The global LED Lighting market size is expected to be worth around US$ 127.02 billion by 2027, according to a new report by Vision Research Reports.
The global LED Lighting market size was valued at US$ 54.00 billion in 2019 and is anticipated to grow at a CAGR of 13.2% during forecast period 2020 to 2027.
Growing stringency of regulations in terms of inefficient lighting technologies and rising government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), coupled with the transformation in energy policies across the world, has been driving the market growth. Moreover, attractive incentives and rebates provided by the governments for the use of LED lighting in several countries will leverage the demand.
The LED lighting offers benefits such as energy efficiency, cost-saving, longer service life, lower heat emission, and nanosecond switching capability, fueling the product demand in the market. The advantage of directional controlled light is anticipated to further drive the demand. Technological advancements and availability of numerous design options for fixtures and lamps due to compact shape and features, such as daylighting, occupancy senor, dim-ability, and timer, are anticipated to positively influence the growth. The energy conservation policy introduced by governments across the world, providing incentives, and attractive rebates for individuals and organizations in commercial and industrial spaces has further contributed to market growth.
The LED luminaires emerged as the largest segment and accounted for 56% share of the global revenue in 2019. Luminaires are widely used in commercial and industrial lighting segments. They are costlier than typical LED lamps; thus, luminaires account for a more significant market share than LED lamps. New installations predominantly drive growth. It includes lights used in streetlights, high bays, downlights, track lights, troffers, and suspended pendants for various applications. The luminaires deliver more light per output power and they are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. According to the National Electrical Manufacturers Association (NEMA), LED lights constituted approximately 23% of the overall lighting market in 2017. The U.S Environment Protection Agency (EPA) predicts that LED will be the dominating light bulb technology in the upcoming years provided the awareness and promotion of LED bulbs remain strong by manufacturers, distributors, and retailers. However, given the current pandemic situation, the international lighting events for promoting the products are either canceled or postponed due to COVID-19, online conferences can still serve the purpose of the current pandemic.
The LED lamps segment is anticipated to expand at the fastest CAGR of 14.5 % over the forecast period, owing to increasing adoption in developing countries. These lamps have various advantages over incandescent ones, including robustness, energy efficiency, and right temporal stability. Moreover, they are available in multiple designs and applications, such as T-Lamps, reflectors, A-Lamps, and MR-16 lamps. In European countries, the expected to decline in prices is anticipated to create growth opportunities for the segment over the Compact Florescent Lamps (CFLs). This factor is anticipated to speed up the shift from CFLs to light-emitting diodes. In addition, accentuated regulation roadmaps to phase out incompetent lightbulbs shall contribute to demand in residential and commercial applications.
The commercial segment led the market and accounted for more than 52% share of the global revenue in 2019. The demand for LED troffers, downlights are driving the growth of the commercial segment. The high-end commercial lighting market mainly includes galleries, museums, and other exhibition lighting applications that primarily use reflectors, projectors, and downlights. High brightness LED lights are anticipated to witness high demand in the industrial lighting segment. These lights must comply with industrial lighting standards and regulations defined by various governments. For instance, in the U.S., the Occupational Safety and Health Administration (OSHA) has announced a standard for illumination in offices and commercial spaces.
The residential application consists of portable plug-in fixtures such as table lamps, pendants, and floor lamps as well as permanently installed fixtures such as under recessed sconces and cabinet lights. The residential lighting segment has witnessed high growth in the last few years as the adoption of LED A-type lamps has grown exponentially owing to lowered product prices and subsidy programs by various governments and agencies. Price is a decisive factor driving the demand from residential the segment. Given the pandemic conditions and with prominent brands increasing the product prices, the demand is expected to slump in near future.
The indoor segment dominated the market and accounted for over a 69% share of global revenue in 2019. Usage of LED lights in offices, retail stores and malls, hospitals, education buildings, and others has witnessed significant growth over the past few years. High adoption of LEDs as an alternative to fluorescent, High-intensity Discharge (HID), and incandescent lamps have paved the way for indoor light-emitting diode lighting on a large scale.
Outdoor applications include airports, corporate campuses, industrial, government, and healthcare infrastructure, highways and roadways, and public places such as signage and traffic signals. Demand can be profoundly affected by public policy interventions and municipality support. Government initiatives, such as the LightSavers program undertaken by The Climate Group are expected to trigger the substitution of traditional lighting solutions.
The Asia Pacific dominated the market and accounted for over 42% share of global revenue in 2019 and is likely to continue the dominance in terms of both usage and manufacturing over the forecast period. Taiwan, India, Japan, and China are the key contributors to regional growth owing to initiatives undertaken by the respective governments for embracing light-emitting diodes coupled with the existence of a large number of market players. Asia Pacific has some of the developing countries such as China, India, and Indonesia, which have a robust construction industry contributing to the growing demand for indoor and outdoor LED lightings. As the construction activity is interrupted due to pandemic, the delay in construction projects would negatively impact the demand and affect the vendor performance during the year 2020.
A strong dollar policy is likely to help the U.S. become a significant growth driver for the overall demand for LED lighting. The country has also been a strong advocate of light-emitting diode lighting with announcements of new policies and guidelines regarding the use of light-emitting diode technology, investments in R&D of energy-efficient lighting solutions, expanded use in commercial, industrial, and residential applications, and participated in public-private partnerships to boost local markets. This factor is expected to boost the growth of the regional market in the forthcoming years.
Acuity Brands Lighting Inc.
Digital Lumens Inc.
Zumtobel Group Ag
LSI Industries Inc.
LED Lighting Product Outlook
LED Lighting Application Outlook
LED Lighting End-use Outlook
LED Lighting Regional Outlook
Middle East & Africa
The LED Lighting market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of LED Lighting market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global LED Lighting market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the LED Lighting market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted LED Lighting market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the LED Lighting capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of LED Lighting by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global LED Lighting market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major LED Lighting market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of LED Lighting market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the LED Lighting industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The LED Lighting market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to LED Lighting market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of LED Lighting market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new LED Lighting market. These factors have benefited the growth of the global market for LED Lighting. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for LED Lighting. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of LED Lighting are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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