The electroluminescent lights are low power consuming and when they are electrically charged they lose their energy in the form of light. Special features of electroluminescent lighting systems are encouraging customers to replace the traditional lighting systems in wide number of applications. End use industries like automotive and transportation, electronics and electrical etc. are growing rapidly. Manufacturers are focusing on implementation of new technologies to light up various items inside and outside of the vehicle using electroluminescent lighting ultimately driving the growth for this market.
Construction and architectural industries are also in there growth phase and electroluminescent lighting finds a numerous applications in this industries in the form of stairway lighting, night lights, landscape lighting, floor mats etc. this is also acting as a driver for electroluminescent lighting market. Printing technology companies like GSI technologies have done mergers and.
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Acquisitions with leading electroluminescent lighting display companies to use there assets to supply the need of high volumes of printed lights for automotive, transportation, medical lighting applications etc. In addition to all these advertising industry also finds a multiple applications for electroluminescent lighting in sign boards, banners, posters, billboards, POP signs in stores, trade show booths, special offer signs, podium in front of booth area etc. they are also expected to grow during forecast period contributing to the growth of electroluminescent lighting market.
Textile market which includes outerwear, men’s women’s and children’s clothing, toys, footwear, clothing accessories and sports gears etc. has seen a use of electroluminescent lighting. These markets generate more than $250 billion annually and anticipated to drive electroluminescent lighting market. Development and innovations in printed lights, OLED and LEDs can act as a restraints for the growth of electroluminescent lighting market.
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In terms of geography, the electroluminescent lighting market has been divided in to five key regions including North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. The electroluminescent lighting market is expected to register healthy CAGR during the forecast period. North America is anticipated to be the dominant market for electroluminescent lighting market followed by Asia Pacific and Europe. The market in Asia-Pacific region is expected to grow at highest CAGR over the forecast period. Countries like China and India are major manufacturing hubs for various electronic, automotive and consumer goods and are likely to provide abundant opportunities for the growth of the electroluminescent lighting market.
Some of the key players in the electroluminescent lighting market are Technomark, RSP, Inc., LumaMedia,intl., ASM Circuits Pvt. Ltd. Etc.