LED Lighting Market Size, Share & Trends Analysis Report By Application (Indoor, Outdoor), By End Use (Commercial, Residential), By Product (Luminaries, Lamps), By Region, and Segment Forecasts 2021 to 2028
Newark, NJ, June 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global LED Lighting Market is expected to grow from USD 50.80 billion in 2020 and to reach USD 122.51 billion by 2028, growing at a CAGR of 13.40% during the forecast period 2021-2028.
Some of the factors expected to drive the growth of the LED lighting market in the forecast period include rising customer demand for energy-efficient lighting systems, lower LED prices, and high penetration of LEDs as a light source in the general lighting market. LEDs are highly efficient, dependable, and have a longer life span, and their use in both indoor and outdoor settings is expected to increase. As compared to incandescent lamps, these lights are more cost-effective, providing about 50,000 hours of lighting for a small amount of electricity. They're also a good substitute for incandescent lights because of their low operating costs and decreased heat losses.
The light emitting diode (LED) is a light-emitting electronic device. LED lighting devices emit up to 90% more light than incandescent light bulbs. An electrical current is received by a microchip, which illuminates the tiny light sources known as LEDs, resulting in visible light. To avoid performance problems, the heat produced by LEDs is absorbed into a heat sink. Bulb and fixture types of LEDs are used in general lighting applications. Despite their small size, LEDs provide unique design opportunities. Some LED bulb solutions have a physical appearance that resembles that of traditional light bulbs. LEDs can also be used as a permanent light source in some LED light fixtures.
LED lights have a longer service life and generate more lumens for less wattage than incandescent, CFL, and halogen light sources. Furthermore, dropping LED lamp and luminaire prices, and also the availability of smart lighting solutions, are expected to drive demand growth over the forecast period, in combination with updated energy policies around the world. Government rebate and retrofit programmes, and also stringent regulations banning or limiting the use of inefficient lighting technologies, are assisting in market development.
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In 2020, the Covid-19 pandemic posed a challenge to global demand development. Major players such as Acuity Brands Lighting and Signify Holdings have seen revenue declines due to a decrease in demand, supply and distribution shortages, and delays in the completion of construction projects. Furthermore, the industrial and commercial industries, such as retail, manufacturing, and hospitality, contributed less to the economy as a result of the temporary lockdown and partial ban on mobility.
Key players operating in global LED Lighting Market include Acuity Brands Lighting Inc., Ideal Industries Inc., Digital Lumens Inc., Hubbell, LSI Industries Industries Inc., LumiGrow, Panasonic Corporation, Signify Holding, Semiconductor Co. Ltd., and Zumtobel Group Ag.
Indoor segment dominated the market and held the largest market share of 70% in the year 2020
On the basis of application, the global LED lighting market is segmented into indoor and outdoor. Indoor segment dominated the market and held the largest market share of 70% in the year 2020. Due to high product adoption as an alternative to fluorescent, High-Intensity Discharge (HID), and incandescent lamps, the segment is expected to maintain its dominant position during the forecast period. Over the last few years, the use of LED lights in offices, retail stores and malls, hospitals, and educational buildings has increased.
Commercial segment dominated the market and held the largest market share of 50% in the year 2020
On the basis of End Use, the global LED lighting market is segmented into residential and commercial. Commercial segment dominated the market and held the largest market share of 50% in the year 2020. The commercial segment is being driven by the demand for LED troffers and downlights. Galleries, museums, and other display lighting applications that predominantly use reflectors, projectors, and downlights fall under the category of high-end lighting for industrial end-use. The industrial lighting market is expected to see a lot of demand for high-brightness LED lamps.
LED Luminaires segment dominated the market and held the largest market share of 58% in the year 2020
On the basis of product, the global LED lighting market is segmented into luminaires and lamps. LED Luminaires segment dominated the market and held the largest market share of 58% in the year 2020. In the commercial and manufacturing sectors, luminaires are commonly used. LED luminaire demand is primarily driven by new installations. For different applications, the segment includes lights used in streetlights, high bays, downlights, track lights, troffers, and suspended pendants. LED luminaires produce more light per watt of electricity used.
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Regional Segment of LED Lighting Market
On the basis of geography, the global LED Lighting Market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific accounted for the largest market share in 2020, exceeding 42 percent, and is expected to maintain its lead over the forecast period, rising at the fastest CAGR. China, Indonesia, India, Vietnam, and Malaysia, the region's fastest-developing countries, have a booming construction industry due to strong local and migrant populations and evolving lifestyles. LED lighting has seen an increase in demand in Europe and North America over the forecast period, due to government support and the growing use of ultra-modern lighting in many industries. Higher import duties and, as a result, higher average product prices have resulted from the trade war between the United States and China. This aspect is expected to favour European manufacturers.
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About the report:
The global LED Lighting Market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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