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LED lights contain zero toxic elements and are eco-friendly as well; therefore, their demand is influenced by policies and initiatives by the governments of countries for energy conservation and environmental protection.
The products of the lights and lighting market are used in different industries, including automotive, mobile devices, general lighting, healthcare, signal and signage, forensic, academics, and street lighting. Therefore, the boost is bound to prevail in this market post-COVID-19.
Urban infrastructure is on track for revolution. Underdeveloped countries are quickly revolutionizing their road infrastructure and street lights are proving to be a major factor in this. As per research, the roadway and street lighting market is projected to grow at a CAGR of 6% to reach the overall market size of $10.94 Billion by 2022.
Lifestyle, either at home or at workplaces, is changing. From entryways to the main area, people prefer to install outdoor lighting to illuminate their offices and homes. Therefore, various fancy outdoor lighting is in high demand and this industry is seeing a major surge. As per research, the global market for outdoor lighting is projected to touch $25.2 Billion at 15.02% CAGR by 2027.
Indoor lighting covers lighting controls, lamps, and luminaires. These are frequently used in homes and apartments to keep the area decorated. These lightings were valued at $69.39 billion in 2020 and it is projected that this market will grow at a CAGR of 10.60%, to hit the volume mark of $104.87 billion by 2026.
Global Market for LED lights has on the surge due to its growing popularity. The maintenance of LED lightings is massively lower than incandescent lights. Hence, Chinese and Indian governments are encouraging the adoption of LED technology for highway and roadway applications to save maintenance and energy cost.
As per research, the outdoor LED lighting market is projected to grow at a CAGR of over 14.0% by 2026.
An emergency light is a lighting device backed by a battery that automatically switches on when a building experiences a power outage. Lightings such as OT lights are high in demand due to rapid development in the medical sector. As per research, The Emergency Lighting market was valued at $4,550 Million in 2020 and is forecasted to reach $8120 Million at a CAGR of 7.5% by 2025.
It includes fancy light, LED ribbon, bamboo light, or LED light pipe. Holiday decorative market is mainly driven by governmental policies around the world. These lights conserve more energy than traditional ones. However, trading volume for these lights is showing a healthy amount as these lightings set the ambiance of rooms and throw pleasing vibes. As per research, the global market for decorative lighting is expected to grow at a CAGR of 3.1% to reach $42,900 million by 2025.
Table lamps, stone lamps, and wall-mounted LED lights are making rounds in the chandeliers and pendant lighting industry. Since fancy lights are in demand, they put extra glow in the overall setting of a room. The global market size for the chandelier was valued at $6.7 billion in 2018. However, it is expected to grow at a CAGR of 3.4% by 2025.
All the projections and estimates here are carried out with a conservative approach due to the impact of the global pandemic. Governments are unsure as to how economies will relax due to concerns about COVID-19 variants. However, companies dealing in the lights and lighting industry would definitely see a sharp surge in their revenue once the world goes back to normal.
