Global LED Lighting Market Insights Forecasts to 2030
- The LED Lighting market was valued at USD 80 billion in 2021.
- The market is growing at a CAGR of 10% from 2022 to 2030
- The global LED Lighting market is expected to reach USD 160 billion by 2030
- North America is expected to grow the fastest during the forecast period
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The Global LED Lighting Market is expected to reach USD 160 billion by 2030, at a CAGR of 10% during the forecast period 2022 to 2030. The key factors which contributing towards the growth of the market are the increasing demand for highly energy efficient lighting systems having low maintenance costs, more than the average life span of LED lamps than conventional lamps, high interest among consumers in high lumen low watt products, and its easy availability in different colour combinations.
A light emitting diode (LED) is basically a semiconductor light source which helps in converting electrical energy into light energy. This devices is widely used in lamps in the place of incandescent light sources. In fact, LED lighting is also considered as the energy saving and fastest developing lighting technology in the global market. Not only this but also LED lights has the ability to operate for a longer period of time, good longeivity and provides better lighting quality than the traditional lighting technologies. LED lights are widely used to manufactur lighting materials for industrial and residential purposes.
This research report categorizes the market for LED Lighting market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the LED Lighting market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the LED Lighting market.
Global LED Lighting Market Report Coverage
|Market Size in 2021:||USD 80 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||10%|
|2030 Value Projection:||USD 160 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||210|
|Tables, Charts & Figures:||121|
|Segments covered:||By Product, By Application, By Installation, By Sales, By Region|
|Companies Covered:||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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The governments of various countries have started giving full support through various regulations for promoting investments in energy efficient lighting technologies which has increased the applications of LED lights across commercial, industrial, and residential sectors. Apart from this, the increasing awareness among the consumers about the environment, government rules for energy efficiency, and the durability of LED lights are driving adoption of LED lights which has increased the global LED Lighting market size. In addition, the one of the biggest factors which contributing the global LED lighting market expandion is the strategies of manufacturers to combine LEDs in exam lights, surgical illumination, endoscopy, and phototherapy for enhancing the medical science technology. The global LED Lighting market growth will positively impact with the increasing number of technological advancements in the medical device segment which will replace less efficient equipment.
With the onset of COVID 19 pandemic, the demand for LED lighting was severely impacted owing to the rigorous rules and lockdowns imposed by the government. But the second half of 2021 has witnessed a slight improvement in construction owing to the upgradation of projects that contributed a steady recovery of the global LED lighting market share.
- In 2021, 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 because all luminaires are widely used in tracking lights, street lights, troffers, and high bays are considered as LED lights. The main reason behind the growth of this segment is the increasing installation of new track lights as well as light poles owing to the expansion of commercial building space and various smart city initiatives.
- In 2021, 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 attributed to the increasing demand for high intensity discharge as well as fluorescent bulb substitutes from shopping malls, supermarkets, and retail establishments. Moreover, LED lighting produces heats and is also an affordable as compared to the conventional lighting options. Apart from this, the increasing demand in public institutions like schools and hospitals are also boosting the segmental growth.
- In 2021, 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. Among these, New installation segment holds the largest market share over the forecast period due to the rise in the demand for easy to install and energy efficient lighting systems in new commercial and residential buildings. Not only this but the new LED light fixtures can also be easily installed into new construction projects. It completely replaces a traditional lighting system after phasing out the lamp.
- In 2021, 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. Among these, the retail segment is anticipated to dominate the market with the largest market share and is going to be the most preferred segment in the forecasted timeframe. The key market players have their sales and distribution units in different regions and they have collaborated with different retailers to increase the customer base in different geographical regions. Thus, the strong presence of various retail stores and its benefits related to its like on site product verification, high product quality, and instant product availability are the primary factors improving the segmental growth.
Regional Segment Analysis of the LED Lighting Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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Asia Pacific region is dominating the market with the largest market share.
Among all other regions, Asia Pacific is anticipated to forsee the highest CAGR over the upcoming years owing the increasing demand for LED lighting solutions from developing nations like India, China, Japan, South Korea, and Australia. Apart from this, the increasing number of construction activities in industrial, commercial, and residential segment of these regions are also boosting the overall growth of the market.
The report offers the appropriate analysis of the key organizations/companies involved within the global LED Lighting market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
- In May 2022, Signify has acquired Fluence from ams OSRAM.
- In March 2022, Acuity Brands, Inc. has come up with Verjure which is a professional horticulture LED lighting solution which provides efficacious and consistent performance for indoor horticulture applications.
- In January 2022, Signify has launched its new range of Philips Hue smart lighting products that are made to create a perfect ambiance inside and outside the home.
List of Key Companies
- Acuity Brands Lighting Inc.
- Digital Lumens Inc.
- Cree Lighting
- 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
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global LED Lighting market based on the below-mentioned segments:
LED Lighting Market, By Product
LED Lighting Market, By Application
LED Lighting Market, By Installation
LED Lighting Market, By Sales Channel
LED Lighting Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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