The global ceiling lights market is expected to witness significant growth over the forecast period. The growth may be attributed to the growing infrastructure developments especially in emerging economies such as India, China, Eastern Europe and rest of Asia-Pacific. Technological advancements coupled with several benefits offered by ceiling lights such as coast reduction and low energy consumption may fuel market growth. Increasing adoption of LED lights in recent years and over the next few years is also expected to drive the global ceiling lights market growth.
LED, fluorescent, halogen and CFL are some examples of types of ceiling lights. Increased efficiency paired with longer life span tends to favorably impact market growth. Additionally, favorable government initiatives offering several subsidies to LED manufacturers is expected to propel demand for ceiling lights over the next few years. The market is poised for growth owing to growing environmental concerns along with rising consumer awareness. Further, widespread use of ceiling lights across commercial and residential area such as showrooms, offices and household applications are also estimated to significantly drive market growth.
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High purchasing cost of LED lights in comparison with traditional light bulbs may hinder market growth. High manufacturing costs involved in manufacturing LED lights may pose a challenge to the ceiling lights market growth over the coming years. North America and Europe are expected to account for significant market share in the global ceiling lights market, which may be attributed to infrastructure development in these regions. However, Asia Pacific is anticipated to exhibit high growth over the forecast period owing to rapid growing infrastructure development. Low market penetration and minimum alternatives offer new avenues for ceiling lights manufacturers over the forecast period. In addition, technological improvements in LEDs and other ceiling lights offer several opportunities to the global ceiling lights market.
Key market participants include Philips Corporation, Orient Electric, Bajaj Electric, Inventaa Mouldings, Nessa Illumination Technologies Pvt. Ltd, Venture Lighting India Limited, Spectrum Enterprises, Ohmstronics Lighting Solutions, Integrated Batteries India Private Limited and Vinay Group of Companies. Industry players focus on technological advancements and providing an assortment of products for several applications to remain competitive in market.
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