Commercial Lighting Market

Commercial Lighting refers to lighting systems and fixtures designed and installed for commercial spaces and buildings. These spaces include offices, retail stores, restaurants, hotels, warehouses, manufacturing facilities, healthcare facilities, educational institutions, and other non-residential settings. The primary objectives of Commercial Lighting are to provide adequate illumination for various tasks and activities within the commercial space, enhance the visual aesthetics of the environment, and improve overall safety and productivity. Unlike residential lighting, which primarily focuses on creating a comfortable and relaxed ambiance, Commercial Lighting often prioritizes functionality, energy efficiency, and cost-effectiveness.

Commercial Lighting Market Size

Report	Details
Market Size Value	USD 10.2 billion in 2022
Market Size Value	USD 39.7 billion by 2030
CAGR	18.7%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	By Offering, Installation Type, Light Type, Communication Technology, Application, End-Use Vertical
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Rest of the World

Rise in the ongoing and upcoming smart city projects in developing countries is an essential factor driving the commercial lighting market. The increasing need for more energy-efficient lighting systems, ongoing & upcoming smart city projects and rapid infrastructure development in developing countries across the globe are expected to drive market growth. Smart lighting used in commercial and industrial applications has been steadily increasing in recent years, owing to a growing focus on energy conservation. The use of such energy-efficient LED lighting technology reduces maintenance expenses significantly as they use about half as much electricity as standard halogen, incandescent, and fluorescent lights. Moreover, such commercial lighting emits no UV light and operates at a low voltage, as well as having a design flexibility, durability, and long lifespan.

Rise in the focus of governments worldwide on energy conservation is a crucial factor accelerating the market growth, also increase in the acceptance of standard protocols for lighting control systems, rise in the demand for LED lights and luminaires for use in outdoor applications, increase in the use of integrated lighting control systems, rise in the adoption of LED lights all over the globe and rise in the concern over reduction of non-renewable sources of power are the major factors among others boosting the commercial lighting market Moreover, rise in the rapid transition from traditional lighting to connected lighting solutions, increase in the adoption of PoE-based and solar lighting solutions and rise in the research and development activities in the market will further create new opportunities for commercial lighting market in the forecast period mentioned above.

However, increase in the installation costs and rise in the cost of research and development activities in the market acts as the major factors among others restraining the market growth, and will further challenge the commercial lighting market in the forecast period mentioned above.

Major players Commercial Lighting Market include: Signify (Philips Lighting) (Netherlands), Acuity Brands, Inc. (US), Daintree Company (US), GE Current (US), Hubbell Incorporated (US), Ideal Industries, Inc. (Cree Lighting) (US), LEDVANCE GmbH (Germany), Legrand S.A. (France), Leviton Manufacturing Company, Inc. (US), Lutron Electronics (US), OSRAM Licht AG (Germany), Schneider Electric SE (France), Zumtobel Group (Austria) & others.

The LED-Based Light Segment Holds the Highest Market Share in the Commercial Lighting Market.

On the basis of Light Type, the market is segmented into Incandescent, Halogen, LED, Others. The LED-based light segment holds a large number of shares in the market because LED-based lighting has become one of the most prevalent technologies in Commercial Lighting applications. LED lights are incredibly energy-efficient, converting more electricity into visible light than traditional lighting technologies. They consume significantly less energy, leading to substantial energy cost savings for commercial establishments.

North America Lead the Global Commercial Lighting Market with Highest Market Share.

North America held the highest market share in the commercial lighting market in 2022. The market in North America is driven by the increased adoption of street lights in major U.S. cities such as: Los Angeles, Detroit, Boston, New York City, San Francisco and Portland. The increase in adoption can be attributed to initiatives undertaken by governmental bodies in these cities. These efforts are projected to significantly reduce electricity consumption by approximately 50% and lower maintenance costs, consequently propelling market revenue growth within the region. Additionally, market players in the United States and Canada are investing in technological advancements and government initiatives to expand their product offerings at affordable prices, further bolstering revenue growth in the market.

Meanwhile, the Asia Pacific region is anticipated to exhibit the highest revenue CAGR during the forecast period. This growth is attributed to the increasing presence of LED lighting manufacturers, including prominent names like Nichia Corporation and Oppel Lighting Co. Ltd., who are solidifying their foothold in the region. Furthermore, the expansion of the construction sector has led to heightened demand for commercial lighting solutions, enhancing aesthetics and providing brilliant illumination in buildings, roadways, public spaces, and other areas. This heightened demand is expected to contribute significantly to revenue growth.

The Commercial Lighting Market research report provides an in-depth overview of the industry including market segmentation by offering, installation type, light type, communication technology, application, end-use vertical and region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and top player’s rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions.

Commercial Lighting Market is segmented by region and further by offering, installation type, light type, communication technology, application, and end-use vertical. Players, stakeholders, and other participants in the global Commercial Lighting Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, future plans, and Commercial Lighting Market trends across the world. Also, it splits Commercial Lighting Market Segmentation by offering, installation type, light type, communication technology, application, end-use vertical and region to deep dive research and reveals company profile and prospects.

Major Classifications are as follows:

• Commercial Lighting Market, By Offering
  • Hardware
  • Software
  • Services
• Commercial Lighting Market, By Installation Type
  • New Installations
  • Retrofit Installation
  • Replacement Installation
• Commercial Lighting Market, Light Type
  • Incandescent
  • Halogen
  • LED
  • Others
• Commercial Lighting Market, By Communication Technology
  • Wired
  • Wireless
• Commercial Lighting Market, By Application
  • Indoor
  • Outdoor
• Commercial Lighting Market, By End-Use Vertical
  • Commercial Offices
  • Retail Stores
  • Restaurant & Sporting Facilities
  • Healthcare
  • Others
• Commercial Lighting Market, By Geography
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
    • Africa
      • South Africa
      • Rest of Africa      

Reason to purchase this Commercial Lighting Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Commercial Lighting Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different and Commercial Lighting Market segments in the top spending countries across the world and identify the opportunities offered by each of them.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Commercial Lighting Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Commercial Lighting Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Commercial Lighting Market providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.