Professional luminaries: Key market research findings
- Rising demand for energy-efficient lighting aids market growth
- Commercial segment accounts for a majority of the market’s revenue
- Key vendors – Acuity Brands, GE Lighting, OSRAM, Panasonic, and Philips
Technavio’s market research analysts predict the global market for professional luminaries to grow at a CAGR of around 4% between 2016 and 2020. The introduction of energy-efficient lighting technologies is the primary driving force behind the growth of this market. Some countries have banned the use of incandescent bulbs as a means to promote energy-efficient luminaire technologies. This will result in the higher adoption of other technologies such as halogen, CFL, LFL, and LED technologies. During 2015, the global professional luminaries market was dominated by APAC with a market share of around 49%. A rise in the demand from commercial segments coupled with upcoming international events in developing countries such as China, India, and South Korea will fuel the growth of the professional luminaries market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the professional luminaries segments based on the end-user.
“The demand for architectural lighting fixtures is currently on an upsurge. Architectural lighting is used to emphasize the important features of a building or an interior setting. This includes floor luminaires, outdoor floodlights, and decorative lamps that come in different shapes and sizes. Philips has introduced its stylish range of lighting known as Hue, which can connect with the Nest Thermostat and fire alarms, and sense user presence in homes to switch on the lights or detect smoke or any fire hazard,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
By 2020, the commercial segment will account for 57% of the overall market revenue to continue its dominance over the global market for professional luminaries. This segment includes lighting systems used in shopping malls, hotels, office spaces, and retail markets. It also considers the lighting solutions used in airports and harbors. The LFL luminaires are primarily used for office-based applications. LFL will continue to be the major revenue contributor for office spaces during the forecast period.
The key vendors in the global market include Acuity Brands, GE Lighting, OSRAM, Panasonic, and Philips. The global professional luminaires market has a high potential for growth during the forecast period. The LED luminaires segment will see unprecedented growth during this period. Therefore, a large number of vendors is expected to enter the market in order to tap this growth opportunity. The increased adoption of LED luminaires in different application segments will attract many vendors to invest in new technologies in this market. Though the high number of vendors will increase industry concentration and intensify competition, it is expected that this will lead to the restructuring of the market that proves beneficial to customers.
A more detailed analysis is available in the Technavio report, Global Professional Luminaries Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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