$30.5 Billion Growth in General Lighting Market During 2020-2024 | Featuring Acuity Brands Inc. and Advanced Lighting Technologies LLC Among Others | Technavio

LONDON--(BUSINESS WIRE)--Global general lighting market will grow by USD 30.5 Billion During 2020-2024.

Amid the COVID-19 pandemic the global general lighting market registered a YOY growth of 4.62% in 2020 and the market is estimated to expand at a CAGR of over 5% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.

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The 120-page report analyzes the general lighting market by product (LED lighting and traditional lighting), application (residential, commercial, outdoor, industrial, and others), and geography (APAC, Europe, MEA, North America, and South America). The report offers competitive intelligence about market leaders, key industry opportunities, trends, and threats impacting the growth of the market. Also, the report includes information on marketing, brand, strategy and market development, sales, and supply functions. Download Our Free Sample Report to Know More

The general lighting market is driven by the declining manufacturing costs of LEDs. In addition, the growing number of households and urbanization are anticipated to boost the growth of the general lighting market.

Globally, the manufacturing cost of LEDs has significantly decreased over the decade. This is mainly due to the declining ASP of chips and components used in the manufacturing of LED devices. In addition, governments across the world are offering subsidies to encourage the use of LED bulbs, which has further increased their affordability. These factors are encouraging LED manufacturers to increase their production capacities to cater to the growing demand. Therefore, the declining manufacturing cost of LEDs is expected to fuel the growth of the global general lighting market during the forecast period.

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Major Five General Lighting Companies:

Acuity Brands Inc.

Acuity Brands Inc. operates its business through the Unified segment. The company offers a wide range of lighting solutions such as 308 WINLINE, Cerra 10 ID, Juno SlimForm Downlight, and IBG High Bay.

Advanced Lighting Technologies LLC

Advanced Lighting Technologies LLC operates its business through the Unified segment. The company offers general lighting through Venture Lighting international, APL Engineered Materials, and Auer Lighting.

Cree Inc.

Cree Inc. operates its business through segments such as Wolfspeed and LED Products. The company offers LED lighting systems and lamps. The company manufactures LED lighting systems for the commercial, industrial, and consumer markets.

Dialight Plc

Dialight Plc operates its business through segments such as Lighting and Signals and Components. The company offers lighting and signal and components.

Eaton Corp. Plc

Eaton Corp. Plc operates its business through segments such as Electrical Products, Electrical Systems and Services, Hydraulics, Aerospace, Vehicle, and eMobility. The company offers general lighting products through its electrical products business segment.

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General Lighting Market Product Outlook (Revenue, USD Billion, 2019-2024)

• LED lighting - size and forecast 2019-2024
• traditional lighting - size and forecast 2019-2024

General Lighting Market Application Outlook (Revenue, USD Billion, 2019-2024)

• Residential - size and forecast 2019-2024
• commercial - size and forecast 2019-2024
• outdoor - size and forecast 2019-2024
• industrial - size and forecast 2019-2024
• others - size and forecast 2019-2024

General Lighting Market Geography Outlook (Revenue, USD Billion, 2019-2024)

• APAC - size and forecast 2019-2024
• Europe - size and forecast 2019-2024
• North America - size and forecast 2019-2024
• MEA - size and forecast 2019-2024
• South America - size and forecast 2019-2024

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