The Global LED Lighting Market size is expected to reach $115.6 billion by 2027, rising at a market growth of 11.6% CAGR during the forecast period. A light-emitting diode (LED) refers to a semiconductor device that releases light when an electric current is sent through it. When the particles having current join together within the semiconductor material, light is generated.
The color of light is dependent on the energy needed for the electron to cross the band gap of the semiconductor. Colors such as red, green, yellow, blue, purple, white, bi-color, tri-color, and infrared can be produced by an LED. LEDs are generally installed in indoor lighting, outdoor lighting, and as a backlight source in LCD display. Presently, LEDs are among the most effective lighting sources available and would become the first technology in the next few years. Moreover, LED provides a long lifespan, durability, energy efficiency, design flexibility, economic efficiency, zero UV emissions, and low-voltage operation, etc.
Ventures around the globe and business capacities were severely affected by the global COVID-19 pandemic. Lockdown restrictions have negatively affected the companies, hence leading to a lower workforce and restricted companies to practice social removing around the countries. The preference for indoor and open-air general lighting is reducing from the lower purchasing power of people, and financial plans require across ventures such as retail, fabricating, and various companies as they are bringing huge financial losses. The delay in development projects is another big concern for the LED lighting market. The market is expected to recover after the pandemic and achieve optimistic income growth before the end of 2021.
Based on Product, the market is segmented into Luminaires and Lamps. Luminaires segment is further categorized into Downlights, Streetlights, Troffers and Others. Lamps segment is further bifurcated across A Lamps, T Lamps and Others. The LED lamps segment would showcase maximum CAGR in the forecast period. This is credited to the increasing adoption of LED lamps in developing countries. These LED lamps offer many benefits as compared to incandescent lamps as LED lamps are more robust, energy-efficient, and right temporal stability. Furthermore, they are also available in various designs such as reflectors, A-lamps, T-lamps, and MR-16 lamps.
Based on Application, the market is segmented into Indoor and Outdoor. In 2020, the LED lighting market was dominated by the indoor segment as it obtained the maximum revenue share. The segment would showcase a similar trend even during the forecast period owing to increased adoption of these products as a replacement for fluorescent, incandescent lamps, and High-Intensity Discharge (HID). Over the past few years, the use of LED lights in retail stores, offices, malls, hospitals, and education buildings has exponentially increased.
Based on End User, the market is segmented into Commercial, Residential, Industrial and Others. In 2020, the commercial garnered the highest revenue share of the LED lighting market. The main driving factor for this segment is the increasing demand for LED troffers and downlights. Commercial end-use such as in museums, galleries, and other exhibition lighting applications use high-end lights like projectors, reflectors, and downlights. High brightness LED lights would witness higher demand in the industrial lighting segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 49.2 Billion |
| Market size forecast in 2027 | USD 115.6 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 11.6% from 2021 to 2027 |
| Number of Pages | 280 |
| Number of Tables | 534 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Analysis |
| Segments covered | Product, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific emerged as the dominating region of the market by procuring the highest revenue share in 2020. It will hold the leading position in the market over the forecast period. Japan, Taiwan, and China are important contributors to the growth of the regional market. The government of these countries is taking initiatives to promote the adoption of light-emitting diodes; also, there is the presence of a large number of market players in these regions. China, Indonesia, India, Vietnam, and Malaysia are the fastest developing countries in the Asia Pacific.
Free Valuable Insights: Global LED Lighting Market size to reach USD 115.6 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Acuity Brands Lighting, Inc., Signify N.V., and Hubbell, Inc. are the major forerunner in the LED Lighting Market. Companies such as Dialight PLC, LSI Industries, Inc., and Nichia Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, LSI Industries, Inc., Zumtobel Group AG, Heliospectra AB, Nichia Corporation, Seoul Semiconductor Co., Ltd., Lumileds Holding B.V., Signify N.V., Hubbell, Inc., and Acuity Brands Lighting, Inc.
By Product
By Application
By End User
By Geography
The Global LED lighting market size is expected to reach $115.6 billion by 2027.
The demand for affordable and energy-saving LED lighting is high are driving the market in coming years, however, the absence of awareness regarding modern lighting solutions like LED have limited the growth of the market.
Dialight PLC, LSI Industries, Inc., Zumtobel Group AG, Heliospectra AB, Nichia Corporation, Seoul Semiconductor Co., Ltd., Lumileds Holding B.V., Signify N.V., Hubbell, Inc., and Acuity Brands Lighting, Inc.
The expected CAGR of the LED lighting market is 11.6% from 2021 to 2027.
The market is expected to recover after the pandemic and achieve optimistic income growth before the end of 2021.
In 2020, the LED luminaires acquired the maximum revenue share of the market.
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