NEW YORK, July 29, 2022 /PRNewswire/ — The latest market analysis report titled Ambient Lighting Market by Product and Geography – Forecast and Analysis 2022-2026 has been added to Technavio’s catalog. The global ambient lighting market has been categorized as a part of the global electrical components and equipment market, as per the analysts at Technavio. This report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ambient lighting market during the forecast period. The report on the ambient lighting market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
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Key Market Dynamics
Rapid urbanization and digitization to Drive Market Growth
- The rapid population growth and urbanization have raised the demand for lighting.
- The growth of the global ambient lighting market will be driven by strong demand for ambient lighting products from new construction activities, increased residential usage, and declining LED prices.
- Rising consumer awareness of the cost-effectiveness and environment-friendly nature of LED lights has boosted their volume sales in both the residential and commercial sectors.
- The adoption of LED A-type lights has led to the growth of residential illumination applications, which will drive market growth in the coming years.
Lack of Common Standards to Limit Growth
- Manufacturers offer a variety of products that meet the requirements of many locations and countries.
- Lighting system manufacturers are concentrating on the development of open protocol devices. US-based Zhaga Consortium is one of the pioneers of LED lighting standardization.
- Owing to the lack of comprehensive coordination among suppliers of various parts and components, manufacturers of LED modules cannot profit from economies of scale, and designers and manufacturers of fixtures cannot develop their products efficiently.
- The Lighting Industry Association (UK) has created an independent LED production verification program, which sets standards for LED products in the country.
- The lack of standardization may limit the growth of the ambient lighting market during the forecast period.
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Market Segment Insights
This report extensively covers ambient lighting market segmentation by product (lamps and luminaires, lighting controls, and surface-mounted lights) and geography (North America, EuropeAPAC, the Middle East and Africaand South America).
By product: The lamps and luminaires held the largest ambient lighting market share in 2021. The segment will continue to account for the highest share throughout the forecast period. The growth of this segment can be attributed to the enhanced performance, higher accuracy and flexibility, and easy integration with existing lighting systems offered by the new-generation lamps and luminaires.
By geography: 36% of the market’s growth will originate from North America during the forecast period. The US is the key market for ambient lighting in North America. Market growth in this region will be faster than the growth of the market in the Middle East and Africa. The high disposable income and awareness of interior decoration among end-users and the presence of a number of key ambient lighting vendors that manufacture and sell lighting controls, surface-mounted lights, lamps, and luminaries will facilitate the ambient lighting market growth in North America over the forecast period.
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The ambient lighting market is fragmented and the vendors are deploying growth strategies such as new product launches to compete in the market.
To make the most of the opportunities and recover from the post-pandemic impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ambient lighting market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
- ams OSRAM AG
- Bridgelux Inc.
- Corsair Gaming Inc.
- General Electric Co.
- IDEAL INDUSTRIES Inc.
- Nirvana Light
- NZXT Inc.
- SCHOTT AG
- SEAT SA
- Sigma International Inc.
- Signify NV
- STANLEY ELECTRIC Co. Ltd.
- Technical Consumer Products Inc.
- Toyoda Gosei Co. Ltd.
- VAIS Technology
- VIBIA LIGHTING Ltd.
- Zumtobel Group AG
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Ambient Lighting Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 8.86%