The lighting equipment market is in a state of flux as the conventional incandescent bulbs are increasingly being replaced by the more efficient lighting such as LEDs and CFLs. The lighting equipment market is under much scrutiny of late, owing to the high potential for CO2 abetment and because of the many new entrants making their way in the industry. The rising awareness among an expanding segment of the urban society regarding environmental conservation is contributing to the growth of the market. The growing population is also aiding the growth of the market.
By end user, the market is segmented into industrial, commercial, and others. The lighting equipment industry depends heavily upon the commercial and residential construction, as the demand from these segments makes up a significant share of the industry revenue. On the basis of application, the market is segmented into general purpose lighting, vehicle/automobile lighting, backlighting, and others.
The report is holistic, providing a complete view across all key sectors, geographies, applications, light-source technologies, and different stages of the value chain. The study covers key industry parameters such as market definition, classification, specification, and application. It discusses the growth prospects and upcoming trends in the global lighting equipment market. Factors hindering the growth of the market have also been discussed in detail. The impact of regulatory policies and predominant economic trends on the overall market has been studied in the report.
Overview of the Lighting Equipment Market
Rising urbanization is encouraging the market to grow. Newer innovations and developments of products such as LED, which support green initiatives, are other factors driving the growth of the global lighting equipment market. Lighting equipment is used across homes, workplaces, shops, hospitals, roads, airports, and sports stadiums. Manufacturing firms also use lighting equipment in products such as household appliances and other electronic gadgets. All these factors will ensure the market’s growth over the coming years.
The high competition in the market owing to the presence of a number of players is one of the factors restraining the growth of the market. The high cost of the technologically advanced lighting equipment becomes a problem for price sensitive consumers.
The developing countries in Asia Pacific are expected to be lucrative markets for lighting equipment. The low labor costs in Asian countries have enabled foreign producers to sell competing products at much lower prices.
On the basis of technology, the global lighting equipment market is segmented into conventional lighting/non-eco-friendly lighting, eco-friendly lighting, solid state lighting (SSL), light emitting diodes (LED), organic light emitting diodes (OLED), and polymer light emitting diodes (PLED).
Key Players in the Global Lighting Equipment Market
The report profiles key vendors operating in the market such as Philips, GE, Panasonic, MIC Electronics, Osram, Zumtobel, and others. The key strategies adopted by companies and their business and financial overview have also been analyzed in the report. The challenges faced by companies and their recent developments are discussed.
Key segments of the lighting equipment market
- Based on Application
- General Purpose Lighting
- Vehicle/Automobile Lighting
- Based on Technology
- Conventional Lighting/Non-Environment Friendly Lighting
- Environment Friendly Lighting
- SSL (Solid State Lighting)
- LED (Light Emitting Diodes)
- OLED (Organic Light Emitting Diodes)
- PLED (Polymer Light Emitting Diodes)
- Based on End Users
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.