LED Lighting Market – Global Industry Trends and Forecast 2021 to 2030

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.

In this study, the years considered to estimate the market size of LED Lighting are as follows:

• History Year: 2017-2020

• Base Year: 2021

• Forecast Year 2021 to 2030

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Growth Factors

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.

Report Highlights

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.

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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.

Key Players

• Acuity Brands Lighting Inc.
• Cree Lighting (IDEAL INDUSTRIES INC.)
• Dialight
• Digital Lumens Inc.
• Hubbell
• LSI Industries Inc.
• LumiGrow
• Panasonic Corporation
• Siteco GmbH
• Signify Holding
• Semiconductor Co. Ltd. (Seoul Semiconductor)
• Zumtobel Group Ag

Market Segmentation

• Product Outlook
  • Lamps
    • A-Lamps
    • T-Lamps
    • Others
  • Luminaires
    • Streetlights
    • Downlights
    • Troffers
    • Others
• Application Outlook
  • Indoor
  • Outdoor
• End-use Outlook
  • Commercial
  • Residential
  • Industrial
  • Others
• Regional Outlook
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa

The main objective of this report is to define, describe, and forecast the global market by types, application, manufacturers, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the global market. The report also attempts to forecast the market size of the 5 main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, new developments, and Research and Development (R&D) activities, in market.

COVID-19 Impact

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the LED Lighting market in 2020.

COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.

Major highlights of Report:

• Figures related to sales volume, market remuneration, and segmental shares
• Featuring market dynamics
• Growth prospects and expansion graph
• PROCON study of direct & indirect sales channels
• Profiles of prominent traders, dealer, and distributors in the industry

Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa

• Industry forecasts based on region and at country level
• Data about sales volume recorded, industry share held, and profit margins amassed
• Overall remuneration and estimated growth rate for each regional market

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the LED Lighting market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the LED Lighting market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the LED Lighting market.

Market Segments: This part of the report discusses about product, application and other segments of the LED Lighting market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

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