Ambient Lighting Market Analysis
Market Research Future (MRFR) presumes the global ambient lighting market to reach USD 94 billion at a CAGR of 11% from 2020 to 2027 (forecast period).
The lighting system utilized to illustrate the surroundings is referred to as ambient light. The ambient lighting in the home has to be bright and glare-free. It should use less energy, be more cost-effective, and improve the ambiance. It is suitable for both indoor and outdoor use. Ambient lighting for home and commercial use is gaining popularity these days. Ambient room lighting is growing in popularity as the interior design business grows.
Governments in nations such as India are taking steps to limit energy consumption. LED lights are being promoted since they utilize less energy, and so produce less pollution. This has given ambient lighting market a boost. The expansion in residential, commercial, and infrastructure projects has also boosted the demand for ambient lighting devices. The global ambient lighting industry is also being driven by urbanization and modernization.
COVID-19 Impact on the Global Ambient Lighting Market
The COVID-19 is affecting people all over the world. Except for the pharmaceutical business, it has had a negative impact on the running of all industries. Almost every country has gone under complete lockdown. The borders have been locked, which implies that cross-border movement will be impossible for the foreseeable future. Businesses are also being closed down. The wave appears to have affected every individual and business on the planet.
This has had a negative impact on the ambient lighting market. Ambient lighting market share is likely to expand dramatically following the COVID-19 crisis. This means that all residential and commercial projects that were halted due to the total lockdown will be resumed.
Ambient Lighting Market Regional Analysis
Region-wise, the global ambient lighting market has been segmented into America, Europe, Asia Pacific, and the rest of the world.
America, which encompasses North America (the United States and Canada) and Latin America, is the greatest manufacturing and consumption center for ambient lighting devices. This is due to increased infrastructure development and construction operations.
The ambient lighting market is also increasing in Europe, which comprises Germany, the United Kingdom, France, Russia, and Italy. The expanding automotive sector has significantly increased the demand for ambient lighting and related items. These lights are widely used in automobiles.
The Asia Pacific region, which includes China, Japan, India, Australia, and South Korea, is expanding rapidly due to the rising demand for ambient lighting. China and India are likely to have the greatest CAGRs in the near future. This is due to the low operational costs as well as the availability of cheap labor.
The rest of the world, including the Middle East and Africa, is rising at a slower but steady pace. This has the potential to stifle economic development. Because of the improvement in the residents' standard of living, the ROW region is progressively becoming a potential consumer.
Ambient Lighting Market Segmentation
The global ambient lighting industry has been segmented into types, components, and applications.
By type, the global ambient lighting market has been segmented into down lighting, surface mounted lighting, suspended lighting, and track lighting.
By components, the global ambient lighting market has been segmented into hardware, software, and services.
By applications, the global ambient lighting market has been segmented into residential and commercial.
Ambient Lighting Market Key Players
Philips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), Enterprise Lighting LTD (U.S.), Unity Technologies SF (U.S.), OSRAM Licht GmBH (Germany), Signify N.V. (Netherlands), Acuity Brands (US), Hubbell Lighting (US), Samsung Electronics Co. Ltd. (Japan), The Zumtobel Group, Häfele GmbH & Co KG (Germany), Pasolite (India), LIGMAN Lighting Co., Ltd. (Thailand), Thorn Lighting (U.K).
The global ambient lighting industry is predicted to reach USD 94 billion at a CAGR of 11% from 2017 to 2023 (forecast period). The expansion in residential, commercial, and infrastructure developments has also boosted the demand for ambient lighting devices. The global ambient lighting industry is also being driven by urbanization and modernization.