the forecast period.
For more insights on the market share of various regions Download Sample PDF now!
APAC is estimated to contribute 43% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The professional lighting market in APAC is growing at a rapid rate, primarily because of the increased demand for lighting solutions from the industrial and commercial segments. The region is becoming a hub for industries such as retail, hospitality, and healthcare. Many multinational companies are setting up their offices in the region. The increasing urbanization and growth in IT infrastructure are leading to the development of smart infrastructure in several countries in the region, including India, China, and Japan, accelerating further the demand for efficient lighting solutions.
Moreover, the solar street lighting is gaining traction in the region largely because of the lower prices of main components, such as batteries, LEDs, and controllers, and government support. Solar street lighting saves energy and has a lower carbon footprint. These features make it an inexpensive and efficient alternative to traditional street lighting. Thus, several countries, including emerging countries, are expected to replace traditional street lighting with efficient solar lighting solutions, particularly energy-efficient LEDs during the forecast period.
In 2020, the outbreak of COVID-19, which originated in China and later spread into the rest of APAC, resulted in thousands of deaths in China and other nations, which compelled the governments of various countries in the region to impose lockdowns to contain the spread of the disease. Furthermore, in 2021, the initiation of large-scale COVID-19 vaccination drives by the governments of APAC countries led to the lifting of lockdown restrictions and the resumption of activities in offline retail channels. This led to the rising spending capacity of consumers and the implementation of various government initiatives to enhance infrastructural development are creating a positive outlook for the professional lighting market in APAC. Such factors are expected to drive the growth of the regional professional lighting market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Havells India Ltd. - The company offers professional lighting such as Magnum Neo, Led Clean Room Top Opening 2X2 SS, Cylindro, Pluto Neo, and Mondo.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Barco NV, CHAUVET Professional, Dialight Plc, Energizer Holdings Inc., Glamox Group, Havells India Ltd., Holectron, Hubbell Inc., Leedarson IoT Technology Inc., Lumega, MIDEA Group Co. Ltd., NVC Lighting Ltd., OPPLE Lighting Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Signify NV, TCL Electronics Holdings Ltd., The Feilo Sylvania Group, Topstar Inc., Toshiba Corp., Wipro Ltd., Zumtobel Group AG, HUAYI Lighting Company Ltd., TRILUX GmbH and Co. KG, and US LED Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The professional lighting market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Professional Lighting Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.75% |
Market Growth 2024-2028 |
USD 29.82 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.35 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Barco NV, CHAUVET Professional, Dialight Plc, Energizer Holdings Inc., Glamox Group, Havells India Ltd., Holectron, Hubbell Inc., Leedarson IoT Technology Inc., Lumega, MIDEA Group Co. Ltd., NVC Lighting Ltd., OPPLE Lighting Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Signify NV, TCL Electronics Holdings Ltd., The Feilo Sylvania Group, Topstar Inc., Toshiba Corp., Wipro Ltd., Zumtobel Group AG, HUAYI Lighting Company Ltd., TRILUX GmbH and Co. KG, and US LED Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Component
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. You may change your settings based on a legitimate interest at any time, by selecting “Manage Settings” on our site. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.