- The key vendors in the general lighting market in North America 2015-2019 are General Electric Co. (GE), Koninklijke Philips NV (Philips), Panasonic Corp. and Schneider Electric SE
London, 05 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the general lighting market in North America 2015-2019. Increased market penetration of LED lights is one of the major trends upcoming in the market. The penetration of LED lighting in the general lighting market in North America will likely increase during the forecast period, as LED lights are considered to be an energy-efficient lighting source alternative compared to traditional lighting sources. The general lighting market in North America is estimated to grow at a CAGR of 2.67% during 2014-2019.
The increased demand for lighting products in North America has fueled a concomitant rise in the demand for electricity in the region. General lighting constitutes 20% of global electricity production, forcing many countries to focus on and promote energy-efficient lighting technologies, as less energy consumption is an essential prerequisite for creating a sustainable ecosystem.
“The increased adoption of LEDs in various application segments will prompt vendors to invest in new technologies in the market,” says Faisal Ghaus, Vice President of Technavio Research.
“Market restructuring will gain momentum, which will be highly beneficial from the customer’s perspective. Intense competition among vendors will lead to the introduction of innovative products.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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