According to the new market research report "Ambient Lighting Market by Offering (Hardware, and Software & Services), Type (Surface-Mounted Lights, Strip Lights, Track Lights, Recessed Lights, and Suspended Lights), End User, and Region - Global Forecast to 2023", is expected to be valued at USD 96.09 Billion by 2023, growing at a CAGR of 10.71% between 2017 and 2023.
The growth of the ambient lighting market can be attributed to the rising awareness about energy-efficient lighting solutions and stringent government regulations pertaining to the implementation of energy-efficient lighting sources. The rising number of infrastructural projects worldwide is also contributing to the market growth.
Residential sector to hold the largest share of the ambient lighting market between 2017 and 2023
The residential sector is expected to hold the largest share of the ambient lighting market between 2017 and 2023. This market growth can be attributed to the rising infrastructure-building activities worldwide. In addition, factors such as ongoing technological advancements, increasing consumer preferences for better interior designing, and increasing need for energy-efficient lighting are driving the growth of the ambient lighting market for the residential sector.
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Market for lighting control units to grow at a high rate between 2017 and 2023
The market for lighting control units is expected to grow at a high rate between 2017 and 2023. Lighting control units offer multiple benefits such as stand-alone lighting control and reduced installation costs. These units help in controlling multiple lights from single point of source. The control systems are usually integrated with trending technologies such as IoT; this makes their operations more effective. Due to these reasons, the demand for automation and smart lighting is increasing, thereby driving the growth of the ambient lighting market for lighting control units.
APAC to hold the largest share of the ambient lighting market by 2023
Asia Pacific is expected to hold the largest share of the ambient lighting market by 2023. The market growth can be attributed to the rapidly increasing infrastructure-building activities being undertaken in the region. In addition, growing awareness about energy-efficient light sources and technologies and increasing standard of living are supporting the growth of the market in APAC. Governments in countries such as China and India are focusing on implementing stringent regulations and guidelines related to lighting installation across various industries in the region.
The major players in the ambient lighting market
are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (US), OSRAM Licht AG (Germany), Cree, Inc. (US), and Acuity Brands, Inc. (US).
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