ICT

Artificial Lights Market Size Will be USD 123.69 Bn by 2033

The global artificial lights market size is projected to surpass around USD 123.69 billion by 2033 from USD 90.89 billion in 2023, rising at a CAGR of 3.08% from 2024 to 2033.

The Artificial Lights Market has experienced substantial growth in recent years, driven by advancements in technology, increasing demand for energy-efficient lighting solutions, and the growing adoption of smart lighting systems. Artificial lights play a crucial role in various sectors including residential, commercial, industrial, and agricultural applications. With the continuous development of innovative lighting technologies, the market for artificial lights is poised for further expansion globally.

Artificial Lights Market Size 2024 to 2033

Key Takeaways

  • Asia Pacific held the dominating share of the market of 47% in 2023.
  • North America is observed to expand at a CAGR of 5.7% during the forecast period.
  • By type, the LED lighting segment led the market with 32% of market share in 2023.
  • By type, the halogen lighting segment is expected to witness a rapid growth with a CAGR of 4.9% over the forecast period.
  • By application, the general lighting segment dominated the market with 41% of market share in 2023.
  • By application, the automotive segment is expected to witness a significant growth rate of 5.6% during the forecast period.
  • By end user, the residential segment held the dominating share of 54% in 2023.
  • On the other hand, the commercial segment is expected to witness the fastest rate of growth at 3.9% during the forecast period.

Growth Factors

Several factors contribute to the growth of the artificial lights market. One of the primary drivers is the rising awareness of energy conservation and environmental sustainability. LED (Light Emitting Diode) lights, in particular, have gained significant traction due to their energy efficiency and longer lifespan compared to traditional lighting technologies such as incandescent and fluorescent lights. Additionally, government initiatives promoting the use of energy-efficient lighting solutions further propel market growth.

Moreover, the increasing urbanization and infrastructure development projects worldwide drive the demand for artificial lighting in residential and commercial buildings, streets, and public spaces. The integration of smart lighting systems with Internet of Things (IoT) technology enhances energy management, automation, and customization capabilities, thereby stimulating market growth.

Get a Sample: https://www.precedenceresearch.com/sample/3756

Artificial Lights Market Scope

Report Coverage Details
Global Market Size in 2023 USD 90.89 Billion
Global Market Size by 2033 USD 123.69 Billion
Growth Rate from 2024 to 2033 CAGR of 3.08%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Type, By Application, and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Artificial Lights Market Dynamics

Trends

Several notable trends are shaping the artificial lights market landscape. One prominent trend is the convergence of lighting with other technologies such as sensors, wireless connectivity, and data analytics to create intelligent lighting ecosystems. These smart lighting solutions offer features like motion sensing, daylight harvesting, and remote control, catering to the demand for enhanced convenience, comfort, and energy savings.

Another significant trend is the increasing adoption of human-centric lighting, which aims to simulate natural daylight conditions to improve productivity, mood, and overall well-being. This trend is particularly prevalent in office spaces, healthcare facilities, and educational institutions where optimal lighting conditions are essential for occupant satisfaction and performance.

Furthermore, there is a growing emphasis on aesthetically pleasing lighting designs that enhance the ambiance and visual appeal of indoor and outdoor spaces. Architectural lighting solutions, landscape lighting, and decorative lighting fixtures are witnessing high demand as consumers seek to create unique and immersive environments.

Opportunities

The artificial lights market presents abundant opportunities for innovation and market expansion. The transition towards smart cities and sustainable urban development initiatives creates a favorable environment for the adoption of advanced lighting solutions. Smart street lighting projects, in particular, offer significant growth prospects as municipalities seek to improve energy efficiency, enhance public safety, and reduce operational costs.

Additionally, the burgeoning horticulture industry drives the demand for specialized artificial lighting solutions for indoor farming, vertical farming, and greenhouse cultivation. LED grow lights with adjustable spectral wavelengths enable precise control over plant growth cycles, resulting in higher yields, improved crop quality, and resource optimization.

Moreover, the increasing penetration of e-commerce channels and digital marketing platforms provides manufacturers with new avenues to reach customers and expand their market presence. Online sales platforms offer greater accessibility, convenience, and reach, thereby enabling companies to tap into previously untapped markets and demographics.

Challenges

Despite the promising growth prospects, the artificial lights market faces several challenges that need to be addressed. One such challenge is the initial high cost of LED lighting solutions compared to conventional lighting technologies, which may deter price-sensitive consumers and businesses from making the switch. However, declining LED prices and long-term cost savings through energy efficiency mitigate this challenge over time.

Another challenge is the complexity of integrating smart lighting systems with existing infrastructure and legacy systems. Compatibility issues, interoperability concerns, and cybersecurity risks pose obstacles to seamless deployment and adoption of smart lighting solutions, requiring robust standards, protocols, and implementation strategies.

Furthermore, regulatory barriers, trade tariffs, and geopolitical tensions may impact the supply chain and market dynamics, affecting the availability, pricing, and distribution of artificial lighting products. Manufacturers must navigate regulatory compliance requirements and geopolitical uncertainties to ensure business continuity and sustainable growth.

Region Insights

The artificial lights market exhibits regional variations in terms of demand, adoption rates, and market dynamics. Developed regions such as North America and Europe lead the market due to higher disposable incomes, stringent energy efficiency regulations, and widespread awareness of environmental sustainability. The presence of key industry players, research institutions, and technological innovation hubs further accelerates market growth in these regions.

In contrast, emerging economies in Asia Pacific, Latin America, and Africa offer significant growth opportunities driven by rapid urbanization, infrastructure development, and increasing consumer spending on residential and commercial construction projects. Government initiatives promoting energy efficiency, coupled with rising awareness of the benefits of LED lighting, fuel market expansion in these regions.

Read Also: Uterine Fibroid Treatment Devices Market Size, Share, Report by 2033

Recent Developments

  • In February 2023, OSRAM GmbH (ams OSRAM AG), a prominent provider of optical solutions leveraging edge-emitting lasers (EELs) and vertical-cavity surface-emitting lasers (VCSELs) technology, revealed a collaboration with Cepton to deliver light detection and ranging (LiDAR) solutions for autonomous vehicles.
  • In February 2022, GE Current, a US-based lighting firm, acquired Hubbell C&I Lighting, also based in the US, for an undisclosed sum. This acquisition aims to improve both companies’ distribution networks and digital capabilities, enabling them to better address customer requirements with increased speed, efficiency, and convenience. Hubbell C&I Lighting specializes in general lighting solutions.
  • In December 2021, Signify N.V. disclosed the acquisition of Fluence, a move aimed at expanding and enriching its agricultural lighting growth platform.
  • In January 2021, Ushio Deutschland GmbH, the German branch of Ushio Europe, completed a merger with BLV Licht- und Vakuumtechnik GmbH, its sister company known for manufacturing horticultural lighting systems. Following the merger, the combined entity operates under the name Ushio Germany GmbH. Ushio Europe specializes in producing UV, visible, and infrared lighting solutions, boasting manufacturing and testing facilities.

Competitive Landscape

The artificial lights market is characterized by intense competition and technological innovation, with key players focusing on product development, strategic partnerships, and market expansion initiatives to gain a competitive edge. Leading companies such as Signify (formerly Philips Lighting), OSRAM Licht AG, General Electric Company, and Cree Inc. dominate the global market with their extensive product portfolios, strong distribution networks, and brand recognition.

In addition to established players, the market also features a growing number of startups and niche players specializing in innovative lighting solutions, customization services, and niche applications. These players leverage advancements in materials science, optics, and electronics to develop cutting-edge products tailored to specific customer needs and market segments.

Artificial Lights Market Companies

  • GE Lighting (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • Panasonic Corporation (Japan)
  • OSRAM Licht AG (Germany)
  • Schneider Electric SE (France)
  • Cree, Inc. (U.S.)
  • CITIZEN ELECTRONICS CO., LTD. (Japan)
  • Lumerica (Canada)
  • Havells India Ltd. (India)
  • LEDtronics, Inc. (U.S.)
  • Patriot LED (U.S.)
  • Acuity Brands, Inc. (U.S.)

Segments Covered in the Report

By Type

  • LED
  • CFL
  • LFL
  • HID
  • Halogen
  • Incandescent

By Application

  • General Lighting
  • Automotive Lighting
  • Backlighting
  • Others

By End User

  • Residential
  • Commercial
  • Industrial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/

Leave a Reply

Your email address will not be published. Required fields are marked *