Luminaire Market Report 2024 (Global Edition)

Global Luminaire Market Report 2024 Market Size Split by Product Type (Indoor Luminaires, Outdoor Luminaires, Specialty Luminaires), by Technology (LED (Light Emitting Diode), CFL (Compact Fluorescent...

Luminaire Market Report Description

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Luminaire Market Insights Video

Competitive Landscape of the Luminaire Market

In the Luminaire market's competitive landscape, numerous key competitors are driving innovation and growth. These companies are producing light products with innovative technology. Market rivalry is encouraging technological and design innovations to create Luminaires that fulfil both consumer's wants and sustainability goals, keeping the market dynamic and competitive.

In May 2023, Dialight has instituted a seven-year warranty for its Aviation Obstruction Lighting Solutions, which extends the standard five-year warranty by two years for systems installed by Certified Installation Program (CIP) participants. Membership in the National Association of Tower Erectors (NATE) and completion of Dialight's training are prerequisites for this program, which honours installers who achieve the highest quality standards. The objective of the initiative is to expand the business opportunities for certified installers and to improve the protection of customer investment. LumenServe, an early participant, commended the program for its quality assurance and added value. (Source: https://www.dialight.com/about/news-item/dialight-announces-industry-leading-aviation-obstruction-lighting-system-warranty-via-its-certified-installation-program/) In April 2023, A novel LED floodlighting system has been introduced at the Armin-Wolf-Arena baseball stadium in Regensburg, Germany, by ams OSRAM and Musco Lighting. OSCONIQ® P 3737 LEDs from ams OSRAM are employed in the system, which ensures superior uniformity, efficiency, and light quality. The stadium's lighting has been upgraded to meet the standards of Major League Baseball, resulting in an 85% increase in lux levels on the field and a 13% reduction in power consumption. The stadium is capable of hosting high-level baseball events due to the lighting system's compliance with MLB's infield and outfield specifications. The reliability and performance of OSCONIQ® LEDs in sports lighting applications are underscored by this installation. (Source: https://ams-osram.com/news/press-releases/musco-led-system) In August 2023, Tirupati Smart City Corporation Limited has initiated a new Smart City project in Tirupati, India, with the assistance of NEC Corporation India. This project encompasses the implementation of Intelligent Traffic Management, Facial Recognition Systems, and Smart Water Solutions, as well as a City Operations Center and ICT solutions. The objective of the initiative is to improve environmental management, healthcare, safety, and security by utilizing real-time data analysis and two-way communication. Aalok Kumar, the President and CEO of NEC India, emphasized the company's extensive experience in the development of smart cities. It is anticipated that the project will substantially enhance the quality of life for both residents and visitors of Tirupati. (Source: https://in.nec.com/en_IN/press/PR/20231004200031_13380.html)

Top Companies Market Share in Luminaire Industry: (In no particular order of Rank)

• GE Lighting (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Panasonic Corporation (Japan)
• OSRAM Licht AG (Germany)
• Schneider Electric SE (France)
• Cree
• Inc. (U.S.)
• CITIZEN ELECTRONICS CO.
• LTD. (Japan)
• Lumerica (Canada)
• Havells India Ltd. (India)
• LEDtronics
• Inc. (U.S.)
• Patriot LED (U.S.)
• Acuity Brands
• Inc. (U.S.)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Luminaire Market

Which Region Dominates the Luminaire Market in 2024?

According to Cognitive Market Research, North America currently dominates the Luminaires market, and the region is expected to have significant growth during the projected period. The market's development in North America is primarily influenced by the growing and ageing population, the adoption of energy-efficient products, the adoption of innovative technologies, and increasing urbanization.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR), because governments in emerging countries are rapidly expanding their infrastructure initiatives and energy-saving measures.

The current report Scope analyzes Luminaire Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Luminaire

According to Cognitive Market Research, the global Luminaire market size was estimated at USD 75815.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 30326.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Luminaire market with a market size of USD 23927.37 million in 2024 and is anticipated to grow at a CAGR of 5.0% during the projected period. The U.S. market's increasing demand for energy-efficient lighting systems and declining prices of LED products.
• The Canada Luminaire market had a market share of USD 3639.14 million in 2024 and is anticipated to grow at a CAGR of 6.0% during the projected period. Canada’s rising urbanization, consumer preference for energy-efficient illumination, and government initiatives that advocate for energy conservation.
• The Mexico Luminaire market is anticipated to see growth at a CAGR of 5.7% during the projected period, with a market size of USD 2759.68 million in 2024.

Europe Luminaire

According to Cognitive Market Research, the global Luminaire market size was estimated at USD 75815.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 22744.65 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

• The United Kingdom Luminaire market had a market share of USD 3821.10 million in 2024 and is anticipated to grow at a CAGR of 6.3% during the projected period. In the UK, Luminaire sales see an upswing due to the increasing demand for connected home devices and smart lighting technologies.
• The France Luminaire market is anticipated to see growth at a CAGR of 4.7% during the projected period, with a market size of USD 2092.51 million in 2024.
• According to Cognitive Market Research, the German Luminaire market size was valued at USD 4503.44 million in 2024 and is anticipated to grow at a CAGR of 5.7% during the projected period. In Germany, Luminaire surged due to the government's initiatives to promote energy-saving products and the rapid advancement of smart lighting systems.
• The Italy Luminaire market is anticipated to see growth at a CAGR of 4.9% during the projected period, with a market size of USD 1956.04 million in 2024.
• The Russia Luminaire market is anticipated to see growth at a CAGR of 4.5% during the projected period, with a market size of USD 3525.42 million in 2024.
• The Spain Luminaire market is anticipated to see growth at a CAGR of 4.6% during the projected period with a market size of USD 1865.06 million in 2024
• The Luxembourg Luminaire market is anticipated to see growth at a CAGR of 5.6% during the projected period, with a market size of USD 705.08 million in 2024.
• The Portugal Luminaire market is anticipated to see growth at a CAGR of 5.3% during the projected period, with a market size of USD 477.64 million in 2024.
• The Greece Luminaire market is anticipated to see growth at a CAGR of 5.8% during the projected period, with a market size of USD 272.94 million in 2024.
• The Rest of Europe's Luminaire market is anticipated to see growth at a CAGR of 4.2% during the projected period, with a market size of USD 3525.42 million in 2024.

Asia Pacific Luminaire

According to Cognitive Market Research, the global Luminaire market size was estimated at USD 75815.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 17437.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Luminaire market size was valued at USD 7846.90 million in 2024 and is anticipated to grow at a CAGR of 8.5% during the projected period. Luminaire surged in China due to growing awareness of the advantages of LED lighting and an increasing demand for energy-efficient lighting solutions.
• The Japan Luminaire market is anticipated to see growth at a CAGR of 7.5% during the projected period, with a market size of USD 2406.38 million in 2024.
• The India Luminaire market had a market share of USD 2092.51 million in 2024 and is anticipated to grow at a CAGR of 10.8% during the projected period. India's growing consumer preference for energy-efficient lighting solutions and an increase in residential construction activities.
• The South Korean Luminaire market is anticipated to see growth at a CAGR of 8.1% during the projected period, with a market size of USD 1743.76 million in 2024.
• The Australian Luminaire market is anticipated to see growth at a CAGR of 8.7% during the projected period, with a market size of USD 906.75 million in 2024.
• The South East Asia Luminaire market is anticipated to see growth at a CAGR of 10.0% during the projected period, with a market size of USD 1203.19 million in 2024.
• The Rest of Asia Pacific Luminaire market is anticipated to see growth at a CAGR of 8.8% during the projected period, with a market size of USD 1238.07 million in 2024.

South America Luminaire

According to Cognitive Market Research, the global Luminaire market size was estimated at USD 75815.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 3790.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Luminaire market size was valued at USD 1622.45 million in 2024 and is anticipated to grow at a CAGR of 7.0% during the projected period. Luminaires flourished in Brazil due to the rising demand for sustainable and energy-efficient lighting solutions.
• Argentina's Luminaire market had a market share of USD 636.85 million in 2024 and is anticipated to grow at a CAGR of 7.3% during the projected period. Argentina's rising government initiatives and increasing environmental awareness.
• Colombia Luminaire market is anticipated to see growth at a CAGR of 6.2% during the projected period, with a market size of USD 337.38 million in 2024.
• Peru Luminaire market is anticipated to see growth at a CAGR of 6.6% during the projected period, with a market size of USD 310.84 million in 2024.
• Chile Luminaire market is anticipated to see growth at a CAGR of 6.7% during the projected period, with a market size of USD 272.94 million in 2024.
• The Rest of Latin America's Luminaire market is anticipated to see growth at a CAGR of 5.5% during the projected period, with a market size of USD 610.31 million in 2024.

Middle East and Africa Luminaire

According to Cognitive Market Research, the global Luminaire market size was estimated at USD 75815.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 1516.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031..

• The GCC Countries Luminaire market is anticipated to see growth at a CAGR of 7.5% during the projected period, with a market size of USD 648.98 million in 2024. Luminaire sales flourish due to the increasing need for energy-efficient lighting solutions and supportive government policies.
• The Egypt Luminaire market is anticipated to see growth at a CAGR of 7.0% during the projected period, with a market size of USD 159.21 million in 2024.
• The South Africa Luminaire market is anticipated to see growth at a CAGR of 7.7% during the projected period, with a market size of USD 239.58 million in 2024. Luminaire sales flourished in South Africa due to an increase in demand due to urban development and infrastructure initiatives.
• The Turkey Luminaire market is anticipated to see growth at a CAGR of 6.2% during the projected period, with a market size of USD 130.40 million in 2024.
• The Nigeria Luminaire market is anticipated to see growth at a CAGR of 5.8% during the projected period, with a market size of USD 159.21 million in 2024.
• The Rest of the MEA Luminaire market is anticipated to see growth at a CAGR of 5.7% during the projected period, with a market size of USD 178.92 million in 2024.

Luminaire Market Analysis

Luminaire Market Product Type Segment Analysis

According to Cognitive Market Research, Indoor Luminaires are likely to dominate the Luminaire Market over the forecast period owing to the substantial demand for energy-efficient lighting solutions in industrial, commercial, and residential environments.

The Outdoor Luminaires is the fastest-growing segment in the Luminaire Market, driven by the growing necessity for well-lit public spaces, highways, and roadways to improve visibility and safety.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Luminaire Industry. Request a Free Sample PDF!

Luminaire Market Technology Segment Analysis

According to Cognitive Market Research, the LED (Light Emitting Diode) segment holds the largest share of the market. In particular, LED (Light Emitting Diode) demand has been high for Luminaires, because of its excellent efficiency, very long lifetime, and minimal expenses of maintenance.

In the Luminaire Market, the IoT-enabled Luminaires have been expanding at a rapid pace fueled by the growing demand for intelligent lighting systems that provide capabilities such as remote control, automation, and energy savings, respectively.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Luminaire Application Segment Analysis

Luminaire Market Application Segment Analysis

According to Cognitive Market Research, The Commercial segment holds the largest market share due to the substantial demand for illumination solutions that are both cost-effective and efficient in public structures, retail spaces, hospitality venues, and offices. The growth of this segment is driven by the necessity for well-lit environments that improve productivity, safety, and aesthetics.

In the Luminaire market, the rapidly growing sector is the Residential owing to the growing demand for illumination solutions that are both cost-effective and energy-efficient in residential settings. This expansion is being fueled by the increasing recognition of environmental sustainability and the desire for contemporary, intelligent home technologies.

• Residential
• Commercial
• Industrial
• Institutional

Luminaire Distribution Channel Segment Analysis

Luminaire Market Distribution Channel Segment Analysis

According to Cognitive Market Research, the Offline Retail segment dominates the market due to the fact that lighting products are still primarily distributed through traditional brick-and-mortar stores. Many consumers prefer in-person purchasing experiences, which allow them to directly compare and observe products, resulting in increased sales through offline retail channels.

Online Retail is projected to be the fastest-growing segment in the Luminaire market owing to the convenience and accessibility it provides to consumers. This segment is experiencing accelerated growth as a result of the increasing prevalence of the internet and the growing trend of e-commerce, which allows consumers to easily compare products, read reviews, and make purchases from the convenience of their residences.

• Online Retail
• Offline Retail
• Home Improvement Stores
• Specialty Lighting Stores
• Supermarkets
• Electrical Supply Stores

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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