Track Lighting Market Size, Share, Growth, And Industry Analysis, By Type (Halogen Track Lighting, LED Track Lighting and Incandescent Track Lighting), By Application (Residential and Commercial), Regional Insights, and Forecast From 2024 To 2031

TRACK LIGHTING MARKET REPORT OVERVIEW

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The global track lighting market size was USD 2314.5 million in 2022 and is expected to reach USD 4512.27 million in 2031, exhibiting a CAGR of 7.7% during the forecast period.

In a continuous track device with electrical wires, light fixtures can be attached anywhere to provide track lighting. In contrast, electrical wiring is not routed to specific light places. Tracks can be fastened to walls or ceilings, down beams lengthwise, or transverse across joists or rafters. Additionally, they can be hung from particularly high places like vaulted ceilings using rods. Tracks can either be mounted to ceilings or walls, lengthwise down beams, or crosswise across rafters or joists. They can also be hung with rods from especially high places like vaulted ceilings.

With a rise in population, more people are using light in activities like photography, home design, and other uses. Through empirical evidence, numerous scientists have suggested the use of LEDs in plant growth. Demand for LED lighting is high because it produces white light by converting electricity into light by utilizing the qualities of metals, which is crucial for plant growth and development. The demand for energy-efficient connected lighting controls and existing and prospective smart city initiatives in developing economies is the main driver propelling the growth of this market. The greater awareness of the need to reduce energy consumption is responsible for this demand. The introduction of integrated lighting control systems, impending smart city initiatives in developing nations, rising adoption and falling cost of LEDs, the integration of lighting solutions with smart devices, and a global increase

COVID-19 Impact: Decreased Consumer Demand Due to Lockdown to Impede Market Expansion

The global COVID-19 pandemic has been unprecedented and staggering, with track lighting market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The decline in CAGR is attributable to the track lighting market growth and demand returning to pre-pandemic levels once the pandemic is over.

The epidemic has had a negative effect on most industries worldwide. This can be ascribed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same holds true for the market for track lighting worldwide. Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their individual budgets as the general economic condition of the majority of people has been adversely impacted by this outbreak. Over the projected period, the aforementioned factors are anticipated to have a negative impact on the market's revenue trajectory. However, the market is anticipated to increase as the respective regulatory agencies start to lift these enforced lockdowns.

Latest Trends

"Rising Urbanization to Augment Market Growth"

The urbanization of the world is one important trend that is projected to accelerate market growth in the coming years, among others, in the worldwide market for smart lighting. Concerns about a stable, secure, and inexpensive energy supply as well as environmental repercussions including climate change, greenhouse gas emissions, and biodiversity loss are growing as urbanization spreads across the globe. The adoption of efficient lighting sources in residential and commercial cities is increasing as a result, and during the course of the forecast period, this trend is expected to continue.

TRACK LIGHTING MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into halogen track light, led track light and incandescent track light.

In terms of product, led track light is the largest segment.

• By Application Analysis

Based on application, the market can be divided intoresidential and commercial.

In terms of application, residential is the largest segment.

Driving Factors

"Awareness About Energy Saving Measures to Propel Market Growth"

One of the key factors anticipated to fuel the expansion of the global market for track lighting over the forecast period is the rising need for energy-saving measures at homes throughout the globe. The need for this particular lighting has grown all around the world as governments have begun enforcing policies and regulations on energy consumption. Additionally, manufacturers are embracing regulatory regulations more quickly, which is increasing consumer preference for light solutions. New criteria for light bulbs were created by the Energy Independence and Security Act, which was mandated by Congress in the United States. As a result, the market is expanding due to the increase in demand for energy efficiency.

"Low Cost of the Lighting to Enhance Market Growth"

Over the course of the forecast period, increasing use due to LEDs' falling prices is also anticipated to fuel the growth of the worldwide smart lighting market. An LED provides 60 watts of energy efficiency, typically using 10 watts and adding up to US$ 1 to the average annual bill, as opposed to an incandescent bulb's 60 watts, which contributes approximately US$ 7 to the average annual bill and requires more frequently. The price of an LED used to be US$ 10, but it is now US$ 1, the same as the price of an incandescent bulb.

Restraining Factors

"Lack of Compatibility Among Fixtures to Hamper Market Growth"

Another factor that is likely to impede the growth of the worldwide market for smart lighting over the forecast period is lighting compatibility issues. Because the form factor and circuitry of smart lighting differ from standard infrastructures and fixtures, there are situations when they cannot be used together. This necessitates even more switch replacement. Similarly, not all of the lighting accessories associated with existing or conventional fittings may be used with all lighting sources. Additionally, utilising an LED lamp in an enclosed housing may result in ineffective heat dissipation, which could reduce the LED lamp's lifespan. Therefore, the compatibility problems with smart lighting are limiting the track lighting market growth.

TRACK LIGHTING MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Rising Demand for Energy Efficient Products"

North America dominates the market and owns largest portion of track lighting market share. It is projected that the North American market will expand moderately. This is due to the presence of numerous significant corporations in the area. In comparison to other regions, the market in this one is fragmented. The main drivers supporting the growth of the market in North America are rising urbanization, adoption of cutting-edge technology, energy-efficient products, and a growing and ageing population.

Over the course of the forecast, Asia Pacific is also anticipated to have rapid expansion in the global market for smart lighting. Growing use of cutting-edge technology, including artificial intelligence and the internet of things, can be credited to the expansion of this region. This acceptance has increased demand for the smart home market in developing nations.

Key Industry Players

"Key Players Focus on Technological Development to stay Ahead in the Competition"

To satisfy the growing demand for track lighting, major players in the global market are concentrating on technological development and expansion. Manufacturers are also engaging in mergers and acquisitions in order to create novel products. Leading industry players are collaborating with other businesses in an effort to keep one step ahead of the competition. To diversify their product offerings, many businesses are now investing in the introduction of new products. One of the main methods utilised by participants to increase the scope of their product portfolios is mergers and acquisitions.

List Of Top Track Lighting Companies

• Philips Lighting (Netherlands)
• Acuity Brands (U.S.)
• Hubbell (U.S.)
• Eglo (India)
• ITAB (Sweden)
• Eaton (Ireland)
• Endo Lighting (Japan)
• WAC Lighting (U.S.)

Report Coverage

The report includes information on the key players in the market, including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin, and Sales, as well as a thorough analysis of the market's competitive landscape, in-depth knowledge of vendors, and thorough explanations of the factors that will impede the expansion of key market vendors.