The global LED lighting market size is projected to surpass around US$ 151.02 billion by 2027, growing a CAGR of 12.9%, according to Precedence Research.
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Precedence Research
OTTAWA, June 22, 2021 (GLOBE NEWSWIRE) — The global LED lighting market was valued at US$ 57.50 billion in 2020. Light Emitting Diode (LED) is a semiconductor device which renovates electricity into light. LED lighting is rapidly-developing and energy-efficient lighting technologies usually mounted on the ceilings with a purpose to provide general illumination. Plummeting cost of Light Emitting Diode along with the transformation in energy policies across the globe drives the market growth for LED lighting. Government of various regions offers rebate and attractive incentives for the application of LED lights over the conventional lights, expected to proliferate the growth of LED lights in the coming years.
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Growth Factors
An aggressive decline in the price of LED lights along with transformation in the energy policies across the world prominently drives the market growth. As per the National Electrical Manufacturers Association (NEMA), LED lights contribute nearly 23% of the overall lighting market in the year 2017. In addition, the U.S Environment Protection Agency (EPA) analyzed that LED will dominate the light bulb technology in the coming years due to the rising promotion and awareness of LED bulbs among the consumers. In addition, stringent regulations pertaining to energy consumption in various regions such as the U.S., Europe, China, and Canada has significantly spurred the demand for green and efficient lighting solution. Stringent government regulations for public lighting predicted to flourish the growth of commercial lighting segment in the coming years. Further, smart city initiatives, energy regulations, and night lighting regulations are the other prominent factors that contribute productively towards the accelerating growth of the segment.
Report Highlights
- North America and Europe are the other prime contributors towards the global LED lighting market growth. Technology advancement and significant initiatives taken by the governments of these regions for reducing the energy consumption are some of the major factors responsible for the growth of the regions.
- In 2019, LED luminaries occupied major market value share of around 56% in the global LED lighting market and expected to exhibit substantial growth over the forecast period. This is mainly because of their high cost compared to LED lamps.
- Commercial segment dominated the global LED lighting market and accounted for more than 52% of market value share. Increasing demand for LED troffers and downlights significantly drives the growth of the segment.
- On the other side, residential segment witness the fastest growth during the forthcoming years. The growth of the segment is attributed to the rising adoption of LED A-type lamps due to their low price and various subsidy programs initiated by the agencies and governments of different regions.
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Regional Snapshots
The Asia Pacific led the global LED lighting market with more than 42% of revenue share in the year 2019 and expected to maintain its dominance in terms of both manufacturing and consumption during the forecast period. India, China, Japan, and Taiwan are the key revenue contributors owing to the initiatives undertaken by the respective governments for accelerating the adoption of LED lights in the region.
The governments of various countries offer lucrative discounts and offers on the usage of LED lights as they help significantly in the energy consumption over the region. This initiative also helps government to balance the amount of energy generated and the total energy consumed. In addition, prominent growth of the construction industry also helps in propelling the overall market growth. On-going construction projects and lucrative benefits offered by the government on usage of LED lights influence builders and construction industry to deploy more LED lights in the new buildings.
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Key Players & Strategies
The global LED lighting market is highly concentrated and competitive in nature due to the some of the major players captured maximum market revenue share in the year 2019. These top market players include Cree, Inc., Signify Holding, Digital Lumens Inc., Osram GmbH, and Acuity Brands. The aforementioned players mainly focus towards merger & acquisition, product enhancement, upgradation, and development to maintain their competitive edge in the market. Moreover, the practice of forward integration by some of the semiconductor manufacturers to establish them as lighting manufacturers is trending in the market. Lighting manufacturers are also looking more towards direct sales or building their own distribution channel to gain more profit by removing the mid-value chain dealers and distributors. This also helps the lighting manufacturers to establish economies of scale to increase their profitability ratio.
Some of the key players operating in the market are Cree Inc. (IDEAL INDUSTRIES INC.), Acuity Brands Lighting Inc., Digital Lumens Inc., Dialight, Hubbell, GE Current, LumiGrow, LSI Industries Inc., Siteco GmbH, Panasonic Corporation, Semiconductor Co. Ltd. (Seoul Semiconductor), Signify Holding, and Zumtobel Group Ag among others.
Market Segmentation
By Product
- Luminaries
- Troffers
- Downlights
- Streetlights
- Others
- Lamps
- T-Lamps
- A-Lamps
- Others
By Application
- Outdoor
- Indoor
By End-User
- Industrial
- Residential
- Commercial
- Others
Regional Outlook
- North America
- Europe
- Asia Pacific
- MEA
- Rest of the World
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