In-depth analysis and data-driven insights on the impact of COVID-19 included in this global work light market report.
The global work light market by revenue is expected to grow at a CAGR of over 6% during the period 2019–2025.
Key Highlights Offered in the Report:
- The work light market in APAC would realize an absolute growth of around 38% – a significant leap of over $6 billion revenue between 2019 and 2025.
- Buoyed by the growing demand for energy efficient lighting, the market revenue of LED lighting will reach over $31 billion in 2025, registering CAGR over 7% during the forecast period.
- Registering a high CAGR over 7%, the hospitality segment will contribute over $5 billion incremental revenue during 2019-2025.
- Owing to the growing demand in construction sector, floodlights registers a growth in CAGR over 8%.
- At the country level, the US registered the highest revenue over 9 billion in 2019.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, technology, end-users, and geography
- Competitive Landscape – 3 key vendors and 39 other vendors
The global work light market growth is driven by ongoing demand for replacement of conventional lighting systems in developed economies, along with the need to develop globally-built modern infrastructure. The market is witnessing a transition from old lighting technology to energy-efficient and integrated lighting infrastructure. Government agencies across the globe constantly strive to phase out the use of incandescent lights and halogen lamps, which are expected to drive the demand for energy-efficient and high-performance lighting systems. The availability of tax discounts and subsidies by regulatory bodies to promote the use of efficient lighting technology is another driver for the growth.
The global work light market has been vastly hit by the COVID-19 pandemic. It is widely affected as associated sectors such as infrastructure development, stage events, hospitality has been severely influenced due to the outbreak of the virus. As a short-term impact, China-dependent countries have started witnessing the rise in LED prices. In a major commercial region such as India, the price of LED bulbs and lights has witnessed a rise of 11% from March 2020 as manufacturers face a supply shortage of electronic components due to the coronavirus outbreak in China.
The following factors are likely to contribute to the growth of the work light market during the forecast period:
- High Demand for Energy-efficient Lighting
- Shift toward Smart Lighting and IoT
- Opportunity for Incorporating Innovative Technology
The study considers the present scenario of the work light market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Work Light Market Segmentation
The global work light market research report includes a detailed segmentation by product, technology, end-users, and geography. The flashlight segment has been witnessing significant innovations. The market demand for flashlights across the globe has witnessed impressive growth in the last five years. However, the demand is likely to decline moderately due to the outbreak of the COVID-19 pandemic in 2020, which has immensely affected the supply chain of the market. As the utility of flashlights is significant in hunting such as locating hunting posts, reading maps in dark, tracking animal paths, and handling weapons safely, the growth in hunting activities is likely to push the demand for portable lights.
The conventional lights market continues to grow as these lights are economical and cost-effective. The segment is witnessing the demand as LED lights are associated with high costs. However, the cost analysis suggests the incremental cost of LED will continue to decline during the forecast period. Factors such as energy and construction laws, service rebates, and consumer demand for goods that can offer low energy and maintenance costs often drive the segment. However, the rare earth crisis has forced producers to move some of their emphasis from value-added to cost-effective solutions.
The concept of the smart factory has been implementing in the developed regions such as the US and European regions. With lighting being one of the key components of the manufacturing industry, commercial lightings have moved from conventional lighting solutions to smart lighting solutions. Vendors have been focusing on the industrial IoT revolution through its cloud-based IIoT platforms. Thus, they have combined intelligent lighting, smart sensors, and software to develop new efficiencies and real-world ROI for industrial environments worldwide. The increased focus to decrease carbon emissions is diversifying energy dependency and decreasing the cost. This transaction is likely fueling the demand for innovative work light products. Vendors catering to the global work light market can consider building a strategic network channel along attractive and revenue efficient packages to meet new lighting demands.
Hospitality is one of the key end-user segments, which is a prominent user of work lights for decoration and soothing effects. It plays a vital role in the attraction and retention of the customer base. Hospitality, a major contributor to the tertiary sector in India, is currently emerging as a thriving industry as the country has become a preferred destination for numerous local and foreign tourists. The increase in tourism has also boosted opportunities for the lighting industry as the market for modern and creative lighting fixtures and lamps have tripled.
Segmentation by Product
- Festoon Lights
Segmentation by Technology
Segmentation by End-users
Insights by Geography
The APAC region is expected to reach a revenue of over $22 billion by 2025. Being the most diverse area in the world, the region has high prospects for work light market participants. A booming real estate sector, favorable policy policies, and expanded support for high-efficiency lighting, together with the ongoing replacement of established outdoor lighting, are projected to push the demand dynamically. The Asia Pacific region would continue to become a major consumer of lighting products, and it is expected to become a major supplier of LED chips and packages, complemented by increasing demand for products and components. China held the largest share in the APAC lighting market in 2019. This is due to the increasing need for energy efficiency and environmentally sustainable lighting goods in the field of operation, such as highways, railways and houses.
Segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- HARMAN International (Samsung)
- Philips (Signify)
Other Prominent Vendors
- Absen America
- Altman Lighting
- Apollo Design Technology
- Blizzard Lighting
- Chauvet Professional
- City Theatrical
- Core Lighting
- Eaton Electrical Systems
- Elation Lighting Inc.
- Epsilon Professional Lighting
- Electronic Theatre Controls (ETC)
- German Light Products (GLP)
- Goldensea Professional Equipment (Guangzhou Haoyang Electronics)
- Kumho Electric
- Litetronics International
- Lycian Stage Lighting
- MA Lighting Technology
- Mighty Bright
- Nicolaudie Architectural
- Pathway Connectivity
- Red Lighting
- SGM Light
- Studio Due
- Ultra-Tech Lighting
- Ushio Lighting
- Zumtobel Group
Key Questions Answered:
- What is the global work light market share and growth rate during 2020-2025?
- What are the technological advances factors impacting the growth of the North America work light market?
- Which product/technology/end-user/geography is gaining the largest revenues in the market by 2025?
- Who are the leading vendors in the work light market and what are their market shares?
- What is the impact of the COVID-19 pandemic on the work light market?
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