Supportive Government Initiatives are anticipated to boost the market growth
New York, USA, June 25, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “LED Lighting Market” Information Deployment Mode, By Installation Type, Product Type, Distribution Channel, End-Use Application, and Region – Market Forecast Till 2030”. The LED lighting market could thrive at a rate of 11.20% between 2022 and 2030. The market size will be reaching around USD 135.36 billion by the end of the year 2030.
LED Lighting Market Key Players
Eminent industry players profiled in the global LED lighting market report include
Phillips Lighting Holding B.V. (Netherlands)
GE Lighting (US)
Samsung Electronics (South Korea)
Sharp Corporation (Japan)
Eaton Corporation (Ireland)
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Scope of the Report - LED Lighting Market:
Market Size by 2030
USD 135.36 billion
CAGR during 2022-2030
Key Market Opportunities
Developments of emerging countries
Key Market Dynamics
Benefits of the LED lights Rising adoption of the LED lighting from indoor and outdoor construction activities
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LED Lighting Market Drivers
Cost Savings to Boost Market Growth
While the upfront cost of LED lighting was initially greater than that of traditional lighting solutions, thanks to technological breakthroughs & economies of scale, costs have dramatically fallen over time. Over their lifetime, LED bulbs save a lot of money because they last longer, need fewer replacements, and use less energy. Due to their low cost, LEDs are a desirable option for both individuals and companies.
LED Lighting Market Opportunities
Technological Advances to offer Robust Opportunities
LED lighting devices now provide greater efficacy, performance, and cost thanks to ongoing developments in LED technology. The total quality of the light output, including color rendering and dimmability, has improved thanks to advancements in chip design, heat management, and optics. The possibilities and uses of LED lighting systems have also been enhanced by the incorporation of the smart lighting controls & connection elements.
Restraints and Challenges
Higher Upfront Cost to act as Market Restraint
The higher upfront cost, misconceptions or lack of awareness about this technology, and compatibility issues may act as market restraints over the forecast period.
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LED Lighting Market Segmentation
The global LED lighting market is bifurcated based on type, product type, distribution channel, and end use application.
By type, new installation will lead the market over the forecast period. The main reason for this is the rising need for simple to install, energy-efficient lighting solutions on new building sites. For instance, Cochin Smart Mission Limited has prepared a 40 crores rupee project for August 2022 to install LED lighting in these sites. To ensure the safety of both automobiles and pedestrians, CSML will shortly publish a tender for 40,000 LED street light installation in these sites.
By product type, luminaries will domineer the market over the forecast period. This is because only high bays, troffers, track lighting, and street lighting fixtures use LED illumination. The primary driver is the installation of more track lights & light poles as a consequence of expanding commercial building space and emerging smart city initiatives. Therefore, it is projected that increasing the use of LED lights in urban development would have a beneficial effect on market growth.
By distribution channel, this market is bifurcated into non-store based and store based.
By end use application, indoor lighting will spearhead the market over the forecast period. The reason for this is the rise in demand for replacement high-intensity discharge & fluorescent bulbs from supermarkets, shopping malls, and retail organizations. LED lighting is more inexpensive and generates less heat than previous lighting options. The segment's expansion is also predicted to be supported by rising demand from public institutions such as hospitals and schools.
Due to travel restrictions, lockdowns and the temporary closures of production sites, COVID-19 caused supply chain delays. As a result, there was a lack of the raw materials & parts needed to make LED lights, which delayed both production and delivery. Due to lockdown procedures, several commercial and industrial sectors, including hospitality, retail, and office buildings, had decreased activity or temporary closures. As a result, there was less of a need for novel installations or replacements of LED lighting products at this time. Residential sectors saw a rise in need for LED lighting while commercial sectors saw a fall. Lockdowns caused individuals to spend more time at home, which increased the market for domestic lighting items as people tried to make their homes more aesthetically pleasing. The COVID-19 epidemic brought attention to the value of sustainability and energy efficiency. Because of the epidemic, the energy-saving advantages and extended lifespan of LED lights gained even greater importance. As a consequence, demand in LED lighting solutions remained strong, especially when it came to lowering energy usage and operational expenses. The epidemic hastened the uptake of smart lighting technology. Remote control of lighting settings became desirable with the use of remote work & social isolation techniques. People started using smart lighting that can be controlled by voice assistants or smartphone applications, as a way to improve their living spaces.
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LED Lighting Market Regional Analysis
APAC to Head LED Lighting Market
In 2022, Asia Pacific had the highest revenue share (43.61%). The market will expand steadily all through the forecasted period. This is a result of the rising energy-saving programs of local governments in emerging countries as well as the quickly evolving infrastructure projects in those regions, which are expected to boost demand for LED lighting. The expanding construction industries in Japan, China and India, & the numerous manufacturers operating in these nations with a focus on releasing new products will support the growth of the regional market.
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