Light Emitting Diode (LED) is a semiconductor device that renovates electricity into light. LED lighting is rapidly-developing and energy-efficient lighting technologies usually mounted on the ceilings with a purpose to provide general illumination. Plummeting cost of Light Emitting Diode along with the transformation in energy policies across the globe drives the market growth for LED lighting. Government of various regions offers rebate and attractive incentives for the application of LED lights over the conventional lights, expected to proliferate the growth of LED lights in the coming years.
The LED lighting market was valued at USD 57.21 billion in 2019 and is expected to reach USD 151.02 billion by 2027, registering a CAGR of above 12.9% during the forecast period 2020 to 2027. The study provides an analysis of the global LED lighting market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2020 is considered as the base year.
This report analyzes and forecasts the LED lighting market at the global and regional level. The market has been forecast based on market share (percentages) and revenue (US$ in Thousands) from 2020 to 2027. The study includes drivers and restraints of the global LED lighting market. The main goal of this research study is to offer a clear picture and a better understanding of the market to the manufacturers, traders, and the suppliers operational in it. The readers can gain a deep insight into this market from this piece of information that can enable them to convey and develop critical approaches for the further growth of their businesses.
- North America and Europe are the other prime contributors towards the global LED lighting market growth. Technology advancement and significant initiatives taken by the governments of these regions for reducing the energy consumption are some of the major factors responsible for the growth of the regions.
- In 2019, LED luminaries occupied major market value share of around 56% in the global LED lighting market and expected to exhibit substantial growth over the forecast period. This is mainly because of their high cost compared to LED lamps.
- Commercial segment dominated the global LED lighting market and accounted for more than 52% of market value share. Increasing demand for LED troffers and downlights significantly drives the growth of the segment.
- On the other side, residential segment witness the fastest growth during the forthcoming years. The growth of the segment is attributed to the rising adoption of LED A-type lamps due to their low price and various subsidy programs initiated by the agencies and governments of different regions.
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An aggressive decline in the price of LED lights along with transformation in the energy policies across the world prominently drives the market growth. As per the National Electrical Manufacturers Association (NEMA), LED lights contribute nearly 23% of the overall lighting market in the year 2017. In addition, the U.S Environment Protection Agency (EPA) analyzed that LED will dominate the light bulb technology in the coming years due to the rising promotion and awareness of LED bulbs among the consumers. In addition, stringent regulations pertaining to energy consumption in various regions such as the U.S., Europe, China, and Canada has significantly spurred the demand for green and efficient lighting solution. Stringent government regulations for public lighting predicted to flourish the growth of commercial lighting segment in the coming years. Further, smart city initiatives, energy regulations, and night lighting regulations are the other prominent factors that contribute productively towards the accelerating growth of the segment.
The Asia Pacific led the global LED lighting market with more than 42% of revenue share in the year 2019 and expected to maintain its dominance in terms of both manufacturing and consumption during the forecast period. India, China, Japan, and Taiwan are the key revenue contributors owing to the initiatives undertaken by the respective governments for accelerating the adoption of LED lights in the region.
The governments of various countries offer lucrative discounts and offers on the usage of LED lights as they help significantly in the energy consumption over the region. This initiative also helps government to balance the amount of energy generated and the total energy consumed. In addition, prominent growth of the construction industry also helps in propelling the overall market growth. On-going construction projects and lucrative benefits offered by the government on usage of LED lights influence builders and construction industry to deploy more LED lights in the new buildings.
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Key Players & Strategies
The global LED lighting market is highly concentrated and competitive in nature due to the some of the major players captured maximum market revenue share in the year 2019. These top market players include Cree, Inc., Signify Holding, Digital Lumens Inc., Osram GmbH, and Acuity Brands. The aforementioned players mainly focus towards merger & acquisition, product enhancement, upgradation, and development to maintain their competitive edge in the market. Moreover, the practice of forward integration by some of the semiconductor manufacturers to establish them as lighting manufacturers is trending in the market. Lighting manufacturers are also looking more towards direct sales or building their own distribution channel to gain more profit by removing the mid-value chain dealers and distributors. This also helps the lighting manufacturers to establish economies of scale to increase their profitability ratio.
Some of the prominent players in the LED lighting market include:
- Cree Inc. (IDEAL INDUSTRIES INC.)
- Acuity Brands Lighting Inc.
- Digital Lumens Inc.;
- GE Current
- LSI Industries Inc.
- Siteco GmbH
- Panasonic Corporation
- Semiconductor Co. Ltd. (Seoul Semiconductor)
- Signify Holding
- Zumtobel Group Ag
Segments Covered in the Report
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on product, application, end-use, and region:
- North America
- Asia Pacific
- South Korea
- Rest of the World
- North America
Why should you invest in this report?
If you are aiming to enter the global LED lighting market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for LED lighting are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
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