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Global Commercial Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

·7-min read

The global commercial lighting market was valued at USD 52,33. 4 million in 2020, and it is expected to reach USD 73,295. 1 million by 2026, registering a CAGR of 5. 6% from 2021 to 2026. Key Highlights

New York, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Commercial Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06195717/?utm_source=GNW
Commercial lighting can be tailored to meet any facility and its operations, depending on the use. When it comes to business lighting, maintenance needs, brightness intensity, and warranties are all critical considerations. A commercial building holds the capacity to accommodate a large number of people for various purposes, such as shopping, working, entertainment, and medical examination, among others. To guarantee that employees working in the area are comfortable and that the lux level requirements and energy efficiency standards are appropriate, a lighting design business produces designs that represent the activity conducted in the facility.
The application, attributes, and function of light fixtures must be considered when it comes to commercial lighting design. T5 and compact fluorescent lights are standard commercial lighting design fixtures; however, LED light fixtures are becoming more popular due to price reductions.
Well-designed lighting fixtures can enlighten a space’s whole surroundings and infuse it with good energy. Hospitals, hotels, clubs, workplaces, retail stores, and other commercial establishments must pay close attention to their lighting design. This is because, with a well-designed commercial lighting structure, the company owners can make their establishment appear pleasant to visitors or clients.
Furthermore, with the advances in technological trends, such as artificial intelligence and LED lighting, it has been easier for businesses to emphasize their interiors and create a functioning workplace. To reduce energy expenses, continual innovation is occurring in the commercial lighting market, which can significantly influence lighting products.
Since the emergence of COVID-19, several firms have suffered supply chain issues. It was no different in the LED business. Because Asian nations supplied a large portion of the raw materials used in LEDs and drivers, the sector was severely impacted in March 2020 and April 2020, when the COVID-19 pandemic gripped the area.

Key Market Trends

Commercial Offices segment to maximum market share

Commercial office lighting is usually one of the most overlooked and underappreciated aspects of a work environment. Choosing the right office light fixtures can be one of the smartest investments by the offices. It has the power to not only impact employee productivity and morale but can also increase the security of their building and overall customer satisfaction.
Commercial office lighting is typically used in government buildings, hospitals, offices, retail stores, universities, and more. Commercial-grade lighting is durable and can include smart, advanced technology to increase efficiency and ease of use. Office lighting can affect a visitor’s or employee’s mood, enhance employee performance and add aesthetic appeal to the space. The best office lighting complies with safety regulations, puts people at ease, and provides a good balance of natural and artificial lighting.
In recent years, LED lights have come into favor as an energy-efficient alternative to fluorescent lights. While LED lights may be slightly more expensive than fluorescent ones used in an office, they are likely to save the company’s money in the long term. This is because LED lights generally have a longer lifespan than fluorescent lights and do not use excess energy in the form of infrared radiation the way fluorescent lights do.
LED lights can also be beneficial to the health of employees. Although it is unlikely that fluorescent lights could cause migraines, they may trigger symptoms of migraines in people who are predisposed to them. LED lights for office buildings are one of the biggest retrofit trends for businesses around the globe.
According to research by the Department of Design and Environmental Analysis at Cornell University, employees who were exposed to natural light in the office reported an 84% drop in eye strain, headaches, and blurred vision, and research from the American Academy of Sleep Medicine also showed that exposure to natural light helps regulate hormones and keeps their circadian rhythm in check, helping employees sleep soundly at night and work productively the next day.
Moreover, office spaces are evolving away from the individual cubicle setting in favor of an open-office environment. In this new, open environment, the ambient room lighting is focused on creating a sense of unity and community in the room and among workers.

China of the Asia Pacific region to exhibit highest growth rate

Lighting products are essential to industry, infrastructure, and daily life. As China’s economy continues to grow and living standards rise, the mainland’s demand for lighting is also expanding. In the last 20 years, China’s lighting industry has developed rapidly, and the country has become a world?leading producer and consumer of lighting.
The China Association of Lighting Industry (CALI) indicates that the value of China’s lighting market reached RMB 602.5 billion in 2020, up 0.4% year?on?year. Major products include light-emitting diodes (LEDs), compact fluorescent lamps (CFLs), electrodeless discharge lamps (EDLs), and organic light-emitting diodes (OLEDs). In China, commercial enterprises are spending more money on lighting shopping malls in order to attract customers. Lighting in offices, schools, and hospitals has also seen marked improvement.
China has been promoting environmental protection and energy conservation. A succession of policies and regulations, such as The Energy Conservation Law of the People’s Republic of China and Opinions on Accelerating the Development of Energy-saving and Environmental Protection Industries, is driving the development of environmental protection services. At the same time, the promotion of energy-saving and eco-friendly products is creating greater demand for energy-efficient lighting. The priority given by China to the policy of developing energy?saving and environmental protection industries is propelling the development of LED lighting.
Moreover, LED lights are rapidly replacing conventional lighting products in China. The Chinese government is also playing a major role in driving the growth of the sector by offering large-scale subsidies for the adoption of LED products. Moreover, the Chinese government has also banned incandescent bulbs in the country with the National Development and Reform Commission first announcing the country’s incandescent bulb phase out a roadmap in November 2011.
As China’s LED Lighting enterprises have gradually come of age, they have begun to develop overseas markets aggressively. For example, Forest Lighting has merged with Germany’s LEDVANCE while Opple Lighting has set up several overseas subsidiaries. Meanwhile, mainland lighting companies have been expanding their domestic presence by setting up display centers and adding specialty stores. In the future, mainland enterprises are expected to invest more in technology and innovation to increase the added value of their products and raise their competitiveness.

Competitive Landscape

There is high competition among major vendors in the market. Due to a wide range of suppliers of commercial lighting products, buyers can choose from multiple vendors, thereby creating cut-throat competition among vendors of equal caliber in product portfolio and geographical reach. Companies are further innovating in terms of various connected lighting products. Players, such as Wipro and Signify, are trying to provide smart lighting products for commercial applications, such as retail, hospitals, etc.

July 2021 - A-Light, an Acuity Brands company, announced the introduction of its Relay luminaire. Relay can be configured into diverse geometric patterns with curved and softened design elements with a seamlessly lit shape. Relay luminaires are designed for high ceilings such as offices, libraries, high-end retail or food markets, upscale gyms, and recreational facilities such as yoga studios.
June 2021 - Wipro Lighting, a provider of lighting and Internet of Lighting (IoL) solutions, teamed up with Enlighted, a developer of IoT solutions for commercial buildings, to create better workspaces. The incorporation of Enlighted sensors into Wipro’s LED luminaires, according to the firm, may save up to 85% illumination energy and lower the total utility expenses.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06195717/?utm_source=GNW

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