GITNUX MARKETDATA REPORT 2024

Must-Know Lighting Industry Statistics [Current Data]

Highlights: Lighting Industry Statistics

  • Global smart lighting market is anticipated to reach 23.98 billion USD by 2026.
  • Global LED lighting market was valued at approximately 54.00 billion USD in 2020.
  • Europe is set to become the world’s second-largest market, after Asia, for smart lighting with 20% of the market share.
  • LED technology holds the highest market share in the global lighting industry and is expected to retain its dominance by 2028.
  • The general lighting market accounted for the largest share of above 85% of the total market in 2020.
  • The commercial lighting fixtures market is projected to reach $54.78 billion by 2030.
  • Outdoor lighting applications accounted for 40% of global LED lighting revenue in 2020.
  • The number of connected light points is expected to reach 2.5 billion units by 2023, according to Signify.
  • The U.S. is the second-largest lighting fixtures and fittings market, accounting for approximately 18% of the global market.
  • The OLED market is expected to reach over 56 billion USD in 2023, with lighting applications contributing 12%.
  • Philips is the leading lighting company on the global scale, holding approximately 17.5% of the market share.
  • Retrofit and renovation activities are poised to drive above 70% of all indoor LED applications.
  • Global smart street lighting market is expected to exceed $6 billion by 2028.
  • The residential segment of the lighting market is expected to grow by nearly 30% annually over the next several years.

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In our electrified world, lighting has transitioned from being a mere necessity to an indispensable aspect of our daily lives, impacting our mood, productivity, and even our well-being. As technology has evolved, it has turned the humble light bulb into an amalgamation of functionality and design, driving the lighting industry’s rapid growth globally. This blog post sheds light on a broad spectrum of intriguing statistics that highlight the current trends, challenges, and future opportunities within the ever-brightening universe of the lighting industry. Stay with us as we take you on a luminous journey through some illuminating facts and figures that will undoubtedly shape the trajectory of this dynamic industry.

The Latest Lighting Industry Statistics Unveiled

Global smart lighting market is anticipated to reach 23.98 billion USD by 2026.

Envision the implications of the global smart lighting market skyrocketing to an astounding 23.98 billion USD by 2026. This expression of growth and advancement not only validates the rapid innovation within the lighting industry, but it signifies the heightened demand for intelligent systems worldwide. In a blog post dedicated to lighting industry statistics, such a monumental milestone reveals to readers the intensifying momentum of the smart lighting sector, providing substantial evidence supporting the industry’s high growth potential. Herein, this statistic acts as a beacon, highlighting the industry’s transformative journey and offering an insightful look into the future of smart lighting, shaping perspectives and inspiring conversation around this evolving technology.

Global LED lighting market was valued at approximately 54.00 billion USD in 2020.

Harnessing the illuminating data, we take a leap into the luminescent universe of lighting industry statistics. Here we encounter a brightly glowing figure: the global LED lighting market basking in the staggering valuation of approximately 54.00 billion USD in 2020. This electrifying piece of information is not merely a random number but a shining testament to the growing influence and dominance of LED technology in the global lighting arena. It offers an insightful glimpse into consumer adoption rates, illuminative efficiency, and the pushing boundaries of innovation. From market wellness, economic impacts, industry trends, to future predictions, this data beams with implications and lights up the pathway of understanding for readers. Undeniably, this statistic empowers us to reflect on our lit past, illuminate our present and inscribes a promising futurology of the lighting industry. Truly, this is no ordinary light in the dark but a powerful lighthouse guiding our discourses on the impact and potential trajectories of the lighting industry.

Europe is set to become the world’s second-largest market, after Asia, for smart lighting with 20% of the market share.

Taking a statistical journey, we alight upon the fact that Europe is gearing up to secure its firm foothold as the second-largest global market for smart lighting, with a promising 20% market share. Such a compelling statistic delivers a beam of insight into the accelerating technological strides Europe is making, underscoring its influential role in shaping the future of the lighting industry. It paints a luminous picture of Europe’s potential, becoming a pivotal point of discussion in a blog post about Lighting Industry Statistics. Without a flicker of a doubt, understanding this emerging trend serves to illuminate broader discussions on market dominance, innovation trends, and strategic business directions in the lighting industry.

LED technology holds the highest market share in the global lighting industry and is expected to retain its dominance by 2028.

The crown jewel of the global lighting industry, LED technology, is a testament to the industry’s continuous innovation and growth. By holding the highest market share and forecasted dominance until 2028, these figures illuminate the profound impact of LED technology on the industry. Residing at the heart of the intriguing narrative this blog post is building about Lighting Industry Statistics, this statistic casts a bright beam, reflecting the impressive economic strength of LEDs and their formidable grip on market dynamics. Furthermore, it spotlights the industry’s growth trajectory, hinting at the opportunities and challenges that planning and policy-making stakeholders may face in the near future.

The general lighting market accounted for the largest share of above 85% of the total market in 2020.

The gravity of this statistic can be seen in the dominance of general lighting market, swallowing up over 85% of the total share in 2020. This enormity is not just a number, but a reflection of the industry’s trends, preferences, and an arrow pointing towards its future direction. Commonly found in homes, offices, and other spaces, this slice of the pie promises a wealth of opportunities and potential growth for industry players. Hence, the unveiling of this statistic acts as both an eye-opener and a spark for strategy innovation, inviting business insights and shaping data-driven decisions in the dynamic landscape of the lighting industry.

The commercial lighting fixtures market is projected to reach $54.78 billion by 2030.

Highlighting this staggering projection of the commercial lighting fixtures market reaching $54.78 billion by 2030 unveils the tremendous growth and thriving potential the lighting industry holds for the coming decade. It paints an illuminating picture of a rapidly evolving industry, suggesting a vibrant landscape of innovation, escalating demand, and burgeoning opportunities for businesses and investors. Furthermore, this projection serves as a beacon for future trends, potentially influencing strategic planning, decision-making, and policy regulations within the industry. In essence, this statistic shines a light on both the lucrative potential of the industry and the transformative advancements we can expect moving forward.

Outdoor lighting applications accounted for 40% of global LED lighting revenue in 2020.

Illuminating the scale of the LED lighting market, the statistic highlights a robust segment, the outdoor applications, commanding an impressive 40% of global LED lighting revenue in 2020. In the spotlight of the blog post on Lighting Industry Statistics, this figure becomes a beacon of significance. It unveils a substantial market preference for LED solutions in outdoor scenarios, from street lights to outdoor sports arenas. In the grand theater of lighting alternatives, it seems the LED has found its stage under the open sky. Furthermore, it accentuates the potential growth areas within this industry, casting a pathway of lucrative opportunity to manufacturers in the LED lighting sector aiming to brighten their profits.

The number of connected light points is expected to reach 2.5 billion units by 2023, according to Signify.

Highlighting the projection of 2.5 billion connected light points by 2023 underscores the rapidly expanding horizon of the lighting industry, vividly illustrating the global embrace of sophisticated, connected, and sustainable lighting solutions. Capturing this pulsating digital transformation, the Signify forecast isn’t merely a number—it’s a beacon illuminating the future of the industry — magnifying the colossal growth potential, the increasing demand for smart lighting systems and the phenomenal stride towards IoT integration in the lighting sector.

The U.S. is the second-largest lighting fixtures and fittings market, accounting for approximately 18% of the global market.

Illuminating the path of the global lighting industry, the U.S. shines brightly as the second-largest market for fixtures and fittings, accounting for an impressive 18% of the market worldwide. This statistic casts a radiant beam on the immense scope of the U.S. lighting industry and its considerable impact on the global stage. It acts as a lighthouse guiding stakeholders, whether they are investors, manufacturers, or retailers, to understand where the opportunities lie. Unveiling the market share of a powerhouse like the U.S., this statistic sets the stage on fire, clearly implicating the potential for growth, the presence of avid consumers, and the scope for innovative product introductions. Whether you’re drawn to the allure of ambient lamps or the practicality of recessed lighting, one thing is clear – this number sheds light on the future of the lighting industry, with the U.S. market as a key player.

The OLED market is expected to reach over 56 billion USD in 2023, with lighting applications contributing 12%.

Delving into the vibrant panorama of lighting industry statistics, one cannot overlook the ember that is the OLED market. Forecasted to hit a staggering 56 billion USD in value by 2023, it promises to morph into a dazzling inferno. Now, notice how an impressive 12% of this surge is anticipated to be fueled by lighting applications. This subtle yet tangible fraction paints a compelling narrative of the significant role that lighting applications, a pivotal cog in the larger lighting industry machine, plays in driving the burgeoning OLED market. This piece of data not just enlightens us on the current dynamics but also acts as a litmus test for future growth trajectories, all the while underscoring the influence of lighting applications on the evolvement of OLED markets.

Philips is the leading lighting company on the global scale, holding approximately 17.5% of the market share.

Highlighting Philips’ commanding 17.5% global market share in the lighting industry underscores the titanic role they play in shaping the sector’s trajectory. This impressive figure isn’t merely a testament to the company’s stronghold, but also sets a worthy benchmark for emerging businesses in the industry. Furthermore, it offers readers an insight into the industry’s level of competitiveness, the dominance of key players and the potential space for new entrants. Understanding the state of the segment from such a viewpoint is valuable for stakeholders, enthusiasts, and curious readers alike, giving depth to discussions around the lighting industry dynamics.

Retrofit and renovation activities are poised to drive above 70% of all indoor LED applications.

Shedding light upon the exciting transformations in the lighting industry, the statistic revealing that over 70% of all indoor LED applications will be driven by retrofit and renovation activities paints an illuminating picture. It marks a positive trend that underscores the booming market for retrofitting and renovation in the pursuit of energy efficiency and better lighting solutions.

This propensity towards revamping and upgrading existing lighting systems with LEDs is reflective of a growing awareness and adoption of energy-efficient practices. Not just a mere number, the 70% above acts as a beacon predicting a bright, energy-efficient future pulsating prominently within the realm of the lighting industry.

Moreover, for businesses and homeowners alike, this figure unfurls a new understanding; the transition to LEDs is not merely confined to new buildings or projects but has immense potential in pre-existing structures as well. Furthermore, it paves the way for lighting companies to strategize and tailor their products and services to capture this thriving demand, crucial to sustaining and stimulating their success in the rapidly evolving lighting industry.

In a nutshell, this statistic is a prism, refracting the diverse facets of the ever-changing dynamics and opportunities within the lighting industry.

Global smart street lighting market is expected to exceed $6 billion by 2028.

Shedding light on the rapidly evolving dynamics of the lighting industry, the projected surge of the global smart street lighting market beyond $6 billion by 2028, unveils the transformation that lighting solutions are undergoing. This gargantuan figure highlights the increasing acceptance and implementation of smart technology in the realm of public illumination. Smart lighting not only revolutionizes energy consumption norms but also converges towards a more sustainable and efficient way of life. In the illuminating ballet of industry statistics, this prediction dances on the stage as a star performer, reflecting the scale of future opportunities, challenges, and the shifting dynamics in global lighting preferences. It profoundly underscores the magnitude of change that awaits us in the realm of light.

The residential segment of the lighting market is expected to grow by nearly 30% annually over the next several years.

An upheaval is set to reverberate through the residential segment of the lighting market. Strapped in on a glowing growth trajectory, it’s slated to skyrocket by nearly 30% annually in the coming years. An enlightening trend, no doubt, for those keeping an eye on Lighting Industry Statistics. This potent projection in the residential realm not only highlights the booming consumer demand but also hints at a possibly transformative shift in the industry dynamics. All bright sparks and business enthusiasts, join us in illuminating this electrifying path of the residential lighting market’s vivid growth story.

Conclusion

The Lighting Industry is clearly on a remarkably upward trajectory, driven by technological advancements, environmental concerns, and the increasing demand for energy-efficient solutions. While the current statistics are impressive, they merely paint a glimpse into what’s shaping up to be a luminous future. As consumers progressively lean into smart and sustainable lighting options, the industry will likely continue its growth spurt. Understanding these statistics and trends is vital for businesses and individuals invested in the lighting domain. Staying ahead of the curve will help them better navigate any forthcoming advancements and changes, thereby securing a bright, profitable future in this constantly evolving industry.

References

0. – https://www.www.researchandmarkets.com

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7. – https://www.www.brightwayledlighting.com

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FAQs

What are the key growth drivers in the lighting industry?

The key growth drivers in the lighting industry include technological innovation such as the advent of energy-efficient LED lights, growing awareness regarding energy conservation, government regulations, and increasing urbanization and infrastructural development.

How has the evolution of technology impacted the lighting industry?

The evolution of technology has significantly impacted the lighting industry through the introduction of LED and smart lighting solutions. These advancements offer energy efficiency, longer lifespan, improved physical compactness, and greater reliability, driving the growth of the industry.

What are the trends in the global lighting industry?

Some of the emerging trends include smart lighting and connected lighting systems, increased popularity of antique designed lighting, the emergence of Li-Fi (Light Fidelity), and the growing preference for energy-efficient lighting solutions.

What challenges does the lighting industry face?

Major challenges include high initial cost of energy-efficient lighting technologies such as LEDs, regulatory requirements for lighting products, and competition due to the presence of several manufacturers resulting in price wars.

What has been the impact of COVID-19 on the lighting industry?

COVID-19 disrupted the global supply chain, affecting the availability of raw materials and causing production delays. However, the pandemic also drove demand for UV-C lighting solutions for disinfection purposes and accelerated the trend for smart home automation, including smart lighting systems.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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