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Global Lighting Market 2017-2021: Key Application Segments and Forecasts by TechnavioAccording to the latest market study released by Technavio, the global lighting market is expected to grow at a CAGR of more than 9% during the forecast period. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170615005875/en/ 
Technavio has published a new report on the global lighting market from 2017-2021. (Graphic: Business Wire) This research report titled 'Global Lighting Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions. Looking for more information on this market? Request a free sample report Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. The market research analysis categorizes the global lighting market into three major application segments. They are:
Global general lighting market General lighting is the most popular segment as it is most widely used in applications such as homes, offices, factories, streets, stadiums, and theaters. Market leaders such as Philips, GE Lighting, OSRAM, and Cree (News - Alert) mostly focus on this segment. A major boost to the general lighting segment in recent times is the introduction of LEDs. LEDs are highly preferred by customers because despite their high initial purchase cost, their maintenance cost is very low. They ast significantly longer than traditional incandescent bulbs, consume very less electricity, and are environment-friendly. The continued reduction of LED prices is an added benefit. According to Navin Rajendra, an industry expert for lighting research at Technavio, "Developed countries are experiencing the phenomenon of connected lighting, where every light fixture in a household or office can be controlled via smartphones. The widespread adoption of smart lighting will give general lighting a new direction in the future." Global automotive lighting market This segment is seeing the fastest growth among the three segments due to numerous reasons such as increased safety and lower service and maintenance costs, and due to their better and brighter luminescence than incandescent bulbs. Other than the LED technology, there are other technologies that are driving this segment. The next big thing in automotive lighting is laser lighting, wherein lasers are used to light up the roads. They are energy-efficient, brighter than regular lights, and can go up to distances of 300 meters. In addition, they add to the aesthetics of the car. Halogen bulbs are also an effective option. With the increasing number of cars produced worldwide, automotive lighting will see significant growth. Global backlighting market Backlighting will see rapid growth due to the growing customized needs and requirements of customers in display technology. OLED (organic light-emitting diode) is the next evolution of LED technology. It is much sought after as it offers clearer and crisper images than LED or other technologies. Due to the continuous reduction in the prices of LEDs, the prices of end products like smartphones and televisions have declined, resulting in a higher demand for mobile devices. The display is the most expensive component in a smartphone, accounting for almost 35%-40% of the smartphone's cost. Due to a reduction in the price of the displays, OEMs can lower production costs and achieve better profits. "Modern LED backlighting technology also facilitates miniaturization of electronic devices. As a result, it is observed that smartphones and TV displays getting bigger but slimmer, with a longer lifespan," says Navin. Some of the top vendors highlighted by Technavio's market research analysts in this report are:
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