High-end Lighting Market Share, Size, Trends, Industry Analysis Report, By Light Source (HID, LED, Fluorescent Lights, CFL Lamp, Others); By Application (Wired, Wireless); By End-Use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Mar-2023
- Pages: 117
- Format: PDF
- Report ID: PM1631
- Base Year: 2022
- Historical Data: 2019-2021
The global high-end lighting market was valued at USD 21.27 billion in 2022 and is expected to grow at a CAGR of 6.7% during the forecast period. The global lighting market has been undergoing a rapid transformation over the past few years, with Light Emitting Diodes (LED) being one of the major light sources. The market has seen a continuous evolution with high-energy efficient improvements. LEDs have also led to a steep decline in cost per unit. Hence, LEDs have successfully replaced conventional lights such as halogen and incandescent bulbs. Some of the notable technological advancements in the high-end lighting market also include sensor-enabled lights, color changing, and connectivity.
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Increasing demand for smart and connected homes is anticipated to be one of the major reasons for the rise in demand for high-end lighting, thus driving market growth. The use of incandescent lights and high-intensity discharge lamps has been banned in many countries. Hence, their shares have been continuously decreasing. Increasing awareness about the benefits associated with the usage of LEDs has also driven the growth in demand for high-end lights.
Increasing Government support for the use of LED lights to save energy and also decrease carbon emissions has led to an augment in demand for these high-end lighting as well.
In addition to these, the rise in per capita income among consumers has led to increased demand for interior designing, which in turn has led to an augment in the growth of the high-end lighting market in recent years. However, the introduction of green lights is anticipated to be a major challenge for the growth of the high-end lighting market over the forecast period.
High-end lighting is an excellent example of how to preserve the environment, save energy, promote health and safety, and use intelligent control to design materials, electrical connections, systems, and heat removal techniques. While paying attention to practical lighting purposes, such as generating a visual environment, reducing glare, and so on, and making an effort to create a strong protective layer, provide people with lighting that is healthy and comfortable.
Numerous high-end lighting system production facilities had to temporarily close due to the sudden COVID-19 pandemic breakout and the strict lockdown. Almost every nation in the globe was affected by the epidemic. The pandemic caused some loss in the majority of industries. The epidemic also caused a downturn in the high-end lighting market.
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The key drivers behind the fast growth of the markets are the rapid increase in industrial activity, urbanization, and technical improvements in developing nations. The major drivers of the market's expansion are the quick speed at which public housing is being built and the requirement to maintain low carbon footprints.In addition, government programs and policies, the growing use of smart lighting systems, and lower production costs of LED component manufacturing have all contributed to the rapid growth of the high-end lighting market. The emergence of the pandemic has significantly changed the way of life of GenZ and Millennials, leading to a surge in investment in attractive, energy-efficient lighting solutions.
For instance, in 2022, Lumileds introduced the Luxeon COB Core Pro to solve lighting requirements in the retail and hotel industries and track lighting situations that would improve luminous efficacy, operational temperature tolerance, and color fidelity. Rapid urbanization, industrial expansion, and technical improvements are the primary drivers that will propel the growth of this market.
One of the main drivers of the expansion of the high-end lighting industry is the rising desire for smart and connected homes. Additionally, it is projected that rising awareness of the advantages of using LEDs would accelerate the expansion of the high-end lighting industry.
The market is primarily segmented based on the light source, application, end-use, and region.
By Light Source
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The LED segment accounted for a significant market share in 2022
LED lights have made a significant share owing to their advantages, such as high efficiency and cost-effectiveness. It is estimated that the prices of LED lights will decrease in the near future, making it an attractive option for customers. This, in turn, is also expected to boost the demand for LED lights, thus driving the segment’s growth.
The wireless segment is expected to dominated the market in 2022
This is mainly attributed to the augment in demand for smart homes in developed and developing countries. The wireless high-end lighting can lead to in-house usage of lighting from distant places, thus contributing to an easy lifestyle for customers. Better connectivity to smartphones and Bluetooth controllers is expected to augment the demand for wireless high-end lighting, thereby driving the demand for high-end lighting. However, it is estimated that wireless high-end lighting will not replace wired high-end lighting in the near future.
The commercial segment is projected to grow prominently over the forecast period.
The commercial segments are expected to expand exponentially over the forecast period. The growing commercial sector, coupled with rising demand for smart high-end lights such as LEDs, is expected to be one of the major factors driving the growth of this market. In addition, the need for energy savings in the commercial and industrial sectors is projected to contribute majorly to the market’s growth.
Asia Pacific dominated the global market in 2022
The global market was dominated by Asia Pacific in terms of market share in 2022. This region is anticipated to witness exponential growth over the forecast period. This is mainly attributed to the growth of commercial and industrial sectors in the Asia Pacific region. In addition, Asia Pacific is a hub for major players in this market. Toshiba Lighting is one of the regional players in the LED lighting market in Japan. Favorable economic conditions and rapid technological advancements have also led to growth in demand for high-end lighting in the Asia Pacific region.
The leading players in the market include OSRAM Licht AG, Philips Lighting Holding B.V., CREE Inc., General Electric Company, Toshiba Co., Digital Lumens, Inc., Holtkoetter, CMD Ltd., Helestra Leuchten GmbH.
- In January 2022, Signify N.V. released a new television ad campaign for its Philips HexaStyle LED downlight called "The new form of style," displaying the different distinctive patterns customers may make on their ceiling with these downlights. Such products will give consumers an attractive experience and expand the market.
- In May 2021, Lutron introduced improvements to its Athena lighting and shading system, giving it a centralized command and control panel. This is very helpful for dinner places, restaurants, and other places where there is a need to conserve back-house space.
High-end Lighting Market Report Scope
Market size value in 2023
USD 22.61 billion
Revenue forecast in 2032
USD 40.56 billion
6.7% from 2023 – 2032
2019 – 2021
2023 – 2032
Revenue in USD billion and CAGR from 2023 to 2032
By Light Source, By Application, By End-Use, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
OSRAM Licht AG, Philips Lighting Holding B.V., CREE Inc., General Electric Company, Toshiba Co., Digital Lumens, Inc., Holtkoetter, CMD Ltd., Helestra Leuchten GmbH.
The global high-end lighting market size is expected to reach USD 40.56 billion by 2032.
Key players in the high-end lighting market are OSRAM Licht AG, Philips Lighting Holding B.V., CREE Inc., General Electric Company, Toshiba Co., Digital Lumens, Inc., Holtkoetter, CMD Ltd., Helestra Leuchten GmbH.
Asia Pacific contribute notably towards the global high-end lighting market.
The global high-end lighting market expected to grow at a CAGR of 6.7% during the forecast period.
The high-end lighting market report covering key segments are light source, application, end-use, and region.