LED Lighting Market was valued USD 50.30 billion in 2021 & it will reach to USD 105.49 billion by 2029 : GreyViews
LED Lighting Market Size By Product (Luminaries and Lamps), By Application (Outdoor and Indoor), By End-use (Industrial, Residential, Commercial and Others), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the LED lighting market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the LED lighting market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application, end-use and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global LED lighting market are GE Lighting, SMART Global Holding, Sharp Corporation, Havells, Eaton Corporation (Cooper Industries PLC), Samsung Electronics Co. Ltd., Philips Lumileds Lighting/ Signify NV, Toshiba Lighting and Technology Corporation among others. To achieve a substantial market share in the worldwide LED lighting market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Power usage in lighting systems is a significant issue. Lighting is the most noticeable energy usage because it uses 20–25% of total energy in many countries. Therefore, improving the lighting system's efficiency can result in significant energy savings and a reduction in peak load. LED lighting is typically regarded as the best solution for this problem. LED lighting is a type of light source that produces light when power is applied to it. Compared to other traditional incandescent lights, LED lighting uses less energy because it produces a lot of lumens per watt. Additionally, LED lighting can convert about 70% of energy into light as opposed to conventional lighting, which loses a lot of energy by converting it to heat. Since LED lighting is efficient and versatile, you may utilise it in your home in a variety of ways. LED strips are fantastic since they can be wrapped around a wide range of items and utilised in a variety of applications. They are also fantastic since they don't get too hot, which enables you to use them in places where standard lighting would harm the environment or even start a fire. However, to get the most out of LED lights, you need to be a little creative and innovative. Here are a few suggestions to get you going. You'll probably be able to do this if you have a passion for interior design and beautifying your homes.
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Scope of LED lighting market report
Market Share Unit
Product, Application, End-use and Regions
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
GE Lighting, SMART Global Holding, Sharp Corporation, Havells, Eaton Corporation (Cooper Industries PLC), Samsung Electronics Co. Ltd., Philips Lumileds Lighting/ Signify NV, Toshiba Lighting and Technology Corporation among others
The luminaries segment is expected to be the fastest-growing segment in 2021.
The Product segment includes Luminaries and Lamps. The luminaries segment is expected to witness the highest growth rate during the forecast period. The market is growing as a result of more people using LED lighting to create a better atmosphere and mood, which helps to increase attentiveness. In commercial and industrial settings, luminaries such surface wall lights, streetlights, interior ornamental lights, track lights, pendant lights, and ceiling lights are widely used. Compared to traditional lighting, LED luminaires are up to 80% more energy-efficient and produce more light per unit of output power.
The indoor segment is expected to be the fastest-growing segment in 2021.
The Application segment includes Outdoor and Indoor. The indoor segment is expected to witness the highest growth rate during the forecast period. Because more and more indoor environments, such as homes, offices, hospitals, shopping malls, and other organizations, are using LED lighting. LED lighting is becoming more and more common in interior settings due to its benefits, including low energy usage, increased longevity, and ease of installation and operation. It is projected that these factors will drive the segment's revenue growth. Additionally, LED lighting is being employed more and more in interior designs by architects and interior designers due to its affordability and creative flexibility, which will also assist in enhancing income.
The residential segment is expected to be the fastest-growing segment in 2021.
The End-use segment includes Industrial, Residential, Commercial and Others. The residential segment is expected to witness the highest growth rate during the forecast period. Because LED lighting, which has tiny, solid bulbs within and costs less than traditional lighting yet produces dazzling white light, is growing in popularity. Additionally, LED lighting uses less energy, has a greater brightness output, and has a longer lifespan. As a result, it is projected that there will be an increase in demand for LED lighting in residential settings. One of the common residential uses for LED lighting is to draw attention to the house's artistic, aesthetically attractive, or architectural features. The segment's sales growth will also be accelerated by increasing the use of LED lighting in office areas, toilets, showers, and reading lights. Throughout the forecast period, increased demand for LED lighting due to its security and eco-friendliness is likely to fuel the segment's revenue growth.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the LED lighting include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Because six American cities are using LED lighting more and more. The six cities are Detroit, Los Angeles, Boston, Portland, New York City, and San Francisco. LED streetlights will reduce power consumption by approximately 50% and reduce maintenance expenses. There has been an increase in the adoption of LED lights due to advantages including energy savings, regulating circadian cycles, prolonged durability, and noise reduction for increased productivity. A high standard of living and a growing desire among the population to make homes more alluring and attractive will also stimulate the usage of LED lights and are projected to fuel market revenue growth in the region.
Germany LED Lighting market size was valued at USD 1.81 billion in 2021 and is expected to reach USD 4.48 billion by 2029, at a CAGR of 12% from 2022 to 2029. Germany is regarded as one of the first nations to enact laws for the LED industry, having started to promote semiconductor lighting technology in 1998 with its "21st Century Lighting Project." To combat the problem of power shortages, the German government phased out incandescent light bulbs and started focusing on the installation of energy-efficient LED lighting systems.
China’s LED Lighting’ market size was valued at USD 1.50 billion in 2021 and is expected to reach USD 3.21 billion by 2029, at a CAGR of 10% from 2022 to 2029. Due to its many benefits, LED lighting is increasingly replacing conventional lighting products in China. The Chinese government also significantly contributes to the sector's growth by offering sizable subsidies for the usage of LED products. Additionally, the National Development and Reform Commission initially unveiled the nation's plan for the phase-out of incandescent lights in November 2011. Since then, the Chinese government has forbidden incandescent bulbs. Infrastructure development, cost reductions, regional energy-saving objectives, and rising urbanisation rates are further important factors affecting the LED market in China.
India's LED Lighting market size was valued at USD 1.35 billion in 2021 and is expected to reach USD 2.68 billion by 2029, at a CAGR of 9% from 2022 to 2029. In the steadily growing vehicle industry, there is a profitable possibility for the use of LEDs in headlamps, rearlamps, turn signals, and brake lights. The rapid growth of street lighting systems, a decline in the average price of LEDs, as well as a number of government and upcoming smart building programmes, are all projected to have a substantial impact on the demand for LED lights in India.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by increasing consumer demand for energy-efficient lighting systems.
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