Technology

Lighting Market to Expand by USD 54.76 Billion (2024-2028), Driven by New Product Launches and Developments, Market Evolution Powered by AI – Technavio

Published

1 month ago

November 25, 2024

NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global lighting market size is estimated to grow by USD 54.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period. Growing number of developments and lighting product launches is driving market growth, with a trend towards advances in automotive lighting systems. However, sustainability issue in the lighting industry poses a challenge.Key market players include Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd..

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Lighting Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.89%

Market growth 2024-2028

USD 54.76 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.45

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 45%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., LSI Industries Inc., Lumileds Holding BV, Panasonic Holdings Corp., Sharp Corp., SMART Global Holdings Inc., Syska Led Lights Pvt. Ltd., and Toyoda Gosei Co. Ltd.

Market Driver

The lighting market is witnessing significant trends in various sectors including interior designing, photography, and scientific research. LED lights are leading the charge with their energy efficiency and long life span, replacing traditional incandescent, CFL, LFL, HID, and halogen bulbs. Scientists are also exploring the use of LEDs for growing plants and in developing countries for off-grid solar solutions. In the automotive sector, LED lighting is becoming standard in headlamps and taillights, while solar is powering outdoor lighting in urban cities and commercial buildings. Effective manufacturers like Signify are launching energy-efficient luminaires and smart lighting systems, reducing electricity consumption and operating costs. The Biden Harris Administration is promoting energy efficiency and environmental sustainability initiatives, driving demand for cost-effective, energy-saving solutions. Smart lighting solutions are also being integrated into HVAC, security, and building automation systems, improving urban infrastructure and reducing logistics inefficiency. The horticulture sector is using LEDs for growing plants, and smart LED bulbs are being used in advertising, aviation, medical devices, and camera flashes. The market for LED lights in residential sector, retail, and commercial buildings is expected to grow significantly due to their cost-effectiveness and life expectancy. The semiconductor industry is also investing in research and development to improve the performance and affordability of LEDs. However, environmental degradation and energy problems remain challenges that need to be addressed, making energy efficiency and environmental sustainability key priorities. The CEA systems and EcoLink range are also gaining popularity for their smart outdoor lighting solutions. The market for LED fixtures in real estate, parking lots, and smart cities initiatives is expected to grow significantly in the coming years.

Adaptive lighting systems are gaining popularity in both commercial and automotive industries due to their enhanced safety and comfort features. These systems are designed to improve visibility during nighttime and low-light conditions, particularly around curves and hills. Traditional headlights illuminate the road directly ahead, leaving the sides unlit. In contrast, adaptive headlamps adjust their beams according to steering input, ensuring the vehicle’s path is illuminated. Additionally, when climbing a hill, conventional headlights may point upward, reducing visibility. Adaptive lighting systems address these issues, providing a safer and more comfortable driving experience.

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Market Challenges

The lighting market faces various challenges in sectors like interior designing, photography, and scientific research, requiring different types of lights such as white light for houses and LEDs for plants. Scientists are focusing on energy-efficient LEDs to reduce electricity consumption and environmental degradation. Developing and under-developing nations face energy problems, with off-grid solar sector solutions gaining popularity. Effective manufacturers like Signify offer energy-efficient luminaires and smart lighting systems. In the residential sector, capital costs and logistics inefficiency hinder LED adoption over incandescent, CFL, LFL, HID, halogen, and fluorescent bulbs. LEDs are increasingly used in automotive, retail, and commercial sectors due to energy costs and long life expectancy. Smart LED bulbs and outdoor lighting systems are cost-effective and energy-efficient solutions for real estate, urban cities, highways, commercial buildings, and parking lots. Governments and organizations promote energy efficiency and environmental sustainability through initiatives like the Biden Harris Administration’s focus on smart cities and the CEA systems’ Color Rendering Index. The horticulture sector uses specialized LED lighting for plant growth, while building automation systems integrate HVAC, security, and smart lighting solutions. In industries like aviation, advertising, medical devices, camera flashes, traffic signals, and automotive headlamps, energy-efficient lighting is essential for reducing electricity consumption and operating costs. Solar and LED fixtures are becoming increasingly popular in developing nations, while smart outdoor lighting solutions are cost-effective and eco-friendly. In conclusion, the lighting market faces challenges in various sectors, including cost-effectiveness, energy efficiency, and environmental sustainability. Effective manufacturers like Signify offer energy-efficient solutions, while governments and organizations promote initiatives to address these challenges. The future of lighting lies in smart, energy-efficient, and cost-effective technologies like LEDs and solar.The lighting market faces a significant challenge in ensuring sustainability as the demand for environmentally friendly and energy-efficient solutions, such as CFLs and LED lighting, increases. The limited supply of rare earth elements, like those used in Phosphor-based LEDs, can lead to price fluctuations and supply chain disruptions. Addressing sustainability concerns in the lighting industry is crucial to prevent potential growth hindrances. Companies must explore alternative sources for rare earth elements or develop new technologies using less of these materials to maintain a steady supply and keep costs competitive.

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Segment Overview

This lighting market report extensively covers market segmentation by

Application 1.1 General lighting1.2 Automotive lighting1.3 BacklightingType 2.1 LED technology2.2 Traditional technologyGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 General lighting- The general lighting market encompasses various lighting solutions including lamps, electronics, consumer luminaires, systems, and professional luminaires and systems. This segment is the most widely used in residential, commercial, and industrial applications such as homes, offices, factories, streets, stadiums, and theaters. Market leaders like Signify NV, OSRAM, and IDEAL INDUSTRIES Inc’s Cree dominate this segment. The introduction of LED technology has significantly boosted the general lighting market. LEDs offer several advantages over traditional lighting sources, including low maintenance cost, long lifespan, energy efficiency, and eco-friendliness. The continuous price reduction of LEDs further enhances their appeal. Developed countries are witnessing the trend of connected lighting, where lighting fixtures can be controlled via smartphones. Although not yet mainstream, this innovation will add a new dimension to the general lighting segment, contributing to the growth of the global lighting market.

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Research Analysis

The lighting market encompasses various applications of light for interior designing, photography, and scientific research. LED lights have revolutionized the industry with their energy efficiency and long lifespan, replacing traditional incandescent bulbs and Compact Fluorescent Lights (CFLs). Scientists continue to explore the properties of white light, impacting electricity consumption and energy costs. Metals play a crucial role in lighting production, while electricity is the primary power source. LEDs are not just limited to residential and commercial use but also extend to automotive headlamps, aviation, advertising, and traffic signals. The Biden Harris Administration’s focus on energy efficiency and sustainability further boosts the market growth. The Color Rendering Index (CRI) is a critical factor in evaluating the quality of light for various industries, including horticulture and medical devices. Building automation systems, HVAC, security, and smart lighting solutions are integral components of modern infrastructure. LED lighting and CEA systems are at the forefront of innovation, offering advanced features and energy savings. Camera flashes and lighted wallpapers cater to niche markets, while the horticulture sector benefits from specialized grow lights.

Market Research Overview

The lighting market encompasses various applications, from interior designing and photography to scientific research and automotive industries. Lighting solutions range from LEDs to traditional incandescent, CFL, LFL, HID, and halogen bulbs. Scientists continue to innovate, developing energy-efficient luminaires and light control systems. Plants and urban cities benefit from LEDs, while developing and under-developing nations explore off-grid solar sector solutions. Effective manufacturers produce cost-effective, energy-efficient LED fixtures for residential and commercial sectors, including houses, malls, stores, restaurants, hospitals, schools, parking lots, and real estate. Solar and semiconductor industries play crucial roles in reducing electricity consumption and environmental degradation. Smart LED bulbs and outdoor lighting systems, along with building automation systems, HVAC, and security, contribute to energy efficiency and environmental sustainability initiatives. The Biden Harris Administration smart cities, energy efficiency, and environmental sustainability, while various industries, including aviation, advertising, and medical devices, utilize specialized lighting solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationGeneral LightingAutomotive LightingBacklightingTypeLED TechnologyTraditional TechnologyGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Lichen China Limited Announces $2.8 Million Registered Direct Offering

Published

1 hour ago

December 26, 2024

XIAMEN, China, Dec. 26, 2024 /PRNewswire/ — Lichen China Limited (Nasdaq: LICN) (“Lichen China” or the “Company”), a dedicated financial and taxation service provider in China today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 20,000,000 of the Company’s Class A ordinary share, par value $0.00004 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.14 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $2.8 million. The transaction is expected to close on or about December 27, 2024, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

The registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-277230) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus will be filed by the Company and, upon filing, can be obtained at the SEC’s website at www.sec.gov.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com

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SOURCE Lichen China Limited

Technology

Elvis Birthday Celebration tour kicks off at the Miniaci Performing Arts Center January 5th

Published

2 hours ago

December 26, 2024

This January 8th would have been the King’s Birthday. Gone but never forgotten, his image, music, films and memories live on as a testament to his true effect and influence on his generation and future generations to come. Keeping the memory alive at countless venues throughout the country, Chris MacDonald lovingly shares the magic of the “King of Rock-n-Roll” with his full production tribute Memories of Elvis Rockin Birthday Bash

FORT LAUDERDALE, Fla., Dec. 26, 2024 /PRNewswire-PRWeb/ — Elvis Presley Birthday Celebration Florida Tour kicks off at the Miniaci Performing Arts Center at Nova Southeastern University Davie Campus on January 5th with Chris MacDonald’s Memories of Elvis Rockin Birthday Bash, a multi-media full production tribute celebrating the life and music of the King of Rock-n-Roll.

“Adding to the authenticity of his tribute, Chris has the honor of being the only tribute artist hired by Elvis Presley Enterprises to perform at Graceland’s Heartbreak Hotel.”

This January 8th would have been the King’s Birthday. Gone but never forgotten, his image, music, films and memories live on as a testament to his true effect and influence on his generation and future generations to come. The original American Rock-n-Roll Idol who influenced the Beatles, The Rolling Stones and anyone that has ever picked up a guitar or a microphone since, continues to engage our love affair with his all American story of a shy poor and humble country boy that became the King of Rock-n-Roll. Elvis Presley, recognized by TIME magazine as the “Artist of the 20th Century,” has sold more records than any other artist or group in the history of modern music. Even after death, his image and music continue to be loved and celebrated throughout the world. With the critically acclaimed big screen biopic “Elvis” by director Baz Luhrmann starring Austin Butler as Elvis and Tom Hanks as Colonel Tom Parker, Elvis’s music and charisma are once again in the spotlight for a whole new generation and there’s no sign of the King leaving the building of Rock-n-Roll icon status.

Keeping the memory alive at countless venues throughout the country, Chris MacDonald lovingly shares the magic of the “King of Rock-n-Roll” with his full production tribute Memories of Elvis. Chris’s show is not an overdone impersonation. It is a natural heartfelt tribute to a legendary performer and music icon. With his dynamic production band, Chris MacDonald draws his audience in with the look, sounds, and nuances that made Elvis the King of Rock-n- Roll!

Adding to the authenticity of his tribute, Chris MacDonald has the honor of being the only tribute artist hired by Elvis Presley Enterprises to perform at Graceland’s Heartbreak Hotel. An energetic and experienced entertainer, MacDonald has also starred in the famous “Legends in Concert” stage productions and has performed in Branson, MO, and Las Vegas, NV. Chris has also performed in Concert with Elvis Presley’s original back up group The Jordanaires and D.J. Fontana Elvis original drummer “The Beat Behind The King” at the famous Seminole Hard Rock Live Concert Venue in Hollywood Florida and other venues throughout the country.

With this newly updated production, the show will include costume changes and songs representing the different stages of Elvis’s incredible career including the 1950′s, the Movies, the 1968 Comeback and the 1970′s White Fringe Vegas Concerts. It’s all a part of this fun loving tribute to one of the greatest entertainers of all time.

Get “All shook up” and celebrate the life and music of the King of Rock-n-Roll with Chris MacDonald’s Memories of Elvis Rockin Birthday Bash.

Florida Tour Dates:

January 5, 2025 2pm (Sunday)

Rose and Alfred Miniaci Performing Arts Center

Nova Southeastern University

3100 Ray Ferrero Junior Boulevard,

Davie, FL 33314

Box Office: 954-462-0222

https://www.miniacipac.com/events/detail/chris-macdonalds-memories-of-elvis-rockin-birthday-bash-2025

January 16, 2025 7:30 pm (Thursday)

Barbara B Mann Performing Arts Hall

Southwestern State College

13350 FSW Parkway, Fort Myers, FL 33919

Box Office: 800-440-7469 • 239-481-4849

https://www.bbmannpah.com/events/detail/chris-macdonalds-memories-of-elvis-2025-fort-myers

January 18, 2025 7:30 pm (Saturday)

Sunrise Theatre

117 S 2nd Street, Fort Pierce, FL 34950

Box office: 772-461-4775

https://www.sunrisetheatre.com/shows/memories-of-elvis-rockin-birthday-bash/

Media Contact

Donna Oz, CME Inc, 1 954341-6005, info@chrismacdonaldselvis.com, https://www.elvispresleystory.com/

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SOURCE CME Inc; CME Inc

Technology

VIVOTEK Wins Double Honors for Its Commitment to Sustainability

Published

3 hours ago

December 26, 2024

TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.

Pioneering Sustainability with Dual Recognition

“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”

Driving Sustainability through AI Innovation

VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.

Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.

In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.

Security Sustainability as a Foundation for Social Impact

VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.

Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.

To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.

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SOURCE VIVOTEK Inc.