Overview

LED Lighting Market Introduction

LED lighting market is forecasted to value over US$ 90.7 billion by 2027 end and register a CAGR of 13% from 2020 to 2027

Rising demand for deployment of power-efficient illuminating systems in the commercial, industrial and residential sector is driving the growth of the market. Growing concerns over depletion of non-renewable sources of power coupled with the reduction in prices of LED lights remains a key factor behind the burgeoning of 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. Luminaires are extensively deployed in the industrial lighting sector. Increase in a number of new installations is fueling the growth of luminaries. Luminaries are in vast demand for utilization of lights in highway bays, streetlights, and track lights. Luminaries enable optic designers to use them more efficiently and deliver more light per output power. Luminaries use less light to illuminate the same area and deliver more light 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. Rising preference of LEDs over fluorescent is leading to more demand for indoor lighting. LEDs are efficient than incandescent lightings and HID. LED has seen rapid deployment in malls, retail stores, offices hospitals, and educational institutues. LED lights do not require warm-up time and light in nanoseconds instantaneously. They are also ecological because they consume less energy and do not contain mercury or other dangerous substances.

Outdoor lighting is also expected to witness significant growth owing to rising interventions of public policy and municipality. Initiatives taken by the Climate Group is also expected to elevate the market.

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 working period alongside efficient energy saving.

In terms of region, Asia-Pacific is the global leader of the market. Favorable government policies taken by the government of emerging economies like Japan, India, and China have escalated the market. Rising government support for deployment of LEDs alongside the presence of prominent players is driving 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.

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.

Additional Insights:

• LED lamps are predicted to witness significant growth due to the rapid adoption of lamps in developing countries
• These lamps possess energy efficiency, robustness, and long sustainability. They are also available in various designs and applications such as A-Lamps, reflectors, and T-Lamps
• Many governments of European nations are planning to reduce the prices of LED lamps. The move will shift consumer preference to LED lamps

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:

• 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

FutureWise Key Takeaway

• According to our industry experts, forward-integration is trending in the market. The manufacturers are looking forward to sell without any unnecessary interferences in order to achieve profitability
• To gain a higher profit, the prominent players import low-components from chinese suppliers and assemble them on their own
• LED lamps are expected to dominate the market during the forecast period owing to favorable government policy

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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