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Analysis: The future lighting market will reach 296.2 billion US dollars
According to the latest report of the US market research organization TMR, the global lighting product market is constantly developing, and new demands are emerging one after another. According to the report data, the compound annual growth rate of the global lighting product market from 2017 to 2025 reached 10.4%, and it is expected to grow from USD 133.943.4 million in 2017 to USD 296.230.7 billion in 2025. The report divides the types of lighting products into LED lamps, T8 LED lamps, discharge lamps, incandescent lamps, and lamps. Lamps are divided into ceiling lights, strip lights, hidden lights and chandeliers. The lighting application areas include commercial areas, industrial areas and residential areas. During the forecast period, the Asia-Pacific region has the largest demand for lighting products. It is estimated that the scale will reach US$147.858.4 billion by 2025, with a compound annual growth rate of 13.4%. The Middle East and Africa region is the second largest market, with a compound annual growth rate of 10.2%. At present, the demand for high-power and long-life bulbs and tubes in the market is increasing. The industry is also continuing to innovate and improve. For example, the development of high-density discharge lamps, LED lamps and OLED lamps has greatly promoted the development of the lighting market. And because of the high power and long service life of this type of bulb, it is becoming more and more popular with consumers. The urbanization of developing countries and the emphasis on high-efficiency urban intelligence in developed countries are the main reasons for the growth of global lighting products. However, lack of awareness of recycling, high installation costs, and lack of public standards are the factors that limit the development of the lighting market. New companies are constantly joining in the lighting product market, and competition is intensifying. According to the report, Panasonic, GE, Philips, Azoogi
LED and other companies dominate the global lighting product market. After decades of development, these companies have launched a series of outstanding products and gradually expanded their share in the global market. But for enterprises, as long as they can make good use of LED wireless lighting technology and focus on providing various systems and solutions, they can gain new opportunities in future competition. Information source: China Sanitary Ware Network
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