#lightingmarketsize

India Lighting Market is Segmented by Type of Product (Luminaires/Fixtures and Lamps), Light Source (LED and Conventional), Distribution Channel (Direct Sales/Developers/Contract, Wholesalers/Electricians, Lighting Specialists and Others), and Application (Commercial (Offices, Retail & Hospitality, Healthcare Facilities), Industrial (Process Industries, Discrete Industries, Warehouses and Other Industrial Setups), Outdoor, Residential).

The global Lighting market size is expected to reach USD 127.04 billion by 2027, according to a new report by Expert Market Research, Inc., expanding at a CAGR of 13.4% over the forecast period. The LED lighting offers benefits such as energy efficiency, cost-saving, longer service life, lower heat emission, and nanosecond switching capability, fueling the product demand in the market. Advantage of directional controlled light is anticipated to further drive the demand. Technological advancements and availability of numerous design options for fixtures and lamps due to compact shape and features, such as daylighting, occupancy senor, dim-ability, and timer, are anticipated to positively influence the growth. The energy conservation policy introduced by governments across the world, providing incentives, and attractive rebates for individuals and organizations in commercial and industrial spaces has further contributed to market growth.

The global lighting market size was valued at USD 54.00 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027. Growing stringency of regulations in terms of inefficient lighting technologies and rising government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), coupled with the transformation in energy policies across the world, has been driving the market growth. Moreover, attractive incentives and rebates provided by the governments for the use of LED lighting in several countries will leverage the demand.