The global LED Lighting market size is expected to be worth around US$ 235.58 billion by 2030, according to a new report by Vision Research Reports.
The global LED Lighting market size was valued at US$ 60. 10 billion in 2020 and is anticipated to grow at a CAGR of 20.5% during forecast period 2021 to 2030.
LED lighting offers benefits, such as improved energy efficiency, low heat emission, cost-saving, directional controlled lighting, longer service life, and nanosecond switching, which have been instrumental in driving the market growth.
In addition, the flexibility of using LED lighting for complex, compact shape, and aesthetically pleasing design fixtures has led to higher adoption rates, specifically across residential and commercial spaces. LED manufacturers are incorporating features, such as occupancy sensor, daylighting (bright white-blue light), dim-ability, and timer, to attain capabilities at affordable prices.
Moreover, favorable government policies, rebates, and retrofit programs for commercial, industrial, and residential sectors to encourage the adoption of LED lighting are driving the market growth over the forecast period. Flicker-free LED lighting was introduced to reduce power consumption, facilitate long service life, and reduce the consumption of inefficient, high-wattage light sources, such as incandescent, HID, and CFL.
The market has been transforming radically in line with the continued advancements in LED lighting and semiconductor technology as well as the growing demand for sustainable and energy-efficient solutions. The advent of connected and controlled lighting technology has boosted the demand for lamps and fixtures. For instance, the Hue Lighting by Philips is a smart home lighting system that provides an entire range of lights that can be controlled using the Hue app on smartphones.
The LED luminaires segment dominated the market in 2020 and accounted for over 65% of the global revenue share. Based on product, the market has been segmented into lamps and luminaires. Luminaires are widely used in commercial and industrial segments. New installations predominantly drive the demand for LED luminaires. The segment includes lights used in streetlights, high bays, downlights, track lights, troffers, and suspended pendants for various applications. LED luminaires deliver more light per output power.
They are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. The U.S. Environment Protection Agency (EPA) predicts that LED would dominate light bulb technology in the coming years, provided the awareness and promotion of LED bulbs by manufacturers, distributors, and retailers are strong. LED manufacturers upgrading their products or adding new lighting solutions to their portfolios had to cancel offline events owing to Covid-19. However, they were able to launch their offerings through online conferences.
The commercial segment dominated the market in 2020 and accounted for more than 62% of the global revenue share. The demand for LED troffers and downlights is driving the commercial segment. The high-end lighting for commercial end-use mainly includes galleries, museums, and other exhibition lighting applications that primarily use reflectors, projectors, and downlights. High brightness LED lights are anticipated to witness major demand from the industrial lighting segment. These lights must comply with industrial lighting standards and regulations defined by various governments. For instance, in the U.S., Occupational Safety and Health Administration (OSHA) sets standards for lighting in the workplace. Some of the mandates under the OSHA standards include covering light fixtures with protective plates, installing fixtures at least 7 feet above the work surface, and covering exposed parts of lighting and wire fittings.
The indoor segment led the market and accounted for over 88% share of the global market in 2020. The segment is expected to retain its dominant position throughout the forecast period due to high product adoption as an alternative to fluorescent, High-Intensity Discharge (HID), and incandescent lamps. The use of LED lights in offices, retail stores and malls, hospitals, and education buildings has increased over the past few years.
Asia Pacific accounted for the largest market share exceeding 52% in 2020 and is likely to retain the leading position growing at the fastest CAGR over the forecast period. Taiwan, Japan, and China are the key contributors to the regional market growth owing to the initiatives undertaken by the respective governments for adopting light-emitting diodes along with the presence of a large number of market players.
The fastest-developing countries in the region, which are China, Indonesia, India, Vietnam, and Malaysia, have a booming construction industry owing to increasing local and migrated population and changing lifestyles. Thus, the rapidly growing construction sector in APAC is also contributing to the product demand in the regional market. However, as the commercial, industrial, and residential construction projects were delayed due to the lack of workforce during the pandemic, the expected growth in demand in 2020 slumped, leading to a decline in the overall market growth.
|Market Size||US$ 235.58 Billion by 2030|
|Growth Rate||CAGR of 20.5% From 2021 to 2030|
|Segments Covered||Product, Application, End-User, Region|
|Companies Mentioned||Acuity Brands Lighting Inc., Cree Lighting (IDEAL INDUSTRIES INC.), Dialight, Digital Lumens Inc., Hubbell, LSI Industries Inc., LumiGrow, Panasonic Corporation, Siteco GmbH|
Acuity Brands Lighting Inc.
Cree Lighting (IDEAL INDUSTRIES INC.)
Digital Lumens Inc.
LSI Industries Inc.
Semiconductor Co. Ltd. (Seoul Semiconductor)
Zumtobel Group Ag
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 2020 and the forecast between 2021 and 2030. 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 2017 to 2030. 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.
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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