With the emergence and long-term Impact of COVID-19, the Global General Lighting Market is to reach USD XX Billion by 2029
Bizwit Research & Consulting LLP’s Recent Analysis on Global General Lighting Market is poised to raise up to USD XX Billion by 2029. The general lighting market refers to the market for lighting products used for general illumination purposes, such as in homes, offices, schools, hospitals, and other public spaces. These products include light bulbs, luminaires, and lighting fixtures, and are typically powered by electricity. The global general lighting market has been growing steadily over the past few years, driven by factors such as the increasing adoption of LED lighting technology, growing demand for energy-efficient lighting solutions, and the development of smart lighting systems.
Moreover, retrofitting existing buildings and rising initiatives by the key market players is creating lucrative growth opportunity for the market over the forecast period 2022-2029. Rising adoption of smart homes is a significant driver for the growth of smart lights. With the increasing popularity of smart home devices and voice assistants, consumers are looking for more convenient and connected ways to control their homes’ lighting systems.
According to Statista, in 2018 there were 118.89 million smart homes, with smart fire detection and smart lightning possessing the largest share it is projected that by 2023, there will be 162.97 million smart home devices installed in Canada, and. However, the high initial cost for setting up a unit for manufacturing general lighting stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global General Lighting Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the largest market for general lighting, owing to the presence of a large number of leading lighting manufacturers and the high adoption rate of advanced lighting technologies. The region has a highly developed infrastructure and a growing demand for energy-efficient lighting solutions, which drives the demand for general lighting. The United States is the largest market for general lighting in North America, accounting for a significant share of the global market.
The Asia-Pacific region is expected to witness the highest growth rate in the general lighting market during the forecast period. The region is home to a large population and has a growing demand for energy-efficient lighting solutions. The increasing urbanization and infrastructure development activities in countries such as China and India are driving the demand for general lighting in the region.
The global General Lighting Market is highly competitive owing to the presence of several key manufacturers such as Acuity Brands Inc., Advanced Lighting Technologies LLC, Bridgelux Inc., Citizen Watch Co. of America Inc., Cree Lighting, Delta Electronics Inc., and others.
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Global General Lighting Market Size study & Forecast, by Product (LED lighting, Traditional lighting), by Application (Residential, Commercial, Outdoor, Industrial, Others) and Regional Analysis, 2022-2029
Key findings of the study suggest:
- Global General Lighting Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029.
- In the Application segment, traditional lighting emerged as the leading market segment in 2021.
- North America is anticipated to drive regional growth owing to soaring demand for energy-efficient lighting solutions.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2022-2029.
Bizwit Research & Consulting has considered the following segments for the study:
- LED lighting
- Traditional lighting
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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