Technavio Announces the Publication of its Research Report Global Lighting Market in Hospitality Sector 2016-2020
Technavio recognizes the following companies as the key players in the global lighting market in hospitality sector: Cree, General Electric, OSRAM, and Philips Lighting Holding.
Commenting on the report, an analyst from Technavios team said: Rapid urbanization will be a key trend for market growth. Rapid urbanization worldwide, especially in emerging economies, is leading to the increased demand for lighting devices in the hospitality sector. Rapid urbanization will result in growing number of households worldwide, which are encouraging investors from the hospitality sector in building world class hotels and restaurants. This will accelerate the demand for new lamps and luminaires in the sector. This will accelerate the unit shipment of LED lightings.
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According to the report, incentive programs on installation of energy-efficient lighting sources will be a key driver for market growth. The hospitality sector is making the transition toward energy-efficient LED lighting sources to reduce carbon footprint and utility cost. Increasing energy operating cost is the bane of most hotels existence. This cost is mostly associated with lighting in the hospitality sector. The interior of the Boise Wyndham hotel with 51,000-ft² area consumes 286,025 kWh of energy. The high energy cost compelled the hotel authorities to make the transition to energy-efficient ED lighting. After the LED retrofit. the hotel authorities witnessed that the energy consumption dropped to 71,456 kWh.
Further, the report states that higher import duties will be a challenge for the market. High import duties on lighting fixtures including LED products and components are hindering the growth of the global lighting market in the hospitality sector. The import duty rate for importing lighting fixtures into Brazil is 18%. This duty is accompanied by some other duties and taxes such as the airport fee, storage fee, handling fee, and declaration fee. This import duty rate is high as compared to the other BRIC nations and thus, impacts the final price of lighting product for the end-consumers in Brazil, as the main vendors are international players and import product from other countries.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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The lighting is defined by the type of light source technologies such as incandescent, halogen, CFL, LFL, HID, LED, and OLED. The report examines only four major technologies that 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.
Technavios analysts forecast the global lighting market in hospitality sector to grow at a CAGR of 7.13% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global lighting market in hospitality sector for 2016-2020. To calculate the market size, the report considers the unit shipment of light sources including LFL, CFL, HID, and LED lamps and luminaires.
The market is divided into the following segments based on geography:
Technavio’s report, Global Lighting Market in Hospitality Sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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