The LED Lighting Market is anticipated to gain a valuation of USD 111.20 billion by the end of 2027, growing from its valuation of USD 100.09 billion in 2019 at a CAGR of 1.83% throughout the projected period. The LED lighting market is predominantly driven by the increasing use of LED lights in the residents and business organizations. The cost-efficient and energy-saving features of the LED lighting are adding traction to the growth of the market.
LED, light-emitting diode, lights are incredibly energy efficient and product light 90 times more efficient as compared to incandescent light bulbs. The diodes directly convert the electrical energy into light energy, and they are primarily used in lamps as an alternative to incandescent light sources. The LED lighting market’s primary driving factor is the sustainable approach to energy conservation and the stringent energy policies globally. Additionally, the cost-effectiveness and reduced heat losses, and their efficiency in replacing incandescent light sources are adding to the demand for the market.
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The COVID-19 pandemic has affected the LED Lighting market as it has caused disruptions in the global supply chains of the electronic components, delayed the manufacturing processes owing to the shutdowns of factories, and a decreased demand, thereby slowing down the growth of the market. However, the market is poised to regain momentum as stores, and commercial spaces have started reopening across the world.
Some of the prominent players of the Led Lighting market are Acuity Brands, Cree, Eaton, General Electric, Philips, Osram, Nichia Corporation, Seoul Semiconductors, Everlight Electronics, and Panasonic.
For the purpose of this study, Reports and Data has segmented the LED Lighting Market on the basis of type, installation, utilization, and region:
By Type (Revenue, USD Million; 2017-2027)
By Installation (Revenue, USD Million; 2017-2027)
By Utilization (Revenue, USD Million; 2017-2027)
By Region (Revenue, USD Million; 2017–2027)
Middle East & Africa
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Further Key Findings from the Report Suggests:
The LED Lighting Market is anticipated to gain a valuation of USD 111.20 billion by the end of 2027, growing from its valuation of USD 100.09 billion in 2019 at a CAGR of 1.83% throughout the projected period.
The LED lighting market is predominantly driven by the increasing use of LED lights in the residents and business organizations. LED, light-emitting diode, lights are incredibly energy efficient and product light 90 times more efficiently as compared to incandescent light bulbs.
The LED lighting market’s primary driving factor is the sustainable approach to energy conservation and the stringent energy-saving policies globally.
Based on the type of LED lights, the luminaires segment is anticipated to register an increased demand and growth over the projected period. Luminaires are extensively applied for industrial and commercial lighting. Luminaries are predominantly used in streetlights, track lights, downlights, and for numerous other applications. They offer more light per power output, and their control is feasible, thereby driving the growth of the segment.
Based on the installation type, the retrofit segment is presumed to grow at the highest rate due to its growing popularity in the residential sector. The retrofit technique enhances the features of technology and offers increased efficiency.
Based on the utilization, the indoor segment held the largest share in 2019 and is anticipated to continue dominating the market over the projected period of 2020-2027. This can be attributed to the rising use of LED lights in places such as houses, offices, retail stores, malls, educational institutions, and hospitals, among others.
Based on the regional analysis, Asia Pacific dominated the market in 2019 and is anticipated to hold a significant share over the coming years. This can be accredited to increasing initiatives undertaken by the governments of APAC countries for the large scale deployment of LEDs combined with the existence of prominent market players in the region.
North America is anticipated to follow closely owing to rising R&D activities, increased usage of LEDs for commercial and industrial purposes, and partnerships of the prominent players to expand their presence in the market.
Key Highlights in the Report:
Provides a detailed overview of market growth and patterns for the years 2020-2027, including key market parameters.
It provides useful information about the global LED Lighting industry, including market forecasts and sales growth rates.
Technical advances, regulatory environment, recent innovations, and existing and emerging trends in the LED Lighting market are all covered in this report.
Comprehensive industry analysis, including key statistical data and market knowledge gleaned from primary and secondary research.
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