The global ceiling lights market is expected to witness substantial growth over the forecast period majorly owing to the growing infrastructure developments especially in emerging economies such as India, China, Eastern Europe and rest of Asia-Pacific region. Technological advancements and cost reduction offered by new generation ceiling lights are expected to fuel growth of the global ceiling lights market. LED, halogen, fluorescent and CFL are some examples of types of ceiling lights. Increasing adoption of LED lights in recent years and in years to come tend to drive growth of the global ceiling lights market.
Increased efficiency, longer life span and low power consumption offered by the advanced ceiling lights such as LED are expected to favorably impact the global ceiling lights market growth. Government initiatives offering several subsidies to the LED manufacturers tend to positively impact market growth. Growing environmental concerns and rising consumer awareness are expected to propel growth in this market. Low market penetration and minimum alternatives offer avenues for companies operating in the global ceiling lights market. Technological improvements in LEDs and other ceiling lights offer several opportunities in this market.
High cost of LED lights as compared to the traditional light bulbs pose major challenge to growth of the global ceiling lights market. Huge manufacturing costs involved with the production of LED lights are expected to hamper market growth. Ceiling lights find wide applications in commercial and residential buildings such as showrooms, offices, household applications etc. North-America and Europe are expected to be the biggest market for ceiling lights due to already developed hi-tech infrastructure in these regions but Asia-Pacific is expected to be the highest growing market over the forecast period mainly due the growing infrastructure developments in developing countries such as India and China.
Key market participants include Philips, GKON, Osram, Havells, Wipro, Bajaj, Eveready, SYSKA, Oreva, Moser Baer and Surya.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.