Growth is driven by residential luminaires (+15%), but also the segment of professional lighting registers a double-digit increase. France and Spain are among the fast-recovering markets. Signify is by far the company that holds more IP patents in this sector.
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Until 15 years ago, the decorative factor has certainly prevailed in the consumer market for lighting fixtures. Nowadays, the functional component (made up of ceiling lights, recessed lights, spotlights) has gained importance, covering roughly 50% of the market value
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Technology is going to be crucial to meet the future food demand. More and more companies are shifting towards controlled environments, where crops are grown under artificial lighting. As a result, between 2018 and 2020, while the total lighting fixtures market dropped at an average rate of 3% per year, the horticultural business kept increasing at a CAGR of 30%
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After the 2020 drop, in 2021 the worldwide lighting fixtures will exceed again the value of 2019, with an annual growth of +6.5%. By 2024, USD 87 billion (out of a total USD 107 billion) of lighting is going to be LEDs
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2020 has been an unusual year for the Chinese lighting industry, due mainly to the Covid-19 pandemic. Investment in a new generation of semiconductors, the rising importance of Internet (both for production and consumption), the booming of the smart pole markets are identified as the main drivers during 2020
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