Electric Lighting Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030
Major companies in the electrical lighting equipment market include General Electric Corporation; Panasonic Corporation; Koninklijke Philips NV; Eaton Corporation Plc and OSRAM GmbH. The global electric lighting equipment market is expected to grow from $125.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Lighting Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027708/?utm_source=GNW
3 billion in 2020 to $129.47 billion in 2021 at a compound annual growth rate (CAGR) of 3.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $175.67 billion in 2025 at a CAGR of 8%.
The electrical lighting equipment market consists of sales of electrical lighting equipment by entities (organizations, sole traders and partnerships) that produce electric light bulbs and tubes, and parts and components (except glass blanks for electric light bulbs) or electric lighting fixtures (except vehicular), nonelectric lighting equipment, lamp shades (except glass and plastics), and lighting fixture components (except current-carrying wiring devices). The electrical lighting equipment market is segmented into general lighting; automotive lighting and back lighting.
Asia Pacific was the largest region in the global electric lighting equipment market, accounting for 31% of the market in 2020.Western Europe was the second largest region accounting for 25% of the global electric lighting equipment market.
Africa was the smallest region in the global electric lighting equipment market.
Major lighting companies are integrating lighting fixtures with IoT technology to enable remote user control and for controlling lighting in office, work environment and city infrastructure.IoT technology is widely being used in homes and work places to integrate and control internal and external light fixtures.
Beacons, which are small Bluetooth radio transmitters that give signals to other devices, are used to enable wireless lighting control and broadcast the location of fixtures. For instance, in 2018, OSRAM Licht AG, a lighting manufacturer collaborated with Nokia to provide equipping LED ceiling luminaires with 5G radio chips to transmit data inside commercial buildings.
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