Global LED Lighting Market worth $160 Billion by 2030
According to a research report published by Spherical Insights & Consulting, The Global LED Lighting Market Size to grow from USD 80 billion in 2021 to USD 160 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 10% during the forecast period.
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Browse key industry insights spread across 210 pages with 121 market data tables and figures & charts from the report “Global LED Lighting Market Size, Share, and COVID-19 Impact Analysis, By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), By Installation (New, Retrofit), By Sales Channel (Retail, Direct, e-Commerce), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 “ in detail along with the table of contents. https://www.sphericalinsights.com/reports/led-lighting-market
The market is being driven by a number of important factors, including rising consumer interest in high lumen, low watt products, easy availability in a variety of colour combinations, and rising demand for highly energy-efficient lighting systems with low maintenance costs. LED lamps also have a longer lifespan than conventional lamps. An LED is essentially a semiconductor light source that aids in the conversion of electrical energy into light energy. In place of incandescent light sources, these components are frequently utilised in lamps. LED lighting is actually the fastest-growing and most energy-efficient lighting technology on the market today. In addition to this, LED lights provide better longeivity, a longer operating life, and better lighting quality than conventional lighting technologies. Manufacturing lighting components for commercial and domestic applications frequently uses LED lights. The governments of many nations have begun to fully support investments in energy-efficient lighting technologies through a variety of policies, which has increased the use of LED lights in the commercial, industrial, and residential sectors. In addition, government regulations for energy efficiency, consumer awareness of the environment, and the longevity of LED lights are encouraging the adoption of LED lighting, which has expanded the market for LED lighting globally. One of the main tactics used by manufacturers to include LEDs into exam lights, surgical illumination, endoscopy, and phototherapy in order to advance medical science technology is also one of the key drivers driving the expansion of the global LED lighting market. Due to the strict regulations and lockdowns put in place by the government following the start of the COVID 19 pandemic, the demand for LED lighting was significantly hampered. However, the second half of 2021 saw a minor improvement in construction as a result of projects being upgraded, which helped the global LED lighting market share steadily recover.
LED Luminaires segment holds the highest market share of more than 55% over the forecast period.
On the basis of product, the global LED Lighting market is segmented into lamps and luminaires. Among these, luminaires segment holds the highest market share of over 55% over the forecast period and is anticipated to continue its dominance over the forecast period. This is due to the fact that all luminaires, including street lights, troffers, and high bays, are frequently employed in tracking lights. Due to the rise of commercial building space and different smart city programmes, new track lights and light poles are being installed more frequently, which is the key factor driving this segment's growth.
Indoor segment is dominating the market with the highest market share of more than 68% over the predicted timeframe.
Based on application, the global LED Lighting market is segmented into indoor and outdoor. Among these, indoor segment is dominating the market with the largest market share of over 68% over the forecast period. This is a result of malls, supermarkets, and retail organisations seeing an increase in demand for high intensity discharge and fluorescent bulb replacements. In addition, LED lighting generates heat and is more cost-effective than traditional lighting options. Aside from this, the segmental expansion is also being supported by the rising demand in public institutions like schools and hospitals.
New Installations segment holds the largest market share over the forecast period.
On the basis of installation type, the global LED Lighting Market is segmented into New and Retrofit. Due to the surge in demand for simple-to-install and energy-efficient lighting systems in new commercial and residential buildings, the new installation segment is expected to have the greatest market share over the projection period. Additionally, new construction projects can simply instal the new LED light fixtures. After phase out the lamp, it totally substitutes a conventional lighting system.
Retail segment is anticipated to dominate the market with the largest market share.
Based on the sales channel, the global LED Lighting Market is segmented into retail, direct, e-commerce. The retail sector is predicted to have the biggest market share and be the most popular category during the course of the anticipated timeframe. The major market players have offices for sales and distribution in many locations, and they have partnered with several merchants to expand their clientele across various geographies. The main elements enhancing the segmental growth are, thus, the significant presence of numerous retail locations and the advantages associated with it, such as on-site product verification, high product quality, and instant product availability.
Asia Pacific region is dominating the market with the largest market share.
Due to the rising demand for LED lighting solutions from growing countries like India, China, Japan, South Korea, and Australia, Asia Pacific is expected to see the greatest CAGR among all other regions in the next years. In addition to this, the rising number of building projects in these regions' commercial, residential, and industrial sectors is also contributing to the market's overall expansion.
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Major vendors in the Global LED Lighting Market include Acuity Brands Lighting Inc., Digital Lumens Inc., Cree Lighting, Hubbell, Dialight, LumiGrow, LSI Industries Inc., Siteco GmbH, Panasonic Corporation, Zumtobel Group AG, Signify Holding, Semiconductor Co. Ltd., Eaton Corporation, Helipspectra AB, OSRAM GmbH, General Electric Company, SYSKA LED
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