The ambient lighting market is estimated to be USD 58.0 billion in 2020 and projected to reach USD 88.3 billion by 2025, at a CAGR of 8.8%. The key factors contributing to the growth of the market are modernization of infrastructure and upcoming smart city projects in developing economies, government initiatives and policies for energy savings, and increasing consumer preferences for better interior designing with energy-efficient lighting systems. Increasing awareness regarding energy-efficient lighting solutions and stringent government regulations for the implementation of such solutions across the US, the UK, Germany, and China are proving to be some of the other factors driving the growth for the ambient lighting market.
The major players in the market with a significant presence across various geographies in the ambient lighting market are Signify N.V. (Netherlands), GE (GE Lighting) (US), Acuity Brands (US), Hubbell Lighting (US), and OSRAM Licht AG (Germany). Some of the other players in this market are Hafele (Germany), Helvar (Finland), Wipro Enterprises (P) Ltd (India), Zumtobel Group AG (Austria), and Dialight PLC (UK).
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These companies have adopted various strategies in order to grow in the ambient lighting market, such as development of technologically advanced products, collaborations and acquisitions. These organic and inorganic strategies have proved fruitful for the players in the market as it has led to market and product line expansion for the companies in the ambient lighting market.
Signify (Philips Lighting N.V.) (Netherlands) has been ranked first with highest market share in the ambient lighting market. Signify is an industry leader in the lighting market. Its market experience and brand name allow it to capitalize on the fundamental market dynamics in the lighting industry and deliver innovative solutions that create value and ensure its growth. The company offers energy-efficient and sustainable lighting products and systems. The company offers ambient lighting solutions and products for homes, shops, offices, schools, hotels, factories, and hospitals. The company adopts the strategy of acquisitions. It aims to further invest in connected lighting systems to win contracts related to the supply of connected lighting systems and other lighting control equipment. Signify focuses more on energy-efficient, reliable, and innovative lighting products, as there is an increasing demand for these products.
General Electric Company (GE) has been ranked second. It provides diversified technologies with a strong hold in almost all sectors ranging from power generation to aviation. It is an established player with significant experience in providing energy management and lighting management systems for industrial, residential, and commercial applications. However, the company has a large dependency on the Americas for its revenue (~41%). The established brand image, broad product portfolio, and performance of the company in North America could help leverage competitive benefits arising from the aforesaid initiatives. The company could also focus on enhancing its expenditure to develop state-of-the-art, energy-efficient, and cost-saving lighting systems as the demand for traditional lighting products has fallen drastically in recent years.
Hubbell Incorporated has been ranked third. The company is primarily engaged in the design, manufacture, and sales of quality electrical and electronic products for a broad range of non-residential and residential construction, industrial, and utility applications. Hubbell’s products are either manufactured or assembled by subsidiaries in the US, Canada, Switzerland, Puerto Rico, China, Mexico, Italy, the UK, Brazil, Australia, and Ireland. Hubbell Lighting has been leading because of its cutting-edge solid-state technology for general illumination and broad range of solid-state lighting solutions and products. The long-term strategy of Hubbell is to serve its customers with reliable and innovative solutions delivered through a competitive cost structure to complement organic growth with acquisitions that enhance its product offerings and to allocate capital effectively to create shareholder value. Furthermore, the company focuses on exploiting opportunities to compete in core, adjacent, or complementary markets. Also, the organic growth initiatives remain focused on expanding market share through new products and more effective utilization of sales and marketing efforts across the organization.
OSRAM Licht AG (Germany) has been ranked fourth in the market. Osram is continuously increasing its focus on the fast-growing market for smart lighting and LED components. By reorganizing its business segments and eliminating underperforming businesses, the company seeks to target business-to-business (B2B) markets where there is scope to earn higher profits. The company’s strengths are R&D and innovation. It has launched Einstone, an indoor location-based service. Osram focuses on transforming itself into a high-tech company to target smart visible and invisible lighting technologies for visualization, sensing, and treatment applications. With the acquisition of BAG electronics (a Trilux subsidiary) in March 2018, the company aims to expand its distribution channels in Germany and Asia.
Acuity Brands Inc. (US) has been ranked fifth in this market. Acuity Brands has identified the demand for energy-efficient lighting technologies in the North American market and is aggressively positioning itself to meet this demand. The company offers a wide range of lighting products at multiple price points and for a variety of applications. It is also introducing new or improved versions of its successful products to satisfy the evolving needs of its customers. It has recently undertaken strategic acquisitions, agreements, and partnerships to acquire new technologies and further enhance its product offerings. For instance, in June 2020, the company entered into an agreement with Ushio America, Inc. (Ushio), a vertically integrated solutions company for lighting systems and subsidiary of Ushio Inc., in Tokyo, Japan. With this agreement, the company plans to strengthen its offerings by adding Ushio’s superior products and solutions to its existing portfolio. The company could focus on adopting inorganic growth strategies such as acquisitions, partnerships, and contracts in regions other than North America to increase its customer base and geographic presence.
Ambient Lighting Market with COVID-19 Impact by Offering (Hardware, Software & Services), Type (Surface-mounted, Strip Lights, Track Lights, Recessed Lights), End Users (Residential, Industrial, Office Buildings), and Geography - Global Forecast to 2025
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