Lighting Market Share, Size, Trends and Growth and Forecasts to 2020

Technavio Announces the Publication of its Research Report Global Lighting Market in Hospitality Sector 2016-2020

Technavio recognizes the following companies as the key players in the global lighting market in hospitality sector: Cree, General Electric, OSRAM, and Philips Lighting Holding.

Commenting on the report, an analyst from Technavios team said: Rapid urbanization will be a key trend for market growth. Rapid urbanization worldwide, especially in emerging economies, is leading to the increased demand for lighting devices in the hospitality sector. Rapid urbanization will result in growing number of households worldwide, which are encouraging investors from the hospitality sector in building world class hotels and restaurants. This will accelerate the demand for new lamps and luminaires in the sector. This will accelerate the unit shipment of LED lightings.”

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According to the report, incentive programs on installation of energy-efficient lighting sources will be a key driver for market growth. The hospitality sector is making the transition toward energy-efficient LED lighting sources to reduce carbon footprint and utility cost. Increasing energy operating cost is the bane of most hotels’ existence. This cost is mostly associated with lighting in the hospitality sector. The interior of the Boise Wyndham hotel with 51,000-ft² area consumes 286,025 kWh of energy. The high energy cost compelled the hotel authorities to make the transition to energy-efficient ED lighting. After the LED retrofit. the hotel authorities witnessed that the energy consumption dropped to 71,456 kWh.

Further, the report states that higher import duties will be a challenge for the market. High import duties on lighting fixtures including LED products and components are hindering the growth of the global lighting market in the hospitality...