Market Research Future (MRFR) has asserted in its recently published report that the global ambient lighting market will expand saliently at 11% CAGR and will be valued at USD 94 Bn by the end of 2023.
The ambient lighting are the latest lighting solutions in the market. It delivers the best quality, brightness, attractive light, precise illumination, greater efficiency, reduced glare and others. The demand of these lighting are huge due to its energy savings, reliable performance, easy installation, low cost maintenance, and others. In June, 2017, Inova Semiconductor has started offering ambient lighting solutions that is light emitting diode (LED) lighting system to the automotive industry which provides high-resolution in-car video application. These lighting solution is widely accepted by premium car manufacturers including BMW, Jaguar Land Rover, Rolls Royce, Volvo, Bentley, and others.
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The latest addition of the ambient lighting products to the lighting industry has intensified the demand owing to its efficiency in terms of energy.
The widening range of application base for the accelerated adoption of ambient lighting has fueled the growth of the market. The bullish trend observed in automotive and infrastructure industries has accelerated the proliferation of the ambient lighting market globally. The incessant endeavors of the ambient lighting industry leaders directed towards innovation and technological advancements have catalyzed the demand generation of ambient lights. The factors responsible for the rising demand in the ambient lighting market are energy savings, reliable performance, easy installation, low-cost maintenance, best quality brightness, attractive light, precise illumination, greater efficiency, and reduced glare among others. The global ambient lighting market is bifurcated on the basis of type, components, applications and region. The type is segmented intodown lighting, surface mounted lighting, suspended lighting, track lighting and others. The components is segmented into hardware, software, services and others. The applications is segmented residential, commercial (automotive, hospitals, offices) and others. The region includes North America, Europe, Asia Pacific and rest of the world.
By type, the global ambient lighting market is segmented into down lighting, surface mounted lighting, suspended lighting, track lighting, and others.
By components, the ambient lighting market is segmented into hardware, software, and, services.
By applications, the ambient lighting market has been segmented into residential, and, commercial. The residential segment is further sub-segmented into automotive, hospitals, and, offices.
The key players consolidated in the competitive landscape of ambient lighting market have been profiled by MRFR in its report which include General Electric Company (U.S.), Unity Technologies SF (U.S.), Acuity Brands Lighting Inc. (U.S.), Pasolite (India), Thorn Lighting (U.K) OSRAM Licht GmBH (Germany), Philips Lighting Holding B.V. (Netherlands), Enterprise Lighting LTD (U.S.), Cree, Inc. (U.S.), Häfele GmbH & Co KG (Germany), and LIGMAN Lighting Co., Ltd. (Thailand) among others. The top-notch players strive to gain prominence in the market by strategizing growth trajectories such as acquisitions & mergers, LIGMAN Lighting Co., Ltd. (Thailand), expansion of product portfolio, product innovation, collaborations, etc.
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In June 2019, Smart home brand, Deconnect, has announced the launch of Gloo as an addition to its product line. Gloo is a wireless charging station that can also be used as an ambient light system controlled by mobile application. It is the first crowdfunding project that enables the customer to preview how different versions of the product will look when installed at home using a unique Augmented Reality feature available in the companion Deconnect application.
By region, the ambient lighting market has been segmented into North America, Europe, Asia Pacific, and, Rest of the World. The North America market is leading globally with the highest amount of revenue being generated from the region. It will exercise its dominance over the global market throughout the assessment period. The major factors responsible for the growth of the market in this region are the increased demand and widening range of applications in both residential and commercial sectors. Europe market will thrive at a rapid pace over the next couple of years owing to increased demand from the residential construction sector, industrial sector, etc.
Asia Pacific market will exhibit tremendous potential for the growth and expansion of the market. It will show a steep rise in the amount of revenue creation during the projection period. The booming automotive and infrastructure industries in emerging economies such as India, China, and, Japan will proliferate the revenue creation in the region. Furthermore, increasing disposable income, rising standards of living, the growing population of upper-middle-class families will propel the expansion of the ambient lighting market. The Rest of the World will account for the least share and demonstrate a steady upward swing during the assessment period.
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This post was originally published on The Market Plan