The global market for lighting product has made rapid strides in recent times due to a renewed zeal to employ energy efficient ways of lighting. The LED tubes and bulbs have transcended as vital sources of lighting in houses and office spaces due to their competence to consume minimal energy. Several global initiatives have focused towards providing power lights to all the regional pockets. This is an integral factor that has contributed to the growth of the market.
Transparency Market Research (TMR) estimates that the market for lighting products is projected to expand at a robust CAGR of 10.4% for the period from 2017 to 2025. The market value that stood at US$133,943.4 mn in 2017 is expected to elevate to US$296,230.7 mn by 2025.
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Which Factors Have Popularized Lighting Products Across the Globe?
Advancements in technology have enabled the production of light bulbs, tubes, and lamps that cater to the specific needs of households, offices, and industrial spaces. Furthermore, an energy crunch experienced across the globe has amplified the need to produce lighting products that consume minimal energy. The aforementioned factors have been the primary reasons behind the growth of the market. Furthermore, the rapid development of urban centers and high-rise buildings has also created demand for efficient lighting products with a long life. LED lighting systems have been the cynosure of the entire market because they provide cost-effective lighting solutions.
What are the Hurdles Obstructing Affluent Growth of the Market?
A severe lack of awareness amongst a large chunk of the population has deprived market players of a large consumer base. Although the advanced lighting systems are both, cost- and energy-efficient, the unawareness about their utility has discouraged the consumers from buying them. In order to reap the benefits of the market, there needs to be a common standard in practice for lighting systems.