LED Lighting Market Growth And Trends
The global LED lighting market size is anticipated to reach USD 144.5 billion by 2030, as per the new market research report by UpGraph Research. LED lighting is the revolutionary lighting technology that has changed all the dimensions of the lighting industry since it’s the arrival in the market.
The LED lighting is affordable lighting solutions with a lifespan of about 50,000 hours. Although LED was introduced at a much higher price point in the beginning, however, with an increase in the number of manufacturers, easy availability of raw material and advancement in manufacturing technologies, the prices have slashed considerably in last decade by about 60%
It is durable lighting and can be handled easily during transportation & movement, unlike the traditional filament-based lighting products that needed to be taken utmost care during transportation. These lights offer cool daylight similar to that of CFL lamps, however, the energy consumption is just 20% compared to the CFL and doesn’t contain any harmful/hazardous chemicals, thus are considered to be Green technology.
The growing urbanization specifically in developing countries such as India, Brazil has substantially increased the construction of residential properties in these countries. Increasing residential construction results in an increase in demand for LED lights in India and Brazil market. Growing modernization & development of mega infrastructure projects in the Middle East & African region, specifically Saudi Arabia, UAE (Dubai), South Africa, and Iran has increased the demand for LED lighting in the region significantly.
In the European Union, government subsidies, replacement programs, rebates are significantly benefitting the European LED lighting market. Germany & France are already the prominent LED lighting manufacturing countries with the presence of mammoth LED lighting & part manufacturers such as OSRAM, Philips Lighting, etc. The unstable diplomatic relationship between the U.S. and China which result in imposing huge sanctions has opened new opportunities for the European manufacturer to capture greater market share in the U.S. LED lighting market.
Philips lighting which changed its name to Signify N.V. recently is leading holds the largest LED lighting market share. The company also holds the largest market share in the Indian LED lighting market. OSRAM is the second-largest manufacturer of LED lighting, it also manufactures LED lighting components such as LED drivers, LED chip, etc. Chinese LED lighting manufacturers are focusing on the developing countries by offering low-cost LED lamps, DIY kits & components.
LED lighting Market Report Insights
- The LED lighting market is expected to attain a growth momentum at a CAGR of 11.5% between 2020 to 2030. Commercial & industrial LED lighting market to emerge as the key market segments.
- Pricing plays a major role in changing customer buying decisions in developing countries. The effect of brand value is emerging slowly as companies are launching new & innovative product range.
- The residential lighting market is anticipated to attain a growth rate of 10.20% (2020-2030). Lamp segment to account for around 55% LED lighting market share.
- Asia Pacific to emerge as the largest market for LED lights, followed by MEA & Latam in the global LED lighting market forecast in 2020.
LED Lighting Market Segmentation
UpGraph Research has segregated the global LED lighting market based on product, application, end-use, and region:
- LED Lighting Product Insights (Revenue, USD Billion, 2017-2030)
- LED Lighting Application Insights (Revenue, USD Billion, 2017-2030)
- LED Lighting End-use Insights (Revenue, USD Billion, 2017-2030)
- LED Lighting Regional Insights (Revenue, USD Billion, 2017-2030)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
List of Key Players of LED Lighting Market
- Acuity Brands Lighting Inc.
- Digital Lumens Inc.
- Osram Gmbh
- Cree Inc.
- Zumtobel Group Ag
- Signify Holding
- LSI Industries Inc.