DUBLIN--(BUSINESS WIRE)--The "Light Meter Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The light meter market is expected to register a CAGR of over 7.12%, during the forecast period 2019-2024.
Estimates put that approximately 45% of retailers have been exploring indoor farming to meet the rising demand for fresh, sustainable, locally grown food, thus the increasing trend of farm-anywhere is creating a wide opportunity for the light meter market.
Further, according to the report by Staples, a UK company, in an online survey of 7,000 office workers in October 2018, found that 40% of office workers struggled to work in poor lighting every day. This led to a negative effect on their productivity and health. Thus, to overcome such problems, organizations are moving towards adopting cold-tone lighting for their employees. Such practice is expected to drive the light meter market to maintain the ambient lighting needs in the working environment.
Moreover, the light meter market is also driven by the increasing government regulations worldwide for deploying energy-efficient lightings such as LED lightings. Which in return, is expected to create a need for LED light meters. These light meters are capable to measure ambient, conventional lights apart from the LED lighting types. However, the development of smartphone applications with light measuring capabilities presents a serious challenge to market growth.
Key Market Trends
Photography Offers Potential Growth
- The photography industry offers potential growth for the light meter market owing to the benefits such as data provided by a light meter that can help a photographer better understand light and this will enhance the quality of pictures taken.
- Due to the growing demand, companies are coming up with new products to cater the customer demand. For instance, in September 2019, Sekonic Corporation started selling the handheld spectrometer C800-U for cinematographers and photographers. This is capable to measure measures gamut (Rg) which helps the user better understand how saturated colors will look. Such innovations are expected to have a positive impact on the market.
- Moreover, the increasing trend of posting photographs on social media is propelling the users to click a good quality of pictures and use the light to correct luminescence, which in return is expected to support the market demand.
Asia-Pacific to Witness the Fastest Growth
- The Asia- Pacific region is expected to witness the fastest growth during the forecasted period owing to the increasing government initiatives for horticulture. For instance, according to the Agriculture Ministry of India, India's production of perishable horticulture crops like fruits and vegetables touched a record 307 million tonnes in 2017-18 which was 27 million tonnes more than the number of foodgrains harvested in 2016-2017.
- Further, the presence of one of the biggest film industries i.e. Bollywood industry is further expected to fuel the market. According to the European Audiovisual Observatory, 1,813 movies produced in 2018 which was the highest among other countries such as China and the United States. Therefore, these factors are adding to the demand for light meters in APAC.
The light meter market is competitive in nature owing to the presence of global companies. Some of the players of this market are FLIR Systems, Sekonic Corporation, Testo SE and Hioki E.E. Corporation amongst others. Light meter manufacturers have to continuously adapt to new technologies to gain a competitive edge. This market is very price sensitive.
Some of the recent developments are:
- August 2019 - Sekonic Corporation announced the new firmware for C-800 SPECTROMASTER for the cinematographers and photographers. This recent firmware update shows the CCT, LB and CC properties of a preset when chosen in the ToolBox under the Preset Selection menu.
- August 2019 - Gigahertz-Optik GmbH announced an update for its MSC15 devices. The updates include internal memory for the local storage of up to 10 measurements which can be either managed directly by the MSC15 or by the supplied software. In addition, a menu for individually switching on and off the possible display screens has been added.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Increasing Demand for Light Meters in the Photography & Cinematography Industry Worldwide
4.3.2 Regulations to Improve Workplace Lighting
4.4 Market Restraints
4.4.1 Development of Smartphone Applications & Light Measuring Devices to Substitute Light Meters
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Display
5.2 By Type
5.2.1 General Purpose Light Meters
5.2.2 LED Light Meters
5.2.3 UV Light Meters
5.3 By Application
5.3.1 Photography & Cinematography
5.3.2 Commercial Spaces
5.3.3 Manufacturing Plants
5.3.4 Clinics & Hospitals
5.3.5 Others Application
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 FLIR Systems
6.1.2 Sekonic Corporation
6.1.3 Testo SE
6.1.4 Hioki E.E. Corporation
6.1.5 Amprobe Instrument Corporation (Danaher Corporation)
6.1.6 KERN & SOHN GmbH
6.1.7 B&K Precision Corporation
6.1.8 Line Seiki Co. Ltd.
6.1.9 Tenmars Electronics Co. Ltd.
6.1.10 Martindale Electric Co. Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sx1vka