According to the new market research report "Light Meter Market by Display (Analog and Digital), Type (General-Purpose, LED, and UV), Lux Range (0–200K Lux and Above 200K Lux), Application (Photography & Cinematography, Commercial Spaces, Clinics & Hospitals), and Region - Global Forecast to 2023", The light meter market is expected to grow from USD 305.1 Million in 2018 to USD 417.4 Million by 2023, at a CAGR of 6.47% between 2018 and 2023. The growth of the light meter market can be attributed to the increasing demand for light meters in the photography and cinematography industry worldwide, regulations to improve workplace lighting, and government initiatives toward the standardization of lighting protocols.
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Market for digital light meters expected to grow at higher CAGR between 2018 and 2023
Light meter has 2 types of display analog and digital. Digital light meters provide ease of accessibility by eliminating the need to analyze the position of a needle in a meter. These light meters also provide more accurate readings than analog light meters, which contributes to a larger share of this segments and higher CAGR of the market for the same during the forecast period.
Market for LED light meters expected to grow at highest CAGR between 2018 and 2023
The highest growth rate of the market for LED light meters is attributed to the increasing government regulations worldwide for deploying energy-efficient lightings. Thus, the growing use of LED lighting is expected to create a need for specialized LED light meters. LED light meters can also measure ambient, conventional lights apart from the LED lighting types.
0–200K lux range light meters held major share of the light meter market in 2017
The light meters for 0–200K lux range are likely to dominate the lux meter market with the larger size and higher CAGR during the forecast period as these light meters are used in a wider range of applications. On the other hand, the light meters with the lux range above 200K are expensive, and hence, their use is limited to high-end technical applications.
Light meter market for photography and cinematography application to grow at highest CAGR between 2018 and 2023
Photography and cinematography held the largest share of the light meter market based on application in 2017, and the market for the said application is expected to grow at the highest CAGR between 2018 and 2023. Optimum lighting plays a crucial role in capturing desired photos or videos. Light meters recommend the optimum exposure and light levels for any portrait or scene. Advanced light meters feature the most innovative and advanced capabilities such as flash analyzing function, built-in wireless triggering, flash power control, and radio-frequency compatibility. These factors are expected to contribute to the domination of the photography and cinematography application in the market during the forecast period.
Americas held largest share of light meter market in 2017
The Americas, being a technologically advanced and developed region, is an early adopter of the light meter technologies. Also, the majority of the light meter manufacturers are based in this region. Its strong financial position also allows it to heavily invest in leading tools and technologies for effective business operations. These advantages give a competitive edge to the American organizations in various businesses.
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The light meter ecosystem includes manufacturers and resellers such as Konica Minolta Sensing Americas (US), FLIR Systems (US), Sekonic (Japan), Testo SE (Germany), Hioki (Japan), Amprobe (US), KERN & SOHN (Germany), B&K Precision (US), Line Seiki (Japan), PCE Deutschland (Germany), and Hanna Instruments (US).