According to the report titled ‘Global Lighting Product Market Size study with COVID-19 Impact, by Type (Flashlight, Lanterns, Headlights, Battery/propane or liquid fuel Camping lighting, Others), by Application (Commercial, Industrial, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global lighting product market is anticipated to record substantial growth during 2020-2027.
 

Rapid urbanization and rising government efforts in several economies towards smart city development are the key factors driving the growth of global lighting product market. With people heading to urban areas, urbanization is growing at a greater rate. In 2018, as per United Nations (UN) survey, 55% of the world population occupied urban areas, and by 2050, the proportion is projected to rise to 68%.
 

Recent adoption of revolutionary bulbs and lighting in the domestic, commercial, and industrial sectors, as well as continuous research & incorporation of new technology will impel global lighting product market size. The industry remuneration will multiply further by development of high performance fixtures and energy efficient lighting.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2706239/
 

The COVID-19 pandemic has impacted the manufacturing sector the most, with the development of the industry being adversely influenced by lockdowns and labor security around the world. Employment rates have decreased, which in turn has put a brake on customer spending, arresting the growth of the market. Focus towards renovation of old buildings with sophisticated interior design, however, would fuel the growth of global lighting products market.
 

On the contrary, changing government regulations about energy consumption and increased number of competitors may act as restraining factors for global lighting product industry landscape over the forecast timespan.
 

Based on type, worldwide lighting product market is divided into battery/propane or liquid fuel camping lighting, headlights, lanterns, flashlight, and others. Speaking of application spectrum, the industry is bifurcated into industrial, commercial, and others.
 

Citing regional landscape, worldwide lighting product market is segmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. The report states that Asia Pacific currently holds a considerable share of the overall market and is expected to expand further over the assessment period. The regional growth is credited to growing population, rising industrial automation with availability of cost-effective products in emerging countries like Japan, China, and India, along with emergence of new power consumption lightning technologies in the region.
 

Leading organizations impacting global lighting product market dynamics are Acuity Brands, Inc., LEDtronics, Inc., Havells India Limited, Citizen Electronics Co. Ltd., Cree, Inc., Schneider Electric, Osram Licht AG, Panasonic Corporation, Koninklijke Philips N.V., and GE Lighting.