LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global lighting market over the next four years as several related markets, including general lighting, xenon lights, and LED industrial lighting, will likely witness an increase in revenues.
Market research analysts at Technavio have predicted the global general lighting market to record a CAGR of more than 5% until 2020. Lighting has been estimated to consume about one-fifth of the global energy production. This has induced governments to focus more on promoting energy-efficient lighting technologies. The market is witnessing widespread replacement of incandescent lamps with energy-efficient lighting technologies like CFL and LED that are more durable and energy-efficient than conventional technologies. Introduction of energy saving lighting technologies will therefore bear a positive impact on market growth in the coming years.
“The emergence of smart cities is a primary trend that will likely gain significant traction until 2020. To drive economic growth and improve the quality of life of its inhabitants, smart cities will likely integrate various information and communication technology solutions. Connected through smart technologies, smart cities will require energy-efficient solutions. This in turn is expected to augment the adoption of energy-efficient lighting over the next few years,” said Asif Gani, one of Technavio’s lead analysts for hardware and semiconductor research.
Automotive lighting, which includes xenon headlights and signaling devices, includes the lights located on the front and rear of a vehicle. The primary function of a xenon light is to ensure visibility for the driver, improved vehicle conspicuity, and indication of the position and presence of other vehicles. In this market, the prospects for growth will be propelled by factors like evolution of new applications. In automobiles, xenon lights help direct the driver and facilitate communication with those driving other vehicles. Also, these lights are used for ambient lighting applications; wherein these are strategically placed in vehicle to create a psychologically pleasing effect. Since most consumers value interior lighting design and color, vendors have been compelled to use xenon lights to develop new lighting applications. For instance, underbody lighting kits are available in the market for design-oriented driving enthusiasts. These lights complement vehicle aesthetics and allow customization. According to Technavio analysts, the global market for xenon lights will exhibit an impressive CAGR of almost 15% by 2020.
The augmented need for energy-efficient LED bulbs is another significant trend that will impel the adoption of LED lights in the industrial sector. During the forecast period, high-energy costs will compel governments and consumers alike to reduce energy consumption and make use of power-saving lighting solutions. Since LEDs are efficient in terms of lighting and power consumption, they can also limit power consumption more effectively than conventional incandescent bulbs. The global market for LED industrial lighting is therefore predicted to grow significantly over the forecast period and post an impressive CAGR of nearly 22% by 2020. Factors such as the rising demand for power-efficient lighting systems across industries, increasing concern over the depletion of non-renewable sources of power, and declining price of LED lights will aid the growth of this segment.
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Some of the key vendors for the global lighting market include GE Lighting, Koninklijke Philips N.V., and OSRAM for general lighting; GE, Stanley Electric, and Valeo for xenon lights; and LG Innotek, Lumileds, and Nichia for LED industrial lighting.
Browse related reports:
- Global Lighting Control System Market 2015-2019
- Global LED Lighting Market 2015-2019
- Global Automotive LED Lighting Market 2016-2020
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