iCrowd Newswire – Jul 9, 2020
Market Research Future (MRFR), in its latest report on the ambient lighting market 2020, states that the rise in the preference for innovative and more comfortable lighting solutions can boost the expansion of the ambient lighting global market. According to MRFR findings, the ambient lighting market can thrive at 11% CAGR in the evaluation period. MRFR data shows that the ambient lighting market value can touch USD 94 Bn on the conclusion of the review period due to increase in energy efficient solutions requirements which is directing to the creation of multiple growth opportunities. The impact of COVID-19 situation on the ambient lighting market is studied vividly and insights are offered are offered with the report.
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The rise in tangibility of numerous infrastructural projects in the globe, along with surge in preferences for ambient lighting among consumers for get a luxurious interior lighting designing are other factors that are observed to favor the ambient lighting market in the years ahead. At the same time, ambient light solutions are observed to rapidly substitute traditional lighting solutions. These are expected to impel the expansion of the market across the review period.
IGMAN Lighting Co., Ltd. (Thailand), Philips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), Enterprise Lighting LTD (U.S.), Acuity Brands Lighting Inc. (U.S.), Häfele GmbH & Co KG (Germany), Cree, Inc. (U.S.), Unity Technologies SF (U.S.), OSRAM Licht GmBH (Germany), and Pasolite (India), Thorn Lighting (U.K) among others are some notable names in the worldwide ambient lighting market as enlisted by MRFR.
The segment evaluation of the ambient lighting global market is based on type, applications, and components. Segment analysis of the ambient lighting global market offers deeper insights of the market. This can assist key marketers to spot potential growth spot and develop strategies to establish global foothold and earn international recognition.
The type based segments of the world ambient lighting market are track lighting, suspended lighting, surface mounted lighting, down lighting, and others. The track ambient lighting solution can prompt the rise of the ambient lighting global market in the near future as revealed by MRFR data.
The components based segments of the world ambient lighting market are services, software, and hardware among others. The increase in ambient lighting services can underpin the expansion of the market across the review period.
The applications based segments of the world ambient lighting market are commercial, and residential among others. The commercial segments are Offices, automotive, and hospitals. Rise in installation of ambient lighting solutions by growing number of offices can impel the expansion of the market through the review period.
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Detailed Regional Study
In North America, the rise of the ambient lighting market can be credited to surge in the demand for convenient and luxurious lighting solutions. The adoption of technologically evolved smart lighting systems used in residential and commercial buildings can support the expansion of the regional ambient lighting market in the foreseeable future. In Europe, the growing concerns on climate changes is resulting in the rise in implementation of different regulations and strict norms that pertain to the installation of energy efficient solutions. This can support the expansion of the ambient lighting market in UK and other parts of EU. In Asia Pacific region, the increase in awareness about the inefficiency of incandescent bulbs as they produce excessive heat is creating the surge in the adoption of ambient lighting solutions. This is likely to promote the growth of the ambient lighting global market growth in the region in years ahead
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Keywords: Ambient Lighting Market