Technavio, a tech-focused market research firm, has published a new report on the global lighting market in the hospitality sector, which is expected to experience a steady growth rate with a CAGR of about 7% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global lighting market in hospitality sector for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global lighting market in the hospitality sector into the following key regions: APAC, Americas, and EMEA.
Geographical segmentation of the global lighting market in hospitality sector for 2015 (market share %)
|
APAC |
55.12% |
|
Americas |
25.25% |
|
EMEA |
19.63% |
Source: Technavio
APAC: Largest revenue generating region for lighting in the hospitality sector
The popularity of domestic and international tourism in APAC drives the investment in the hospitality sector in the region. Expansion of numerous international hotel brands and the upgradation of tourist spots in China has resulted a growth in tourism by more than 10%. In 2015, the lighting market in the hospitality sector in APAC was valued at $3.99 billion and is expected to reach 5.31 billion by 2020, growing at a CAGR of almost 6% during the forecast period.
According to Navin Rajendra, an industry expert at Technavio, specializing in research on lighting, “The summer and winter Olympic games scheduled to be held in APAC has attracted a lot of tourists. Also customers in the hospitality sector who install energy-efficient lighting products are provided subsidies by the government and power utility companies. Such factors drive the demand for energy-efficient lighting technologies in the hospitality sector.”
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Lighting market in hospitality sector in the Americas
In terms of revenue, the Americas was the second largest contributor to the global lighting market in the hospitality sector in 2015. Major revenue contributors are Brazil, Canada, and the US. Brazil,in Latin America, was one of the major countries to contribute more than 360 hotel construction projects for 2016. To attract tourists, Brazil is upgrading to LED lighting technology to highlight the hotels. Installation and upgradation of energy-efficient lighting are implemented to reduce carbon footprint in the hotels in North America. Customers in the hospitality sector who install energy-efficient lighting products are provided subsidies by local power utility companies in the Americas. A US-based non-profit organization called the US Environmental Protection Agency and DesignLights Consortium, provide Energy Star certification to various organizations.
Lighting market in the hospitality sector in EMEA
Since the European and Middle Eastern countries are some of the popular holiday destinations in the world, a large number of new hotels are constructed in EMEA. One of the catalysts for the hospitality sector in Europe has been the falling oil prices and depreciating euro with respect to the USD. In 2015, tourist around the globe favored European destinations over the Middle East and North Africa. An event such as the UEFA Euro 2016 attracted a large number of tourists in the country. All these factors contributed to the growth in the hospitality sector in Europe. The growing number of hotel constructions in the hospitality sector has accelerated the demand for energy-efficient lighting solutions in Europe.
The top leading vendors operating in the global lighting market in the hospitality sector are:
- Cree
- General Electric
- OSRAM
- Philips Lighting Holding Callaway
A more detailed analysis is available in the Technavio report titled, ‘Global Lighting Market in Hospitality Sector 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Lighting Market 2016-2020
- Global Led Lighting Ballast Market 2016-2020
- Global General Lighting Market 2016-2020
- Global Xenon Lights Market 2016-2020
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