Commercial Lighting Market Size Is Expected To Reach USD 64.67 Billion By 2031, Growing At A CAGR Of 5.80%: Straits Research

(MENAFN- GlobeNewsWire - Nasdaq) According to Straits Research,“The global commercial lighting market size was valued at USD 11.46 million in 2022. It is projected to reach USD 64.67 billion by 2031, growing at a CAGR of 5.80% during the forecast period (2023-2031).”

New York, United States, April 04, 2024 (GLOBE NEWSWIRE) -- Commercial lighting can be tailored to meet every facility and its activities depending on its intended use. When buying business lighting, it's important to consider maintenance needs, brightness levels, and warranties. A commercial building can accommodate many people for various purposes, such as shopping, employment, entertainment, and medical exams. To guarantee that workers are comfortable, the lux level standards and the energy efficiency criteria are met, a lighting design business develops designs that reflect the facility's activity.

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Smart Office Initiatives and Awareness Support Energy-Efficient and Connected Lighting Solutions Drive the Global Market

LEDs last longer, are more trustworthy and are more effective. Their use is therefore predicted to increase in both indoor and outdoor environments. Compared to incandescent bulbs, these lights use less energy and provide lighting for around 50,000 hours. They are also an excellent replacement for incandescent lights due to their low maintenance costs and little heat loss. The transition from conventional to green lighting, as well as product demand, have all been enhanced by technology improvements. While producing light that is at least as good as standard lighting technologies, high-efficiency lighting systems can consume up to 85% less energy.

Standardized LED-based Lighting Solutions and Sector Technological Advances Creates Tremendous Opportunities

LED light bulbs are currently in the market's early adoption phase of their product life cycle. As LED lighting technology advances, these product offers are ready to enter and pass through the growth phase. LED lighting products have recently joined the commercial lighting market and have a very high growth potential thanks to recent advancements in light-emitting diode technology. Offices, retail stores, restaurants, and hospitals are just a few examples of commercial structures that utilize more than a quarter of the country's total energy. Due to the increasing rate of LED lighting adoption, the leading American manufacturers are also actively expanding the LED lighting industry.

The demand for troffer, panel, tunnel and high bay lights is growing faster than the US market for LED commercial lighting. They are beginning to develop into intelligence and optical communications, among other new application areas. For example, Technical Consumer Products Inc. sells a commercial recessed downlight with wattage and color temperature modified to match different retail environments.

Regional Analysis

Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.35% during the forecast period. Lighting supplies are essential for industry, daily life, and infrastructure. With China's economy and improving living standards, the mainland's need for lighting is expanding. Due to the lighting industry's explosive growth over the past 20 years, China has become the world's largest producer and consumer of lighting. Organic light-emitting diodes, compact fluorescent lamps, electrodeless discharge lamps, and light-emitting diodes (LEDs) are all noteworthy items (OLEDs). Chinese commercial enterprises invest more money in lighting retail spaces to entice customers. The illumination in offices, schools, and hospitals has been dramatically improved. China has promoted environmental protection and energy efficiency.

North America is expected to boost at a CAGR of 4.75% during the forecast period. The usage of LED lighting in business settings is expanding across North America. For the commercial market, superior lumen coverage increases durability, and the appropriate power source is needed. LED unquestionably satisfies these requirements. It is therefore preferred over other light technologies already in use. It uses less energy, has more than 100,000 lumens, covers a more extensive area, and is reasonably cheap to buy and run long-term. The increased demand for energy-efficient lighting systems, addressed by declining pricing for LED products and stringent government regulations, is one of the key drivers influencing the adoption of LED lighting in the United States. LEDs have seen significant technological and economic progress as a new source of illumination in the country, stimulating investment in the sector.

Key Highlights

  • The global commercial lighting market is bifurcated based on type into lamps and luminaries. The luminaries segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.45% during the forecast period.
  • Based on lighting type, the global commercial lighting market is bifurcated into LED-based lighting and traditional. The LED-based lighting segment is the highest contributor to the market and is estimated to boost at a CAGR of 7.10% during the forecast period.
  • Based on the end-user industry, the global commercial lighting market is bifurcated into commercial offices, retail, hospitality & leisure (restaurants & sporting facilities), healthcare, and other end-users. The commercial office segment is the highest contributor to the market and is estimated to boost at a CAGR of 6.35% during the forecast period.
  • Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.35% during the forecast period.

Competitive Players

The global commercial lighting market's major key players are Signify NV (Philips Lighting), WAC Lighting, Cree Lighting (IDEAL INDUSTRIES INC), Siteco GmbH, Wipro Lighting Limited, Acuity Brands Inc., Hubbell Incorporated, Zumtobel Group AG, ABB, and Honeywell LED Lighting .

Market News

  • In June 2022, a new business unit combining Commercial Lighting and Seating solutions was established, according to Wipro Lighting. The company claims that by utilizing Wipro's shared dealership network and customer servicing, the new organization will enable more significant synergies and accelerate growth.
  • In February 2022, a significant participant in the lighting industry named Signify announced that it had signed a binding contract to buy the Australian company Gerard Lighting Group's Perlite division. By joining forces, Signify would be better positioned to take advantage of growth prospects in the Australian and New Zealand lighting markets, especially between Pierlite's portfolio of luminaires and Signify's connected lighting solutions.

Global Commercial Lighting Market: Segmentation

By Type

  • Lamps
  • Luminaries

By Lighting Type

  • LED-based lighting
  • Traditional

By End-User

  • Commercial Offices
  • Retail
  • Hospitality and Leisure
  • Healthcare
  • Other End-users

By Regions

  • North America
  • Europe
  • Asia-Pacific

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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