Lighting Market to Exhibit 4.4% CAGR from 2023 to 2030; Solar Powered Lighting to Act as a Catalyst for Exponential Growth in the Industry

The global lighting market size was valued at USD 122.03 billion in 2022. The market is projected to grow from USD 125.48 billion in 2023 to USD 169.44 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Lighting Market Size, Share & COVID-19 Impact Analysis, By Lighting Type (LED, CFL, LFL, HIDs, Halogen, and Incandescent), By Application (General Lighting, Automotive Lighting, Backlighting, and Others), By End User (Residential, Commercial, and Industrial), and Regional Forecasts, 2023-2030”.                     

The widespread adoption of solar-enabled lights is paving the way for substantial growth opportunities for companies operating in this sector. Across developed and developing nations, an increasing number of users are embracing this technology, reaping benefits such as cost savings, time efficiency, and reduced additional investments. The rising popularity of solar-powered lighting solutions is revolutionizing the industry and creating a platform for companies to thrive while contributing to a sustainable future.Supply Chain Challenges Impacted Market while Residential Sector Led to Steady Market Growth During Pandemic

The market faced challenges in terms of the availability of raw materials for manufacturing chips, light casings, and other essential components, which directly impacted the supply and demand dynamics. However, despite these obstacles, the market experienced a steady growth rate. The resilience of the market can be attributed to the growing adoption of lights in the residential sector, which helped offset the impact of the pandemic. As lockdown measures were implemented, people were compelled to work from home, leading to a surge in demand for lighting solutions in residential spaces.

OSRAM Introduces Cutting-Edge LiDAR Lasers for Enhanced Vision in Autonomous Vehicles

In a significant development, OSRAM unveiled its latest LiDAR (Light Detection and Ranging) lasers in September 2019, designed specifically for integration into autonomous vehicles. This breakthrough technology revolutionizes the driving experience by enabling drivers to see further and enjoy enhanced vision capabilities.

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LEDs Powered by Solar Systems Drive Market Growth and Energy Efficiency

In recent years, the application of LEDs in solar systems has witnessed a remarkable surge, presenting a transformative opportunity to cater to millions of users globally. The off-grid solar sector, in particular, is experiencing significant growth, driven by the inherent energy efficiency and the availability of Pay-As-You-Go (PAYGO) enabled products. The rising adoption of solar-enabled lights is poised to make an enormous growth platform for companies operating in this sector.

However, the lighting market growth potential is facing hurdles as investors encounter significant challenges, predominantly stemming from strict government policies related to environmental actions.

Industry Leaders Drive Innovation and Spearhead Product DevelopmentSchneider Electric SE, OSRAM Licht SE, and Panasonic Corporation stand at the forefront of the lighting industry, relentlessly driving innovation through their continuous efforts in developing new products. These companies have established themselves as key players, leading the way toward a more efficient and sustainable future.Notable Industry Development

• May 2020 - Havells India Ltd. extended the warranty and customer support for its customers during the pandemic. The company uses digital communication technologies, such as WhatsApp, where consumers can file a complaint regarding the product.

List of Companies Profiled in the Report

• GE Lighting (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• Panasonic Corporation (Japan)


• OSRAM Licht AG (Germany)


• Schneider Electric SE (France)


• Cree, Inc. (U.S.)


• CITIZEN ELECTRONICS CO., LTD. (Japan)


• Lumerica (Canada)


• Havells India Ltd. (India)


• LEDtronics, Inc. (U.S.)


• Patriot LED (U.S.)


• Acuity Brands, Inc. (U.S.)

Further Report Findings

• The Asia Pacific market was valued at USD 57.56 billion in 2022, holding a dominant lighting market share, with China at the helm of this remarkable growth. China's extensive network of specialized light production factories has catapulted it to the status of a global manufacturing hub.


• North America is poised to experience a moderate growth trajectory. The region's growth prospects are primarily fueled by the presence of several large-scale companies.

Table of Segmentation