Night Light Market Size, Share, Growth and COVID-19 Impact Analysis, 2020-2028, By Type (LED, Halogen, Incandescent, and Others), By Application (Commercial and Residential), Regional Forecast To 2031

Updated On: 08 April 2024

Night Light Market REPORT OVERVIEW

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The global night light market size was USD 279.8 million in 2022 and market is projected to touch USD 388.07 million by 2031, at a CAGR of 3.7% during the forecast period.

Lighting trends are continuously evolving, driven by growing consumer expectations, increasing income levels, growing spending on home décor, and innovative advances in lighting technologies. Night lights have gained tremendous traction over the past few years, due to growing demand in modern interior applications and increasing popularity worldwide. Introduction of advanced technologies integrated with IoT and smart devices will create new opportunities for market growth in the forthcoming years.

COVID-19 Impact: Market Growth Impeded by a Stoppage of Operations

The worldwide night light market was badly hit by the COVID-19 outbreak. The lockdown measures adopted by key economies such as China, India, U.S., and European countries have had an impact on the market. As a result, residential project launches have been delayed, resulting in lower light sales. Furthermore, the market has been damaged by the disruption in the supply chain, notably of electronic components imported from China, such as drivers and chips. Furthermore, several governments have imposed limitations on intercity and interstate travel, affecting the hospitality and travel businesses and cutting the need for night light even further.

LEDs are extremely energy efficient, producing less heat, more light, and at a reduced cost. Use 85 percent less power for the same light output when compared to traditional lighting and roughly 18 percent less electricity when compared to CFLs. Lighting consumes around 20% of all power consumed worldwide.

LATEST TRENDS

"Increasing Use of Advanced Technologies such as IoT to Push Market Demand"

The ability of night lights to link with IoT devices and produce a range of ambient lighting using just smartphones or tablets has raised their appeal and demand in commercial and residential areas. Smart lights can be dimmed with a variety of color tones, can be programmed to turn on and off, can track energy use, and can be connected through Wi-Fi, Bluetooth, and SmartThings. Smart lights may also be controlled by speech thanks to connection with platforms like Google Assistant, Amazon's Alexa, Apple's Siri, and Microsoft's Cortana. These numerous capabilities, in addition to illumination, have provided market development opportunities for smart lightings, as has the increased usage of IoT devices and smart assistant platforms. Growing implementation of latest technologies into night lights will augment the market growth in the future.

Night Light Market SEGMENTATION

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• By Type Analysis

By type, market is segmented into LEDs, halogen, incandescent, and others. LED segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into commercial and residential. The commercial use segment will lead the global share through 2031.

DRIVING FACTORS

"Advancing Technology and Product Innovation to Stimulate Market Growth"

The performance of night lights will continue to improve led by constant technological advancements and innovation, allowing them to be used across a wider range of applications. The development of electronics and sensor technology, the evolution of wireless technologies, the expanding usage of LEDs, and the rapid growth in smart street lighting systems are all key drivers driving the smart lighting market growth.

"Increasing Number of Government Programs to Aid Market Growth "

Various governments are seeking to create world-class infrastructure across their countries in order to attract global investors. Furthermore, various governments have declared the creation and implementation of smart city initiatives. The purpose of these projects is to incorporate fully automated and integrated night lighting systems.

The use of incandescent bulbs is discouraged by government policies supporting energy saving and environmental preservation, as well as severe regulations, which is expected to boost demand for LED smart lighting. The worldwide lighting business uses around 19% of total power and emits about 6% of total greenhouse gas emissions. LED smart lights, on the other hand, are extremely energy efficient. They use nearly 70% less energy and link equipment in order to collect data for future procedures. They have a much longer lifespan and are mercury-free. LED lights also provide no detrimental greenhouse gas emissions.

RESTRAINING FACTORS

"High Initial Investment and Maintenance Cost Could Affect Product Demand"

The initial expenditure, such as capital investment and operational costs, necessary for the implementation of an effective worldwide night light system is quite costly. When it comes to providing adequate emergency illumination, architects, electrical specialists, and lighting designers face various challenges. At the start of any design, the required information about the premises must be collected either through blueprints, site surveys, or the building in-charge. Inadequate information of all of these factors may result in poor and inefficient design and installation of the systems. These factors may affect market growth to some extent.

Night Light Market REGIONAL INSIGHTS

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Europe is pioneering the development of safety and standardized performance requirements for specific types of indoor commercial smart lighting for garages, highways, and parking. With the continuing developments in LED designs and technology, dedicated LED luminaires and LED replacement smart bulbs are emerging as significant growth areas in the lighting industry. Existing manufacturers are increasing their product range to enter into the market, while incumbent smart lighting manufacturers continue to improve their product offerings. For applications such as downlighting, task lighting, landscape lighting, general ambient illumination, and outdoor general area lighting, an impending excess of dedicated smart luminaires providers should be highlighted.

Due to rising demand from the commercial and residential application categories, Asia Pacific is likely to become a key area. China is expected to be the leading revenue generator, with the biggest worldwide market share. Because of their growing economies and increased expenditures in smart city initiatives, countries such as Japan, India, and South Korea are expected to be at the forefront of smart lighting adoption. The shifting lighting environment across commercial sectors has a big impact on smart lighting demand in Asia Pacific. The increased construction of commercial buildings for office, retail, and entertainment is creating a new need for smart lighting. However, the beginning of the COVID-19 pandemic, which disrupted building activity in the early days, is likely to stifle demand for smart lighting.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Philips (Netherlands)
• Eaton (U.S.)
• Osram (Germany)
• Panasonic (Japan)
• Legrand (France)
• Opple (China)
• PAK (Georgia)
• Hugo Brennenstuhl (Germany)
• Feit Electric (U.S.)
• AmerTac (U.S.)
• Munchkin (U.S.)
• Maxxima (Poland)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.