The global electric lighting equipment market size is expected to grow from $104.18 billion in 2021 to $115.16 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electrical lighting market is expected to reach $164.37 billion in 2026 at a CAGR of 9.3%.
What is the Global Electric Lighting Equipment Market?
The electrical lighting equipment market consists of sales of electrical lighting equipment by entities (organizations, sole traders and partnerships) that produce electric light bulbs and tubes, and parts and components (except glass blanks for electric light bulbs) or electric lighting fixtures (except vehicular), nonelectric lighting equipment, lamp shades (except glass and plastics), and lighting fixture components (except current-carrying wiring devices).
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What drives the Global Electric Lighting Equipment Market?
Major lighting companies are integrating lighting fixtures with IoT technology to enable remote user control and for controlling lighting in office, work environment and city infrastructure, driving the growth of the market. IoT technology is widely being used in homes and work places to integrate and control internal and external light fixtures. Beacons, which are small Bluetooth radio transmitters that give signals to other devices, are used to enable wireless lighting control and broadcast the location of fixtures. For instance, in July 2021, Nokia Smart Lighting, a suite of IoT-powered lighting and electrical control products, has been announced by Smartlabs, a pioneer in smart lighting and electrical control.
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Global Electric Lighting Equipment Market Segments
The global electric lighting equipment market is segmented:
By Type: General Lighting, Automotive Lighting, Back Lighting
By Application: Residential, Commercial, Automotive, Others
By Mode: Online, Offline
By Geography: The regions covered in the electric lighting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Electric Lighting Equipment Global Market Report 2022 provides market size and growth forecasts for the global electric lighting equipment market, global electric lighting equipment market share, electric lighting equipment market segments and geographies, electric lighting equipment market competitive landscape including leading competitors’ revenues, profiles and market shares. The electric lighting equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Electric Lighting Equipment Industry Players include Stanley Electric Co ltd, Panasonic Corporation, Robert Bosch GmbH, Eaton Corporation plc, Acuity Brands Inc., OSRAM GmbH, Alstom SA, Toshiba Corporation, Hubbell Incorporated and LG Electronics. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
