Global LED Lighting Market is Forecasted to Value Over US$ 90.7 Billion by 2029 End

  • 29 Jul 2019

Global LED lighting market is forecasted to value over US$ 90.7 billion by 2029 end and register a CAGR of 13% from 2019 to 2029.

The rising demand for energy-efficient lighting alongside the growing adoption of LEDs as a light source is driving the growth of the market. Rising smart cities project alongside the reduction in prices of LEDs is expected to augment the market during the forecast period. LED reduces heat losses and is economical in the consumption of electricity. Advancement in technology, growing focus on green lighting remain the major factor burgeoning the market.

The market is segmented into product type, installation type, applications, and region. Based on product type, LED luminaires are expected to witness vast growth. Luminaries are vastly deployed in the industrial and commercial sector. These are vastly deployed in high bays, track lights and streetlights. Luminaries deliver more light as per output power.

Based on application, the market is classified into indoor and outdoor lighting. Indoor lighting is expected to grow exponentially over the coming years. The indoor segment is bifurcated into commercial, industrial, residential and others. Higher adoption of LED lights in retail stores, malls, and offices have fuelled the growth of indoor lighting thus propelling the LED lighting market. Outdoor application is also expected to witness vast growth during the forecast period. Various government initiative has triggered the deployment of LED lights in road signs, traffic signals, and highways.

On the basis of installation type, retrofit lamps are expected to witness vast growth. Retrofit lamps are the LED lamps that are utilized to partially replace lighting fixtures present within LED lamps. It offers high lifecycle alongside efficient energy saving. Rapid preference to LED lamps over incandescent lamps is driving the growth of the retrofit installation, hence expanding the LED lighting market.

In terms of region, Asia-Pacific is the global leader of the market. The region is likely to witness huge growth over the forecast period as well. Emerging economies like India, China, Japan, and Taiwan are already witnessing a surge in manufacturing and usage of LED lighting. Favourable government policies taken by the governments of these countries have fuelled the growth of the market. North America and Europe are also expected to contribute significantly to the growth of the market. Europe and North America have witnessed huge growth owing to rising usage of ultra-modern lighting. Rising investments in R&D for efficient energy solutions alongside rising LED lamp deployment in industrial and residential applications is inflating the market in the region.

Prominent players like Osram GmbH, General Electric, and Signify Holding are developing LED lighting of low price aimed at efficient performance. These players are trying to further stimulate the market by enhancing product optimization and product development.

Prominent players of the market are OSRAM Licht AG, Dialight plc, Zumtobel Group, Samsung, Cree, Inc., General Electric Company, Philips Lighting Holding B.V, Virtual Extension and Cooper Industries, Inc.

Global LED Lighting Market Segmentation:

By Product Type:

  • LED Luminaries
  • LED lamps

By Installation Type

  • New Installation
  • Retrofit Installation

By Application Type

  • Indoor lighting
  • Outdoor lighting

By Region 

  • North America 
  • Europe  
  • Asia Pacific 
  • Latin America  
  • Rest of the World 

Competitive Landscape:

●    Tier 1 players- established companies in the market with a major market share

●    Tier 2 players

●    Emerging players which are growing rapidly

●    New Entrants

FutureWise Key Takeaways

●    Growth Prospects

●    SWOT Analysis

●    Key Trends

●    Key data-points affecting market growth

Objectives of the Study:

•    To provide with an exhaustive analysis on the global LED lighting market by installation type, by application, by product, and by region

•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

•    To evaluate and forecast micro-markets and the overall market

•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world

•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

•    Profiling of companies to evaluate their market shares, strategies, financial and core competencies

 

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