[March 21, 2018]

Global General Lighting Market - Increasing Urbanization to Propel Growth| Technavio

The global general lighting market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.

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Technavio has published a new market research report on the global general lighting market from 2018-2022. (Graphic: Business Wire)

The report presents a comprehensive research of the global general lighting market by application (residential, commercial, outdoor, and industrial) and product (traditional lighting and LED lighting). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: declining manufacturing cost of LEDs

The manufacturing cost of LEDs has declined since 2012, and it will further continue to decrease during the forecast period. This is primarily due to the declining ASP of chips and components used in the manufacturing process of LED devices. The decline in the manufacturing cost of LEDs is leading to a decrease in the initial installation cost of LED lamps and fixtures. This is promoting the installation of new LED lamps and fixtures across all application segments.

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Market trend: growing number of households and urbanization

The rapid urbanization around the world, especially in emerging economies, is leading to the increasing demand for lighting devices from a growing number of households. The residential segment is one of the key contributors to the increasing demand for lighting devices. The demand for general lighting in the residential segment is expected to grow significantly during the forecast period. The increasing urbanization will result in a growing number of households, thereby driving the installation of new lamps and luminaires. This will lead to an increase in the unit shipments and revenue of general lighting products.

According to a senior analyst at Technavio for lighting research, "It was projected that China accounted for an urban population of 57% in 2017. It is also observing a high growth in the urban middle-class population that is expected to account for more than 75% of the middle-class population by 2022. The Chinese general lighting market will observe high growth due to the increasing demand for luxury homes and high-class residential societies. This is expected to accelerate the demand for LED lamps and luminaires. The increase in urbanization leads to infrastructure development that results in high demand for lighting systems."

Market challenge: high average cost per LED fixture

Though the total cost of owning LED lamps and fixtures is low compared to traditional incandescent and halogen bulbs, the high initial cost acts as a deterrent. The total cost of installation includes the cost of LED luminaires and labor cost. Furthermore, the consumers who install smart lighting fixtures require a huge amount of money for the Internet of Things (IoT) infrastructure. The price of incorporating smart bulbs in a fixture also varies depending on the type of manufacturer.

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