The "Work Light Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
INSIGHTS BY VENDORS
The global work light market share is fragmented due to the presence of local and global players. Philips Lighting, Osram, and HARMAN International (Samsung) are the key leading vendors. The market is highly concentrated in developed countries, such as the US and other Western European countries, while it is in its nascent stage in developing economies such as China and India.
As global players increase their footprint, regional vendors will find it increasingly difficult to compete with them, especially in terms of technology and customer base. Key players compete in terms of products, technology, and reach. Therefore, vendors must expand their geographical presence, while reviving domestic demand to achieve sustained growth.
KEY QUESTIONS ANSWERED:
1. What is the global work light market share and growth rate during 2020-2025?
2. What are the technological advances factors impacting the growth of the North America work light market?
3. Which product/technology/end-user/geography is gaining the largest revenues in the market by 2025?
4. Who are the leading vendors in the work light market and what are their market shares?
5. What is the impact of the COVID-19 pandemic on the work light market?
HARMAN International (Samsung)
Major Product Offerings
Other Prominent Vendors
Apollo Design Technology
Eaton Electrical Systems
Elation Lighting Inc.
Epsilon Professional Lighting
Electronic Theatre Controls (ETC)
German Light Products (GLP)
Goldensea Professional Equipment (Guangzhou Haoyang Electronics)
Lycian Stage Lighting
MA Lighting Technology
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201127005456/en/
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