The global LED Lighting market size is expected to be worth around US$ 127.5 billion by 2030, according to a new report by Vision Research Reports.
The global LED Lighting market size was valued at US$ 54.5 billion in 2020 and is anticipated to grow at a CAGR of 13.5% during forecast period 2021 to 2030.
Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/35865
Growing stringency of regulations in terms of inefficient lighting technologies and rising government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), coupled with the transformation in energy policies across the world, has been driving the market growth. Moreover, attractive incentives and rebates provided by the governments for the use of LED lighting in several countries will leverage the demand.
The LED luminaires emerged as the largest segment and accounted for 56% share of the global revenue in 2019. Luminaires are widely used in commercial and industrial lighting segments. They are costlier than typical LED lamps; thus, luminaires account for a more significant market share than LED lamps. New installations predominantly drive growth. It includes lights used in streetlights, high bays, downlights, track lights, troffers, and suspended pendants for various applications. The luminaires deliver more light per output power and they are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. According to the National Electrical Manufacturers Association (NEMA), LED lights constituted approximately 23% of the overall lighting market in 2017. The U.S Environment Protection Agency (EPA) predicts that LED will be the dominating light bulb technology in the upcoming years provided the awareness and promotion of LED bulbs remain strong by manufacturers, distributors, and retailers. However, given the current pandemic situation, the international lighting events for promoting the products are either canceled or postponed due to COVID-19, online conferences can still serve the purpose of the current pandemic.
The LED lamps segment is anticipated to expand at the fastest CAGR of 14.5 % over the forecast period, owing to increasing adoption in developing countries. These lamps have various advantages over incandescent ones, including robustness, energy efficiency, and right temporal stability. Moreover, they are available in multiple designs and applications, such as T-Lamps, reflectors, A-Lamps, and MR-16 lamps. In European countries, the expected to decline in prices is anticipated to create growth opportunities for the segment over the Compact Florescent Lamps (CFLs). This factor is anticipated to speed up the shift from CFLs to light-emitting diodes. In addition, accentuated regulation roadmaps to phase out incompetent lightbulbs shall contribute to demand in residential and commercial applications.
The commercial segment led the market and accounted for more than 52% share of the global revenue in 2019. The demand for LED troffers, downlights are driving the growth of the commercial segment. The high-end commercial lighting market mainly includes galleries, museums, and other exhibition lighting applications that primarily use reflectors, projectors, and downlights. High brightness LED lights are anticipated to witness high demand in the industrial lighting segment. These lights must comply with industrial lighting standards and regulations defined by various governments. For instance, in the U.S., the Occupational Safety and Health Administration (OSHA) has announced a standard for illumination in offices and commercial spaces.
The residential application consists of portable plug-in fixtures such as table lamps, pendants, and floor lamps as well as permanently installed fixtures such as under recessed sconces and cabinet lights. The residential lighting segment has witnessed high growth in the last few years as the adoption of LED A-type lamps has grown exponentially owing to lowered product prices and subsidy programs by various governments and agencies. Price is a decisive factor driving the demand from residential the segment. Given the pandemic conditions and with prominent brands increasing the product prices, the demand is expected to slump in near future.
The indoor segment dominated the market and accounted for over a 69% share of global revenue in 2019. Usage of LED lights in offices, retail stores and malls, hospitals, education buildings, and others has witnessed significant growth over the past few years. High adoption of LEDs as an alternative to fluorescent, High-intensity Discharge (HID), and incandescent lamps have paved the way for indoor light-emitting diode lighting on a large scale.
Outdoor applications include airports, corporate campuses, industrial, government, and healthcare infrastructure, highways and roadways, and public places such as signage and traffic signals. Demand can be profoundly affected by public policy interventions and municipality support. Government initiatives, such as the LightSavers program undertaken by The Climate Group are expected to trigger the substitution of traditional lighting solutions.
The Asia Pacific dominated the market and accounted for over 42% share of global revenue in 2019 and is likely to continue the dominance in terms of both usage and manufacturing over the forecast period. Taiwan, India, Japan, and China are the key contributors to regional growth owing to initiatives undertaken by the respective governments for embracing light-emitting diodes coupled with the existence of a large number of market players. Asia Pacific has some of the developing countries such as China, India, and Indonesia, which have a robust construction industry contributing to the growing demand for indoor and outdoor LED lightings. As the construction activity is interrupted due to pandemic, the delay in construction projects would negatively impact the demand and affect the vendor performance during the year 2020.
A strong dollar policy is likely to help the U.S. become a significant growth driver for the overall demand for LED lighting. The country has also been a strong advocate of light-emitting diode lighting with announcements of new policies and guidelines regarding the use of light-emitting diode technology, investments in R&D of energy-efficient lighting solutions, expanded use in commercial, industrial, and residential applications, and participated in public-private partnerships to boost local markets. This factor is expected to boost the growth of the regional market in the forthcoming years.
- Acuity Brands Lighting Inc.
- Digital Lumens Inc.
- Osram Gmbh
- Cree Inc.
- Zumtobel Group Ag
- Signify Holding
- LSI Industries Inc.
LED Lighting Product Outlook
LED Lighting Application Outlook
LED Lighting End-use Outlook
LED Lighting Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/35865 or call: +1 9197 992 333