Asia Pacific Luminaires Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Asia Pacific luminaires market was valued at US$ 26.4 Bn in 2022 and is projected to reach US$ 80.9 Bn by 2030. The market is estimated to register growth at a CAGR of 15% during the forecast period.

The Asia-Pacific region is a key player in the global market for luminaires, with several factors contributing to its growth. Firstly, the region is home to a large number of manufacturers of luminaires, providing ample supply to meet the increasing demand for energy-efficient lighting solutions. Secondly, the growth of the construction industry in the Asia-Pacific region is expected to drive the demand for both residential and commercial luminaires. The increasing focus on energy efficiency in the region is also expected to contribute to the growth of the market for luminaires.

The LED luminaires continue to dominate the Asia-Pacific luminaires market, with a growing demand for connected LED luminaires due to the increasing use of IoT technology in lighting products. The increasing popularity of smart homes and the adoption of connected lighting systems in the region are expected to drive the demand for residential luminaires, while the increasing focus on energy efficiency and the growth of the construction industry are expected to drive the demand for commercial luminaires.

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Market Dynamics:

Drivers

Rising adoption of LED lighting

LED lights are highly energy-efficient and have a longer lifespan compared to traditional lighting sources such as incandescent bulbs, leading to increased demand in the Asia Pacific luminaires market. LED lights have a higher upfront cost compared to traditional lighting sources, but they offer significant cost savings in the long term due to their longer lifespan and lower energy consumption. Advances in LED technology have led to the development of new, more efficient and versatile LED luminaries, further driving growth in the Asia Pacific market.

Technological advancements in the Luminaires market 

The development of smart lighting technology, which allows for remote control and automation of lighting systems is driving the demand for luminaries in the Asia Pacific region. The ongoing development of LED technology has led to the creation of new, more efficient LED luminaries, which offer significant energy savings and have a longer lifespan compared to traditional lighting sources. Further, the use of wireless technology in lighting control systems has made it easier to install, integrate, and control lighting systems, contributing to the growth of the Asia Pacific luminaries market. In addition, the advancements in LED driver technology have led to the creation of more efficient, compact, and reliable LED drivers, which are a critical component of LED luminaries.

Restraints:

High Initial Cost

The high initial cost of LED luminaries compared to traditional lighting sources is one of the main restraints affecting the growth of the Asia Pacific luminaires market. LED lights have a higher upfront cost compared to traditional lighting sources such as incandescent bulbs, which can be a barrier to their widespread adoption, especially in price-sensitive markets. This can result in lower demand for LED luminaries and affect the growth of the Asia Pacific market. 

However, it is important to note that the high initial cost of LED luminaries is offset by significant cost savings in the long term. LED lights have a longer lifespan and are more energy-efficient compared to traditional lighting sources, leading to lower maintenance costs and energy bills over time. As more people become aware of the long-term cost savings offered by LED luminaries, the high initial cost is likely to become less of a barrier to their widespread adoption.

Segmental Analysis:

By Fixture Type:

By type, the Asia Pacific luminaries market is segmented into four fixture types: direct lights, downlights, accent lights, and indirect lights. Among these segments, the direct lights fixture type holds the highest share in the market. Direct lights fixtures are installed directly into the ceiling and are used for general or task lighting. They are a popular choice for indoor lighting and are widely used in homes, offices, and commercial spaces. 

The demand for direct lights fixtures is high in the luminaires market due to their versatility, energy-efficiency, and their ability to blend into the ceiling, making them an ideal choice for modern, minimalist lighting design. This demand is expected to continue, driving the direct lights fixture type segment to hold a significant share of the Asia Pacific market in the coming years, as there is an ongoing demand for energy-efficient and versatile lighting solutions.

By Mounting Type:

In terms of mounting type, the luminaires market is categorized into ceiling mounted, suspended, recessed, architectural, wall mounted, furniture or cabinet, plug-in and exterior. Among these, the ceiling mounted held 22.1% of the segmental share in 2022. The high demand for ceiling mounted luminaries is they  are easy to install and maintain, making them a popular choice for both residential and commercial lighting projects. However, the exterior segment is expected to project the highest CAGR during the forecast period.

By Application

Based on application, the luminaires market is bifurcated into indoor and outdoor segments. The indoor application segment occupied the highest share in the Asia Pacific luminaires market, holding an opportunity of US$ 35.7 Bn during the forecast period 2023-2030. Indoor applications refer to the use of luminaries for lighting indoor spaces, such as homes, offices, retail spaces, and other commercial buildings. 

The high demand for indoor luminaires market is driven by the need for energy-efficient lighting solutions, as well as the increasing popularity of modern and minimalist lighting design. Indoor luminaries are versatile and can be used for general lighting, task lighting, and accent lighting, making them ideal for a wide range of indoor lighting applications. Additionally, indoor luminaries are available in a range of styles, colors, and sizes, making it easy to find a fixture that fits the specific needs and aesthetic of a particular space. The indoor application segment is expected to continue to hold a significant share of the Asia Pacific luminaries market, driven by ongoing demand for energy-efficient and stylish indoor lighting solutions.

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By End User:

In terms of end user, the market is segmented into commercial offices, industrial and residential. Among these, the industrial segment is the highest end-user segment in the Asia Pacific Luminaires market. This is due to the high demand for lighting solutions in various industrial settings such as factories, warehouses, and commercial buildings. In industrial settings, lighting plays a critical role in improving the efficiency and productivity of operations. 

The increasing trend towards automation and the adoption of Industry 4.0 technologies have also driven the demand for high-quality, energy-efficient lighting solutions in the industrial segment. To meet the demand for lighting solutions in industrial settings, companies in the Asia Pacific Luminaires market are offering a wide range of products such as LED-based luminaires, high-bay lights, and flood lights, among others. These products are designed to meet the specific needs of industrial settings and provide energy savings, improved lighting quality, and increased safety.

By Country:

China is the dominant player in the Asia Pacific Luminaires market. The country is one of the largest producers and consumers of luminaires in the region, driven by its large population, rapidly developing economy, and increasing investment in infrastructure and real estate. China has a strong manufacturing base and is home to many of the world's leading lighting companies, which has helped to establish the country as a major hub for the production and export of luminaires. Additionally, the Chinese government has implemented various policies to support the growth of the domestic lighting industry and promote the adoption of energy-efficient lighting solutions. However, India is projected to record the highest CAGR during the forecast period.

List of Key Companies Profiled:

• Acuity Brands Inc.
• Eaton
• Wolfspeed
• Dialight PLC
• General Electric Company
• Heliospectra AB
• Hubbell Incorporated
• Nichia Corporation
• OSRAM GmbH
• Panasonic Corporation
• Phillips Lighting Holding B.V.
• Samsung
• Savant Systems Inc.
• Sharp Corporation
• Virtual Extension
• Zumtobel Group AG
• Other Prominent Players

Segmentation Overview:

By Fixture Type

• Direct Lights
• Downlights
• Accent Lights
• Indirect Lights

By Mounting Type

• Ceiling Mounted
• Suspended
• Recessed
• Architectural
• Wall Mounted
• Furniture or Cabinet Integrated
• Plug-in
• Exterior

By Application

• Indoor
• Outdoor

By End User

• Commercial Offices
• Industrial
  • Retail
  • Hospitality
  • Highway and Roadway
  • Architectural
  • Public Places
  • Factory
  • Hospitals
  • Automotive
• Residential

By Distribution Channel

• Direct Sales
• Wholesale Retail
• Online Stores

By Country

• China
• India
• Japan
• Australia & New Zealand
• ASEAN
  • Singapore
  • Vietnam
  • Thailand
  • Philippines
  • Indonesia
  • Malaysia
  • Rest of ASEAN
• Rest of Asia Pacific