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Lighting market in hospitality sector to grow at CAGR 7.13% till 2020

Lighting market in hospitality sector to grow at CAGR 7.13% till 2020

May 18, 2017: The global lighting market in hospitality sector will grow at a CAGR of 7.13% during the period 2016-2020. Lighting is defined by the type of light source technologies such as incandescent, halogen, CFL, LFL, HID, LED, and OLED. Four major technologies are predominantly used in the hospitality sector, which include CFL, LFL, HID, and LED.

With the history of different lighting sources such as incandescent lighting, fluorescent lighting, LED lighting, and tungsten photonic lighting, LED lighting is the latest transition, which the industry has adopted. LED lighting devices provide several advantages such as high-intensity brightness, low voltage and current requirements, low radiated heat, high reliability, negligible ultra-violet (UV) rays, and a longer lifespan over the conventional lighting sources.

According to a new report by ResearchMoz, the growth prospects of global lighting in hospitality sector during 2016-2020 is quite high. According to the report, the market is divided into the Americas, APAC and EMEA.

In terms of geography, the APAC region led the global lighting market in the hospitality sector and accounted for more than 55% of the total market shares. The growth of this market is attributed to the rapid urbanization and development of the hospitality sector in the region. Investments in the hospitality sector in APAC is driven by an upsurge in domestic and international tourism; for instance, during 2015, the local tourism in China grew by more than 10% with the expansions of numerous international hotel brands and the upgradation of tourist spots. Most hotels, restaurants, and bars are designed to be visually appealing to the customers, and lighting of the place plays a significant part in it. Moreover, the Summer Olympic games of 2020 is scheduled to be held in Tokyo, Japan, and Winter Olympic games of 2018 is expected to be held in Pyeongchang, South Korea. These events are expected to attract a lot of tourists in APAC, which will, in turn, drive the demand for energy-efficient lighting technologies in the hospitality sector over the next four years.

With the introduction of several energy-efficient certification programs to promote and encourage the widespread adoption of energy-efficient lighting products, the lighting market in the hospitality sector will have a positive outlook in the coming years. To save energy and reduce carbon footprint, governments of many countries have introduced energy certification programs, such as the ENERGY STAR certification, DLC, and Lighting Design Lab certification. These certifications define guidelines for products including a minimum level of requirement for color quality, lifespan, energy efficiency, and optical output that must be met before lighting products can be used. For instance, in the US, the ENERGY STAR label is also shown on the EnergyGuide appliance label for qualifying products. ENERGY STAR-certified LED products consume 75% less energy than incandescent light bulbs, leading to increased adoption among consumers.

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