The Make in India initiative has provided an excellent opportunity for the lighting sector to cater to the growing demand for energy-efficient lighting products. The government has introduced various schemes and incentives to promote the manufacturing of energy-efficient lighting products in the country. These schemes have not only boosted the manufacturing of lighting products but also increased employment opportunities in the sector. According to a report by the Indian LED lighting market, the LED lighting market in India is expected to reach USD 7.5 billion in 2023. This is due to the increasing demand for energy-efficient lighting products in the country. In this article, we will explore how the LED lighting sector is leveraging Make in India for maximum employment and to expand the sector:

• Increased employment opportunities

The LED lighting sector has greatly benefited from the Make in India initiative’s promotion of local production, which has resulted in the growth of already-existing factories as well as the development of new ones. This has helped to solve the issue of unemployment in the nation by generating a large number of job possibilities for the local workforce.

• Reduced Dependence on Imports

A significant majority of LED lighting products in India were imported before the “Make in India” effort. The effort has inspired domestic producers to create these products domestically, decreasing the nation’s reliance on imports and increasing the domestic economy.

• Technological Advancement

Local LED lighting producers now have a platform to create new technologies and products thanks to the Make in India program. This has prompted the development of creative and energy-efficient lighting solutions that are tailored specifically for the Indian market.

• Increase in the use of LED lighting products

The government has also been promoting the use of LED lighting products in the country. This has led to an increase in demand, which has in turn led to an increase in the manufacturing of LED lighting products in the country.

• Reduction in the cost of LED lighting products

The increased domestic production of LED lighting products has led to a reduction in their cost, making them more accessible to a wider range of consumers. This has helped to promote the adoption of LED lighting solutions, which are more energy-efficient and environmentally friendly than traditional lighting options.

In Conclusion:

The Make in India initiative has provided an excellent opportunity for the lighting sector to cater to the growing demand for energy-efficient lighting products in the country. The government has introduced various schemes and incentives to promote the manufacturing of energy-efficient lighting products in the country. This has not only boosted the manufacturing of lighting products but has also increased employment opportunities in the sector.

The availability of labour in the country has attracted many lighting manufacturers to set up their manufacturing units in the country, thereby increasing employment opportunities for the locals. The government’s promotion of energy-efficient lighting products and the use of LED lighting products has not only reduced the carbon footprint of the country but has also made it more affordable for consumers to switch to energy-efficient lighting products. The future of the lighting sector in India looks bright, and it is poised to become a global manufacturing hub for energy-efficient lighting products.

Mr. Ankur Mehta – Founder and Chairman, Crescent Lighting

The new Brightline Mako and Minnow fixtures are well suited for a variety of applications, including broadcast studios, production studios, and large and mid-sized presentation rooms.  The profile spotlight LEDs offer noise-free, fanless conduction cooling and are available in tunable Variable White and RGBW (Red, Green, Blue, White) versions. The Mako spotlight uses interchangeable, prime lenses and is designed for longer throws within large rooms or studios. The Minnow covers a shorter throw and is ideal as a key and accent light. Brightline Minnows have a compact zoom lens, enabling precise and continual adjustment to create the desired beam size. 

“This new family of fixtures provide lighting designers with a new tool set that fits hand in glove with the rest of our product line,” said Kathy Katz, Co-Founder, Brightline. “The Mako and Minnow can be used as variable white spots, as well as color changing effects.”

Setting the Mako and Minnow apart from competitive products is the fact that the fixtures are conduction cooled. With conduction cooling, heat is transferred from the COB (Chip On Board) LED to the heat sink and then to the mass of the fixture. “We build all of our product lines around fanless designs,” added Katz. “When a fixture has no moving parts, its continual use is extended dramatically, which is the case with many of our studio fixtures that continue to operate after 20-plus years of daily use.”

The Mako and Minnow series feature a variable white LED (3200K-6000K) and 95+ CRI tunable white chip. Tunable white applications enable the user to independently control color temperature. The Mako and Minnow RGBW models provide full color spectrum performance and feature a 4-in-1 LED RGBW for the brightest output and boldest color rendering.

“Our new profile spotlights give lighting directors additional tools to satisfy the scenic demands of today’s innovative set designs found in small and large studios,” explained Katz. “The ability to control the size, shape and intensity of the beam of light presents lighting directors with a wealth of innovative options. We’re thrilled to offer our customers four new fixtures to help them fulfill their creative vision.”

Both lights are available for immediate shipping.

About Brightline
A leading manufacturer of energy-efficient lighting systems for broadcast, videoconference, e-learning, and government, Brightline’s mission is to enable communication through clarity. With more than 5,000 customers in over 35 countries, Brightline specializes in enhancing the presentation of visual images by providing high quality, environmentally responsible, and cost-effective evolutionary lighting solutions. Get enlightened at brightlines.com.

As part of the launch, the company is also releasing a new campaign highlighting the product in a stylish, trendsetter and pathbreaking avatar, which not only changes the perception of LED Battens. It breaks the regular mould wherein Battens are considered as a lighting equipment. Glamtubes from Havells Lighting goes way further wherein it is not only a functional product it’s also accentuates your walls a glamorous, makeover. And all this has been showcased in an equally clutter breaking communication.

Link of the Video https://www.youtube.com/watch?v=xI3wlzWn2-w

On this occasion, Mr. Prag Bhatnagar, President, Havells India said, “We want to break the barriers when it comes to the “tube light” category by establishing a completely new perspective on LED tube lights. Our new product offering has unique premium designs aesthetic and cutting-edge technology for a better impact of light on our everyday life through features like Flicker-free lights and Glare-free Lights. The Glamtubes range will bring elegance to Indian homes and create an aura of wellbeing and glamour. We are optimistic that the new tube light range will reinforce our position in the premium lighting market while also meeting the changing demands of our new age consumers.”

Speaking on the DVC launch Mr. Rohit Kapoor, Executive Vice President-Marketing, Havells India “The Glamtubes range will revolutionise the perception of traditional tube lights as it offers an aesthetic change bringing to life the elevated sense of style.

The nomenclature originating from the theme of celestial hypnosis complements the mystical and alluring feeling that is unique to the range. Our latest TVC aims to communicate Glamtubes as an extension of panache that adds to the beauty of modern Indian home décor”.

Preeta Mathur, Creative Head 82.5 Communications, Delhi, – “While being briefed we were shown these LED battens. OMG! The feeling was unanimous: These Glam Tubes are actually so glamorous that they will surely make a fashion statement for those who will put them in their homes. The film intrigues you in the beginning when you see so many glamorous looking people walking towards something and when the penny drops you realise that the Glam Tubes is the pied piper that is bringing all the glamour from across the city, back home with it.”

ABOUT HAVELLS

Havells India Ltd is a leading FMEG (Fast moving electrical goods) and a consumer durable company, with a presence across 60 countries. Its product range includes Industrial & Domestic electrical goods and consumer durables. Havells owns prestigious brands like Havells, Lloyd, Crabtree, Standard and Reo.

The Marine Lighting Market was valued at USD 356.5 Million in 2020 and is expected to reach USD 526.2 Million by year 2028, at a CAGR of 4.90% CAGR during the forecast period (from 2018 – 2026). The growth of the market is majorly driven by increasing seaborne trade activities, growth of shipbuilding industry, and growing demand for cruise & commercial ships are the factors driving the market growth. However, price fluctuations of raw materials may hamper the market growth.

Flourishing segment

The compartment and utility segment is expected to grow continuously over the forecast period owing to its significance in commercial marine application. These lights are ordered by guidelines to be made of blast confirmation materials. Container and commercial ships are the key users of these lighting. Light-Emitting Diodes (LEDs) are estimated to hold the largest share of the market, by technology, LED lights have a higher lifespan and electrical efficiency than halogen and xenon lights. Shipyards across the globe are adopting LED lights as these lights are more energy efficient and have better luminosity. Hence, LEDs are projected to be the largest segment by technology.

Growth accelerator

The rising shipping activities in the countries of Latin America such as Mexico, Brazil, Panama, and Colombia is creating the marine lighting market of the Latin American region to hold significant share of the market.  Further, the oil & gas industry of Middle East & Africa (MEA) region is playing crucial role in the transportation activities through waterways, which is further anticipated to make the Middle East & Africa a promising region for marine lighting market. Also, North America is one of the key regions of the global market and is also estimated to grow with decent growth rate over the forecast period.

Major companies

As on date, many companies like Lumitec LLC, Quick S.p.A. unipersonale, OSRAM GmbH, Alpenglow Marine Lights, LLC, AZZ Inc., Marine Light Corp, Light Corporation Group, Imtra Corp., Innovative Lighting, Vision X Europe, Aqualuma LED Lighting, ENSTO GROUP, Savage Marine, Nemalux Inc., Shadow Caster, Inc., and others are operating in the marine lighting marketplace.

Key highlights

Comparatively economical nature of water transportation compared with other modes of transportation is boosting the growth of global shipping industry, which will positively impact the demand for marine lightings over the projected period of time.

Rising demand for commercial ships in APAC countries such as China, Indonesia, Japan, South Korea, and Russia is a major factor for the rising demand for functional lighting segment of the market.

Light-Emitting Diodes (LEDs) hold a significant share in the marine lighting market. LEDs do not emit heat radiations, which makes them safer for marine lighting applications. Shipyards across major ports of several countries are substituting other existing lighting technologies with LEDs due to the host of benefits they offer. Hence, LEDs are projected to be the rapid-growing segment by technology.

Component and utility lights are functional and authorized by regulations to be made of explosion-proof materials. Commercial ships such as oil tankers, container ships, bulk cargo, and general cargo, are the major users of these lights.

In passenger ships, usage of decorative lights is relatively higher to enhance the customer experience.

Final words

Almost all governments across the globe have specific lighting requirements defined for the marine industry. For example, the U.S. Coast Guard Navigation Rules, International-Inland, specifies lighting requirements for every type of watercraft. With the regulations being more critical about the use of the navigation and safety lights, ship-manufacturers are anticipated to demand more of such lights with properly defined specifications.

European shipbuilding industry is also anticipated to play a major role in the steady growth of the market.

The growth rate is majorly due to the presence of large fleet of ships in the European countries such as U.K., Germany, and Greece. Hence, with the increasing marine transportation activities tied with presence of huge fleet in the European region is expected to create major opportunities for the marine lighting manufacturers over the forecast period.

The Global Light Meter Market is driving because of government initiative towards standardization of protocols increasing demand from various industries. On the other hand, the availability of substitute products such as light measuring devices and smartphone applications, including an in-built camera as a light sensor, restricts the market’s growth.

Furthermore, increasing-price competitiveness due to many manufacturers with different pricing strategies is the challenge affecting the market’s growth. Moreover, technological development such as wireless light meters, sharing data vis cloud computing for building automation, and Internet of Things (IoT) embedded solutions are creating opportunities for the market to grow in the forecasted period.

Research and Markets’ report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories.

Status quo

According to the report, the global general lighting market size grew from $99.4 billion in 2020 to $102.9 billion in 2021 at a Compound Annual Growth Rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $140.7 billion in 2025 at a CAGR of 8%.

Growth stimulators

As per the general lighting industry market research, the declining manufacturing cost of LEDs is contributing to the growth of the market. The decline in the manufacturing cost of LEDs is leading to a decrease in the initial installation cost of LED lamps and fixtures. In addition, government support has helped vendors reduce the variable costs associated with manufacturing by operating their manufacturing facilities at full capacity. For instance, the manufacturing cost of LEDs has declined since 2012 and will continue to do so during the forecast period, primarily because of the declining Average Selling Prices (ASP) of chips and components used in the manufacturing process. The declining manufacturing cost of LEDs is expected to drive the growth of the general lighting market.

Market segmentation

The report has segmented the global general lighting market by: product type into LED, CFL, LFL, HID, halogens, incandescent, others; by end user into residential, commercial, outdoor, industrial, others; by application into general lighting, automotive lighting, backlighting, others.

Current focus

As per the researchers’ finding, the general lighting market is fragmented with a large number of players. The key players in the market are focusing on expanding their operational and business presence in the general lighting market through development by opening new facilities, and expanding its product portfolio by new product launch to meet the global demand.

The top ten competitors in the market made up to 23.19% of the total market in 2020. Major players covered in the global general lighting market include Schneider Electric SE, Panasonic Corporation, Signify N.V., Osram Licht AG, Acuity Brands, Inc., Eaton Corporation PLC, GE Lighting, Advanced Lighting Technologies, LLC, Honeywell International Inc., and Wipro Limited.

Region-wise growth

Asia Pacific was the largest region in the global general lighting market, accounting for 44.6% of the total in 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the general lighting market will be South America and Africa, where growth will be at CAGRs of 6.12% and 6.07% respectively. These will be followed by Asia Pacific and North America.

For further information: E-mail: info@tbrc.info

As far as the lighting industry is concerned, it is so vast that it’s not possible to focus on all its segments and sub-segments within the short span of one article. Thus here, I will talk about a few selected segments of this ubiquitous industry.

In today’s world, we all are concerned about the climate change, high level of pollution and so on. Although, initiatives are growing almost all over the world for generating more power through the renewable means, it will take many years from now to completely eliminate the harmful fossil fuel-based power plants. Till then, we are left with no other way but to practise energy efficiency. Thus today, it is a unanimously accepted fact that our primary focus should concentrate around energy efficient lighting.

The status quo of energy efficient lighting   

As per Research Dive, a market research firm based in Pune, India, ”The global energy efficient lighting market is likely to register a revenue of $370.4 billion by 2027, at a CAGR of 8.4% during the forecast period from 2020 to 2027.”

Their report states that the growing adoption of energy efficient lighting due to its various benefits, such as long shelf-life and greater energy savings is the major factor anticipated to accelerate the growth of the global energy efficient lighting market over the forecast period. Besides, various government initiatives to adopt LEDs for better efficiency is another factor estimated to boost the growth of the global market. Moreover, the growing attention of people towards adoption of smart LED lighting solutions are predicted to generate massive opportunities for the market by 2027. However, the high equipment and implementation costs associated with energy efficient lightings may restrict the market growth in the coming years.

Effect of COVID – 19: Research Dive finds that the outbreak of COVID-19 has impacted the growth of the energy efficient lighting market in a negative way, majorly due to the shortage in the supply of electric components across the globe. Besides, the lack of proper supply of components due to lockdown imposition and strict government guidelines has resulted in the delay of residential projects. However, several companies functioning in the global market are coming forward with strategic steps to help society during the coronavirus pandemic.

Most profitable sub-segment: The same report communicates that by source type, the Light Emitting Diodes (LEDs) sub segment generated a revenue of $85.8 billion in 2019 – and is predicted to dominate in the global industry by 2027. The significant growth of the LED sub-segment is majorly attributed to its various benefits compared to other type of lights, such as its energy efficiency, long life, high intensity and brightness, low radiated heat, reliability, instantaneous illumination, directional lighting and other benefits.

Largest market share: As per them, by application type, the commercial sub-segment valued for $73.3 billion in 2019 and is predicted to hold the dominating market share over the forecast period. This is mainly due to the penetration of LEDs in commercial sectors. In addition, the key players functioning in the global market are offering various energy efficient lighting solutions as per its uses.

Region to witness significant growth: By region, Research Dive expects that the North America energy efficient lighting market valued for $68.3 billion in 2019, will garner a revenue of $119.6 billion by 2027. The significant growth of the region can be attributed to the strict government & industry regulations and the rapid adoption of latest technologies. Moreover, many energy-efficiency programs in the region, such as ENERGY STAR certification, DLC programs, and the Lighting Design Lab certification that increase the outreach of energy efficient lights is also expected to bolster the regional market growth by 2027.

Most visible players: According to the market research company, based on several aspects, such as  business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis, some of the top players of the global energy efficient lighting industry are: Eaton, General Electric, Philips, Toshiba Corporation, Schneider Electric, ABB, Advanced Lighting Technologies Australia Inc., Bridgelux, Nichia Corporation, and Digital Lumens, Inc.

Progress of LED-based lighting systems

Although by now, LED-based lighting systems have been quite popular in the global market and successfully captured a large share pushing away the CFLs and GLS lamps, they still have a good potential for growth. According to the recent report titled, ‘LED Lighting Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)’ by Research And Markets,  “The LED lighting market was valued at USD 75.81 billion in 2020, and it is expected to reach USD 160.03 billion by 2026, at a CAGR of 14.25% over the forecast period 2021 – 2026. An estimated savings of USD 18 billion in electricity costs can be achieved by transitioning to energy-efficient LEDs. Furthermore, more than 160 million metric tons of carbon dioxide emissions can be avoided every year.”

Thus, there can’t be a second thought on the growth potential of the LED-based lights. The recent report by Research And Markets also echoes that – Lighting accounts for nearly 10% of electricity usage in households and 18–40% of commercial premises. There is a growing need for energy saving across the world, which is creating scope for the market. It is expected that the transition to energy-efficient lighting would reduce the global electricity demand for lighting by 30-40% in 2030.

Their researchers find that countries across the world are widely adopting LED lighting. For instance, New York planned to replace 250,000 streetlights with LEDs, which was to be followed by the replacement of decorative lights in the urban areas. Barcelona (Spain) deployed more than 3,000 smart streetlights based on LED technology, which gathers information about pollution, humidity, noise, and the overall environment.

They state that the growing consumer awareness about the environment and the durability of these lights and the government mandates for energy efficiency are the drivers for the growing adoption of LEDs. For instance, as part of its green initiatives, the Chennai Airport bought six sets of LED base lights for disaster relief to make its lights and fixtures energy-friendly.

According to this group of researchers, “Smart lighting is expected to be the future of LED lighting, with various companies, like Philips, Magiclight, and Xiaomi, investing in the technology. Philips is one of the market leaders with its product, Philips Hue, which can be integrated with voice assistants.

The report finds that in the current market scenario, LED light bulbs are enduring the early adoption phase of the product life cycle. However, continued technological advancement in LED lighting poised these product offerings to enter and advance through the growth phase. Recent advancements in light-emitting diode technology have allowed LED lighting products to penetrate the commercial lighting market, with enormous potential for growth. Commercial buildings, including offices, stores, restaurants, hospitals, and schools, account for almost 20% of the United States’ total energy consumption, and 38% of this energy consumption is attributed to lighting.

Trends in support of growth: Major American manufacturers are actively developing the LED lighting business with the rising LED lighting penetration rate. LED commercial lighting demand is strong in the US market, among which demand for Troffer, panel lights, tunnel lights, and high bay lights grows fastest, and they begin to develop towards intelligence and optical communications and other new application areas.

For instance, Technical Consumer Products Inc. offers its selectable commercial recessed downlight that comes with choices for colour temperatures and wattages, making these adaptable for many corporate settings.

Overall, the rapid urbanization and the increasing construction activities in the commercial sectors of different countries are expected to fuel the studied market demand in the foreseen period. However, with the onset of the COVID-19 pandemic, the short-term forecast indicates a decline in demand as several commercial constructions halted temporarily.

 Observations on significant growth potential: This report finds that in Latin America, nearly 80% of the total population resides in urban areas, which is expected to rise during the forecast period. By the end of 2045, urban dwellers are estimated to increase by two billion globally. Thus, in such a scenario, it becomes essential for countries to use energy more efficiently and fuel the market’s growth.

The growth of the LED lighting market in the region can be attributed to the declining manufacturing cost of LEDs and the increasing demand for energy-efficient and sustainable lighting. For instance, Brazil, which used to import LEDs, has now set up many manufacturing facilities to accelerate its adoption in commercial, industrial, and government public sectors.

Moreover, the Brazilian government issued a decree to replace incandescent bulbs with LED lighting products used in various road lighting and tunnel lighting. Also, healthy economic growth, robust industrialization, and urbanization tend to be some of the market’s macroeconomic factors.

Furthermore, growing awareness over the importance of energy efficiency, coupled with the regional government mandates to set higher standards for more energy efficiency and continuous innovations in LED technology by the leading manufacturers, is a significant factor driving the growth of the market in the region.

Buildings are among the largest consumers of electricity worldwide. However, according to estimates, 80% of the energy efficiency potential of the buildings is not utilized. For instance, Rio de Janeiro consumes 60% more public lighting energy than New York City.

A glimpse of the competition in the market

As per the researchers of Market And Research, “The LED lighting market is fragmented due to many regional and international players across the world like Heliospectra AB, Dialight PLC, Eaton Corporation, General Electric Company (Savant Systems Inc.), and OSRAM GmbH. With a prominent share in the market, these major players are focusing on expanding  their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Thus, it is very clear that in the coming days, the big players will try to capture more and more unexplored and under-explored territories, at the same time the smaller companies will try to tighten their commands over small pockets showing their technical superiority.

By P. K. Chatterjee (PK)

According to a recently published study; ‘The Maximize Market Research report’*, which has covered the details of: terms of definition, segmentation, market potential, significant trends, and the challenges, which the industry is facing;  in the year 2027, the surface-mounted lighting category is predicted to account for the greatest proportion of the market. The increasing deployment of LED-based lights in hospitals around the world is driving growth in this category.

Segments

The hospital lighting industry is divided into fluorescent lights, LED lights, renewables, and others based on technology. The advantages of LED technology over older lighting systems are expected to boost the hospital lighting industry’s growth. According to the US Department of Energy, lighting is a major source of energy in hospitals, accounting for more than 10% of overall energy use. As a result, there is a growing global demand for green technologies, which is expected to drive growth in the LED technology segment of the hospital lighting market because LEDs have a longer life, improved efficiency, are eco-friendly, durable, and provide more evenly distributed light than traditional lighting systems. The adoption of LEDs in intelligent lighting systems and solutions, for example, is expected to boost the hospital lighting industry’s growth.

Sub-segments

Patient wards and ICUs, examination rooms, operation suites, and other applications are all sub-segmented in the hospital lighting industry. In 2027, patient wards and ICUs are expected to account for the greatest proportion of the market. This high percentage may be due to the expanding number of hospitals in developing countries like India and China.

Impact of COVID – 19

As per the study, the COVID-19 Pandemic has the potential to impair the market in three ways: it could have a direct impact on production and demand, disrupt supply networks and marketplaces, and cause financial devastation to enterprises and financial institutions.

*The sample of the study is available at: https://www.maximizemarketresearch.com/request-sample/14360

Connected lighting refers to luminaries that are seamlessly integrated into the network of a building/space/city such that they can be monitored and provide valuable information regarding their usage. The luminaires are either programmed to operate in a particular pattern or fitted with sensors to capture information.

A connected lighting system provides innovative experiences to people, supports management in devising a granular energy management approach, and helps in integrating the entire system.

As per the report, the wireless smart lighting market will grow significantly at a CAGR of 20%-22% between 2020 and 2025 owing to the integration of advanced technologies, such as Bluetooth, ZigBee and Wi-Fi into lighting solutions. The proliferation of Internet of Things (IoT) devices has paved the way for the growth of the smart lighting market. With advancements in IoT and wireless communication technologies, lighting component manufacturers have started focusing on enabling wireless connectivity into lighting fixtures.

It points out that the tech-savvy young population is also increasingly adopting new technologies and features. There is a growing need for replacing conventional systems, coupled with increasing consumer awareness toward the adoption of energy-efficient and sustainable solutions.

Light Emitting Diode, one of the segments analyzed in the report, is projected to record a 6.1% CAGR and reach US$5.6 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the High-Intensity Discharge segment is readjusted to a revised 5.4% CAGR for the next 7-year period.

The Architectural Lighting market in the U.S., estimated at US$2.2 Million in the year 2020. China is forecast to reach a projected market size of US$2.6 Million by the year 2027 at a CAGR of 9.4% over the analysis period 2020 – 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.6%, respectively, from 2020 – 2027. Within Europe, Germany is forecast to grow at approximately 4% CAGR.

Globally other light types segment, the USA, Canada, Japan, China and Europe, will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.4 Million in the year 2020, will reach a projected size of US$2 Million by the close of the analysis period. China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.6 Million by the year 2027, while Latin America will expand at a 6% CAGR through the analysis period.