Commercial Lighting Market Growth Prospects, Comparative Analysis, Size and Forecast, 2023 – 2032
May 08, 2024
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Commercial Lighting Market Insights:
Commercial Lighting Market Size was valued at USD 0.85 Billion in 2022. The Commercial Lighting market industry is projected to grow from USD 0.95 Billion in 2023 to USD 2.45 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032). Increased use of LED lighting in industrial and commercial applications and Investment in construction are the key market drivers enhancing market growth.
The commercial lighting market spans a broad spectrum of applications, catering to the unique lighting needs of various sectors. From office buildings and hospitals to shopping malls and sports arenas, each segment presents distinct requirements in terms of lighting design, functionality, and energy efficiency.
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Key Players:
- Acuity Brands Lighting Inc.
- Cree Lighting
- Dialight
- Digital Lumens Inc.
- Hubbell
- LSI Industries Inc.
- LumiGrow
- Panasonic Corporation
- Siteco GmbH
- Signify Holding,
are the notable vendors in the Commercial Lighting Market.
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Commercial Lighting Market Regional Analysis:
The commercial lighting market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe commercial lighting market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The commercial lighting market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World commercial lighting market comprises of Middle East, Africa, and Latin America.
The largest market share for commercial lighting was maintained by the North American regional sector. This increase is attributed to the region has a mature economy with a large number of commercial establishments such as offices, retail stores, and industrial facilities that require extensive lighting solutions. Secondly, there is a strong emphasis on energy efficiency and sustainability in North America, driving the adoption of LED and other efficient lighting technologies.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for commercial lighting is driven by stringent regulations and policies aimed at reducing energy consumption and carbon emissions have led to a widespread adoption of energy-efficient lighting solutions across various commercial sectors. Additionally, technological advancements, particularly in LED lighting and smart lighting systems, have offered improved efficiency, durability, and versatility, driving their uptake in commercial settings.
Additionally, Asia Pacific is poised to witness rapid growth in the commercial lighting market due to several factors. Firstly, the region's robust economic growth and rapid urbanization are leading to extensive infrastructural development, including commercial buildings, offices, retail spaces, and hospitality establishments, all of which require lighting solutions.
Furthermore, the rest of the world's commercial lighting market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the rapid urbanization and industrialization in these regions are leading to increased construction activities, including commercial infrastructure such as office buildings, shopping malls, hotels, and restaurants. Additionally, efforts to modernize infrastructure and improve energy efficiency are driving the adoption of advanced lighting technologies.
Commercial Lighting Market Segmentation:
The commercial lighting market has been segmented based Offering, Installation Type, Communication Technology and End-use Application.
On the basis of Offering, the market is segmented into Hardware, Software, and Services. The services segment was attributed to holding the largest market share in 2022.Due to the essential role of service providers in offering support, consultation, and personalized solutions for immunomodulator therapy. Conversely, the fastest-growing offering category is Software, experiencing rapid expansion as the integration of advanced software solutions becomes increasingly important in immunomodulator research, development, and treatment planning
Based on Installation Type, the commercial lighting market has been segmented into New Installations, Retrofit Installation. The new installations segment was expected to hold the largest market share in 2022.The dominating installation type category is New Installations, holding a significant market share as there is a continuous demand for the integration of cutting-edge immunomodulator technologies into new healthcare facilities. Conversely, the fastest-growing installation type category is Retrofit Installation, experiencing rapid expansion due to the increasing focus on upgrading existing healthcare facilities with the latest immunomodulator technologies.
Based on Communication Technology, the commercial lighting market has been segmented into Wired, Wireless. The wired segment was expected to hold the largest market share in 2022.Due to its established reliability and stability in transmitting critical data for immunomodulator treatments. Conversely, the fastest-growing communication technology category is Wireless, experiencing rapid expansion as advancements in wireless technology provide increased flexibility and mobility in managing immunomodulator therapies.
Based on End-use Application, the commercial lighting market has been segmented into Indoor, Outdoor. The indoor segment was expected to hold the largest market share in 2022.As immunomodulator therapies are predominantly administered within controlled indoor environments such as hospitals and clinics. Conversely, the fastest-growing end-use application category is Outdoor, experiencing rapid expansion due to the emerging trend of decentralized healthcare delivery and the utilization of immunomodulators in outdoor settings.
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The commercial lighting market is undergoing a period of transformation driven by technological innovation, sustainability initiatives, and shifting user preferences. LED lighting, smart lighting systems, and human-centric design principles are reshaping the way commercial spaces are illuminated, offering benefits in terms of energy efficiency, operational flexibility, and occupant well-being. As the market continues to evolve, collaboration between industry stakeholders and ongoing investments in research and development will be essential to unlock the full potential of lighting technology in creating vibrant, sustainable, and human-centric built environments.
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