The Ambient lighting market is expected to grow from $46.46 billion in 2016 to $90.09 billion by 2022, at a CAGR of 10.71% between 2017 and 2023. According to the research firm Research and Markets, the growth of this market can be attributed to the increasing awareness about energy-efficient lighting systems, modernization of infrastructure, and decreasing costs of light sources such as LEDs.
The residential sector is expected to hold the largest share of the ambient lighting market in 2017. The major factors driving the growth of the market include the increasing number of infrastructure projects worldwide and the growing focus of governments worldwide on installing energy-efficient lamps. In addition, factors such as ongoing technological advancements, increasing consumer preferences for better interior designing, and rising need for energy-efficient lighting are contributing to the growth of the market for ambient lighting for this sector.
The ambient lighting market, on the basis of offering, has been classified into hardware, and software & services. The market for software and services is expected to grow at a high rate between 2017 and 2023. The market growth can be attributed to the increasing integration of wireless networks, IoT, and other technologies in lighting systems. Moreover, the integration of these technologies in lighting systems ensures energy-efficient solutions to consumers.
Among the various types of ambient lights, recessed lights hold the largest share of the ambient lighting market owing to their high demand and wide applications. These lights offer an advantage of being hidden light sources as their control units are embedded in ceilings, which provides a fine finish to the interior. Recessed lighting has a wide range of applications in the office building, residential, industrial, hospitality, and retail sectors. The demand for recessed lights is increasing with the growth in the above-mentioned sectors worldwide.
The lack of common standards and protocols for LEDs and other light sources poses a major challenge for the manufactures in the ambient lighting market. In addition, the lack of awareness about the payback period of lamps and high replacement costs to switch from traditional to ambient lighting are restraining the growth of the market. Hence, there is a need to create awareness among end users regarding the use of ambient lights, which in the long run can save significant amount of energy.Tagged with Ambient Lighting, Market Growth