Asia Pacific Luminaries Market To Attain A Revenue Of US$ 80.9 Billion By 2030

(MENAFN- EIN Presswire)

CHICAGO, UNITED STATES, May 29, 2023/einpresswire.com / -- asia pacific luminaires market generated a revenue of US$ 26.4 Bn in 2022 and is projected to reach US$ 80.9 Bn by 2030. The market is expected to register growth at a CAGR of 15% during the forecast period.

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The strong expansion of the region's lighting infrastructure, the progressive shift to energy-efficient lighting solutions, and the rising acceptance of smart lighting solutions are likely to propel the Asia Pacific Luminaries Market to exponential growth in the upcoming years. According to Astute Analytica, raising public awareness of the value of energy-efficient lighting solutions is motivating individuals to transition to LED lighting systems fueling market expansion.

Furthermore, governments all over the Asia Pacific are creating rules and starting programs to encourage the use of energy-efficient lighting options, including LEDs. For instance, the "Thousand Cities Million Lights Initiative" was launched by the Chinese government with the goal of replacing incandescent lights with energy-efficient LEDs in more than 1,000 cities. In order to encourage the broad adoption of LEDs, India introduced the Unnat Jyoti by Affordable LEDs for All (UJALA) program and Domestic Efficient Lighting Program (DELP) t. Japan established the Lighting Standardization Act to increase lighting efficiency through the use of LEDs. In the next years, such measures are anticipated to fuel the expansion of the market.

End-Users are Commonly Utilizing Direct Lights Fixture

In 2022, the direct light segment acquired a significant share of the APAC luminaires market. For general or task illumination, direct light fixtures are mounted directly into the ceiling. They are a well-liked option for interior illumination and are frequently utilized in residences, workplaces, and commercial settings.

Due to their adaptability, energy economy, and ability to integrate into the ceiling, direct light fixtures are in high demand in the luminaires market and are the perfect option for contemporary, minimalist lighting designs. Due to the continued demand for flexible and energy-efficient lighting solutions, the direct lights fixture type segment is likely to hold a sizable proportion of the Asia Pacific market in the upcoming years.

Ceiling Mounted Generated a Revenue of 22.1% of the APAC Market

In 2022, the ceiling-mounted segment maintained a revenue share of 22.1% of the APAC luminaires market. Due to the fact that they are simple to install and maintain, ceiling-mounted lights are in high demand for both residential and commercial lighting applications. On the other hand, the exterior segment will record the highest growth rate over the forecast period.

Indoor Luminaires are Generating Lucrative Growth of US$ 35.7 Billion

In 2022, the indoor segment dominated the Asia Pacific luminaires market, recording a share of 68.2%. In addition, the segment is likely to acquire an opportunity of US$ 35.7 Bn from 2023 to 2030. The interior luminaires is in high demand because of the demand for energy-efficient lighting options and the rising acceptance of contemporary and minimalist lighting design. Indoor luminaries are useful for many indoor lighting applications since they can be used for general, task, and accent lighting. In addition, indoor luminaries come in a variety of designs, hues, and dimensions, making it simple to pick a fixture that complements the requirements and design scheme of a particular area.

Luminaries are Witnessing Major Sales from the Industrial Areas

In 2022, the industrial segment dominated the Asia Pacific luminaires market. This is because lighting solutions are highly sought after in many industrial environments, including factories, warehouses, and commercial structures. Lighting is a key factor in increasing operational productivity and efficiency in industrial environments.

The demand for high-quality, energy-efficient lighting solutions in the industrial sector has also grown with the growing trend toward automation and the implementation of Market 4.0 technology. Companies in the Asia Pacific Luminaires market are providing a wide range of products, including LED-based luminaires, high-bay lights, and flood lights, among others, to address the demand for lighting solutions in industrial settings. These products offer energy savings, better illumination quality, and higher safety because they are made to specifically fulfill the needs of industrial situations.

China and India are Offering Growth Opportunities in the Asia Pacific Region

China acquired a major share of the Asia Pacific luminaires market. The nation has one of the highest populations in the region, a booming economy, and a rising investment in infrastructure and real estate, which makes it one of the largest manufacturers and consumers of luminaires in the region. A significant hub for the manufacture and export of luminaires has emerged in China thanks to its robust manufacturing sector and the presence of several of the world's top lighting businesses. Also, the Chinese government has put in place a number of measures to encourage the adoption of energy-efficient lighting options and assist the development of the domestic lighting market.

By 2030, the Indian LED lighting market is anticipated to grow at a CAGR of 23.11%, reaching US$ 9.7 billion. Human-centric lighting (HCL), which is on the rise, may offer prospects for luminaire manufacturers in the Asia Pacific region. HCL systems, which mimic daylight and function with the circadian rhythm, can improve occupant comfort and well-being. The luminaires market will have the chance to provide end-users with efficient and effective lighting solutions while assuring optimum energy savings as a result of the rising demand for HCL systems.

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Companies Landscape

Due to the presence of multiple significant market participants, the Asia Pacific LED Lighting market is only somewhat fragmented. The participants engage in a range of initiatives, including product creation and mergers & acquisitions. In order to strengthen their regional position in the global market, these businesses are also concentrating on new product launches and business expansions. The expansion of the luminaires market is also due to the integration of cutting-edge technologies into these systems, such as motion sensors, dimming technology, and Bluetooth connectivity.

Additionally, Lighting-as-a-Service (LaaS) technologies are generating prosperous chances for sector participants. For instance, the international lighting firm Philips Lighting launched its LaaS platform, which is assisting clients in lowering their energy expenses and giving them access to simple financing choices.

Key Strategies Adopted by These Companies

.In May 2023, GE Lighting introduced multicolored, programmable rope lights with an integrated microphone. These extremely adjustable lights have a built-in microphone that allows them to modify their performance in real-time based on the sounds around them. They can be controlled using the Cync smartphone app.

.In May 2023, a prominent supplier of cutting-edge lighting solutions, Mod-Lighting, announced the release of its newest item, the Mod-Lighting system. This cutting-edge lighting system offers energy-saving and affordable lighting options while enhancing the atmosphere of any home or workplace area.

.In Oct 2022, the amazing Proteus BrutusTM, a potent 70,000-lumen LED wash effects fixture capable of high-intensity washes and piercing narrow beams that can pierce through at extremely long distances, is another addition to Elation Professional's award-winning Proteus series of IP65-rated luminaires.

.In Jan 2021- Opple Lighting introduced a new product line in India. The V7 LED bulb has a wide beam angle of more than 180 degrees, the US Spot Utility is a flicker-free clean beam, and the 'HPB E-1' has a high lumen output of 100lm/w and is flicker-free. The EcoMax COB Spotlight also includes an innovative lens for a clean beam.

Some of the well-known companies operating in the Asia Pacific luminaires market are:
Zumtobel Group AG
Acuity Brands Inc.
Virtual Extension
Eaton
Sharp Corporation
Wolfspeed
Savant Systems Inc.
Dialight PLC
Samsung
General Electric Company
Phillips Lighting Holding B.V.
Heliospectra AB
Panasonic Corporation
Hubbell Incorporated
OSRAM GmbH
Nichia Corporation
Other Prominent Players

Segmentation Outline

The Asia Pacific luminaires market segmentation focuses on Fixture Type, Mounting Type, Application, End-User, Distribution Channel, and Country.
By Fixture Type
Direct Lights
Downlights
Accent Lights
Indirect Lights

By Mounting Type
Ceiling Mounted
Suspended
Recessed
Architectural
Wall Mounted
Furniture or Cabinet Integrated
Plug-in
Exterior

By Application
Indoor
Outdoor

By End-User
Commercial Offices
Industrial
Retail
Hospitality
Highway and Roadway
Architectural
Public Places
Factory
Hospitals
Automotive
Residential

By Distribution Channel
Direct Sales
Wholesale Retail
Online Stores

By Country
China
India
Japan
Australia & New Zealand
ASEAN
Singapore
Vietnam
Thailand
Philippines
Indonesia
Malaysia
Rest of ASEAN
Rest of Asia Pacific

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About Astute Analytica
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