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LED Technology and Connected Lighting will be the Primary Pillars of the Market by 2023
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The North American lighting equipment market is currently in the growth stage and is expected to witness healthy growth between 2016 and 2023. High rate of growth in the LED technology landscape is also tempered by falling revenue in Non-LED applications and falling prices of LED products. Operational cost savings achieved through adoption of energy-efficient lighting technology is increasing the demand, while increased product functionality and supportive regulations further complement the growth of this market. The market will be characterized by prevalence of LED and connected lighting technologies. The market is expected to grow at a CAGR of 4.7% between 2016 and 2023. Service-focused business models, such as lighting-as-a-service, are expected to dominate the market toward the end of the forecast period.Market trends are analyzed for the study period of 2013 to 2023, with the base year being 2016. This study segments lighting equipment into lamps, ballasts, fixtures, lighting controls and control gear, and lighting management systems. These segments are further analyzed and divided into vertical markets and product types. A distribution channel analysis is also available for the overall market, along with the revenue contributions expected from various channels over the study period. A vertical market analysis is also available with revenue contributions over the study period for commercial, institutional, outdoor/public, residential and industrial segments.Companies mentioned in the lighting equipment market competitive landscape include Acuity Brands, Philips Lighting, Osram Sylvania, GE Lighting among others. In addition to industry challenges and drivers and restraints in the market, this study also highlights certain upcoming technology trends in the market. Market growth and trend analyses are provided. The study also discusses growth opportunities and how participants can capitalize on these emerging opportunities.Key Questions This Study Will Answer• What is the anticipated growth of the market between 2016 and 2023?• What external forces affect market growth? How significant are their impact?• Who are the key market participants? What are their competitive strengths?• What are the expected revenue changes in segments such as lamps, ballasts, fixtures, lighting controls, and lighting management systems? What are the key drivers of such changes?• What are the trends and changes expected in the distribution channel structure of the market?• How do various end-user industries boost lighting equipment revenue?
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