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Analysis: The future lighting market will reach 296.2 billion US dollars
According to the data, the global compounding market for the global lighting products will grow at a compound annual growth rate of 10.4% in 2017-2025, which is expected to increase from $133.943 billion in 2017 to $296.23 billion in 2025. The report divides the types of lighting products into LED lights, T8 LED lights, discharge lamps, incandescent lamps, and lamps. Lights According to the latest report from the US market research organization TMR, the global lighting product market is constantly evolving and new demands are emerging. According to the data, the global compounding market for the global lighting products will grow at a compound annual growth rate of 10.4% in 2017-2025, which is expected to increase from $133.943 billion in 2017 to $296.23 billion in 2025. The report divides the types of lighting products into LED lights, T8 LED lights, discharge lamps, incandescent lamps, and lamps. The lamps are further divided into ceiling lights, long strip lights, hidden lights and chandeliers. Lighting application areas include commercial, industrial, and residential areas. During the forecast period, the Asia-Pacific region has the largest demand for lighting products. It is expected to reach US$147.584 billion by 2025, with a compound annual growth rate of 13.4%. The Middle East and Africa region is the second largest market with a compound annual growth rate of 10.2%. The demand for high-power, long-life bulbs and tubes is growing on the market. The industry is also continuing to innovate and improve. For example, the development of high-density discharge lamps, LED lamps and OLED lamps has greatly promoted the development of the lighting market. Moreover, due to the high power and long service life of this type of bulb, it is more and more popular among consumers. The urbanization of developing countries and the emphasis on high-performance urban intelligence in developed countries are the main reasons for the growth of global lighting products. However, the lack of recycling awareness, high installation costs, and lack of public standards are factors that limit the development of the lighting market. There are always new companies joining the lighting products market, and competition is intensifying. According to the report, companies such as Panasonic, GE, Philips, and Azoogi LED dominate the global lighting products market. After decades of development, these companies have launched a series of outstanding products and gradually expanded their share in the global market. But for enterprises, as long as they can make good use of LED wireless lighting technology and focus on providing various systems and solutions, they will be able to gain new opportunities in the future competition.