Commercial Lighting Market Size, Trends & Analysis with COVID-19 Impact - Forecasts to 2026 By Type of Offering (Hardware, Software, and Services), By Type of Installation (New Installations and Retrofit Installation), By Type of Communication Technology (Wired and Wireless), By Type of End-Use Application (Indoor and Outdoor), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
Commercial Lighting Market Insights
The commercial lighting market is grasped to analyze the prevailing augmentation of CAGR 22.2% during the forecast period (2020-2026). Commercial lighting is a process for lighting commercial spaces such as offices, hospitals, government offices, supermarkets, and others. During the COVID-19, many industries had to shut down and warehouses to accept the new normal life and the lockdown guidelines, which caused people to either WFH or lose jobs. This development also influenced the commercial lighting market, yet unhindered due to the working of various verticals across continents such as BFSI, healthcare, and retail & e-commerce intended to serve towards people's requirements. Few of the drivers assisting the mount are expansion in commercial spaces, the introduction of LED technology, energy-efficient solutions, smart cities & smart lighting, initiatives and awareness towards energy conservations, and depletion of non-renewable energy resources.
Commercial Lighting Market: By Type of Offering
The various offerings of the commercial lighting market include services, software, and hardware. Services are anchored to notice a significant rise in the global market due to fleet electrification, effective energy solutions, guidelines by the regulatory bodies favoring LED technology, value, and advantages of green energy are some of the propellors accelerating the ascent of the market.
Commercial Lighting Market: By Type of Installation
Retrofit and new installation are types of installation. The share to detect a conspicuous eminence would be new installations. Lower cost of operation, government initiatives towards energy conservation, and quality lighting are some of the autoists affecting the escalation of the market.
Commercial Lighting Market: By Type of Communication Technology
The market distribution based on communication technology can be regarded as wired and wireless. Wired communication technology is the fastest-growing segment in the global market. Cost efficiency, easy monitoring & control, and high energy efficiency are few of the influencers aiding the development of the commercial lighting market.
Commercial Lighting Market: By Type of End-Use Application
The bifurcations of the market based on end-use applications are indoor and outdoor, where the indoor application is termed to be presenting the highest share in the CAGR market. The development of smart cities across various nations, high demand for commercial spaces, and fossil fuel reductions act as factors affecting the market.
Commercial Lighting Market: By Region
NA (North America), APAC (Asia-Pacific), Europe, MEA (the Middle East & Africa), and CSA (Central & South America) are the zones based on the territorial division. APAC is considered to manifest a remarkable climb in the market due to attributes such as an increase in urbanization, the demand for higher energy efficiency by SMEs, and installation of the smart street lights gliding the market.
Commercial Lighting Market Share and Competitor Analysis
The principal competitors in the global commercial lighting market are Signify N.V., Legrand S.A., Acuity Brands Inc., GE Current, OSRAM Licht A.G., Leviton Manufacturing Company Inc., Lutron Electronics Company, Hubbell Inc., LEDVANCE GmbH, Schneider Electric S.E., Ideal Industries Inc., The Zumtobel Group and other multiple companies.
Please note: This is not an exhaustive list of companies profiled in the report.
In March 2020, Signify N.V. launched, and upgraded Philips Xitanium Sensor Ready Xtreme LED for open-air applicability with D4i certification.
In February 2020, Legrand S.A. acquired Focal Point. It is an architectural lighting products manufacturing company in Chicago. This acquisition was marked as its fifth addition to the lighting sector.
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The Commercial Lighting Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Commercial Lighting Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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