The global LED lighting market size is expected to reach USD 127.84 billion by 2027, exhibiting a CAGR of 10.8% over the forecast period, according to a new report published by Grand View Research, Inc. The aggressive decline in the prices of LED lamps and luminaires, greater lifespan, low heat emission, and higher energy efficiency compared to the traditional light fixtures are the prominent factors driving the market. Moreover, global transformation in the energy policies, attractive rebates, and incentives provided by the government for the implementation of LED light is anticipated to boost the product demand.
The lighting industry is experiencing a swift transformation with light emitting diodes (LED) emerging as the number one source of light. The manufacturers have exhibited consistency in terms of new product developments and have also managed to reduce the product cost both of which have been the key factors driving the product demand. However, the increased cost of recycling and disposing of the LED lighting owing to the use of printed circuit boards (PCBs), which include harmful elements, is a concerning factor hindering the market expansion.
Technological advancements have led to the development of flicker-free LED lighting, which is well-suited for offices, classrooms, and hospitals, among others. The implementation of flicker-free lights contributes toward creating a comfortable lighting experience and has a positive impact on the health, which leads to increased productivity of an individual. Thus, flicker-free LED lighting technology has been contributing to the growth of the commercial and industrial application segments.
The prominent players operating in the North America LED lighting market have witnessed an increase in the product sales in the past few years. The linear fluorescent lighting type for industrial and commercial applications had widespread adoption in U.S. owing to the benefits such as low cost and high efficiency. However, revisions in lighting standards stated by the U.S. Department of Energy along with rising awareness has compelled the end users to adopt LED lights, thereby driving the market growth.
Europe is witnessing an increase in the demand for light-emitting diode lights owing to the government efforts to deploy efficient lighting technologies. For instance, the Swedish government decided to fully support the transition to LED technology by establishing an R&D grant program with an investment of around USD 6.3 million. Also, countries such as Germany and U.K are focusing on the deployment of efficient lighting sources to lower the operational cost and to improve the quality of lights.
LED lighting technology has also witnessed significant growth in areas, such as healthcare lighting and horticulture lighting. Furthermore, connected and intelligent lighting is anticipated to play a crucial role in driving the light emitting diode lighting market growth over the forecast period. Development of smart cities across the world is anticipated to provide lucrative growth opportunities for the prominent market players.
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Further key findings from the report suggest:
Luminaires segment was valued at USD 30.26 billion in 2019 and is anticipated to witness steady growth over the forecast period
The residential segment is expected to expand at the fastest CAGR of 11.7% over the forecast period owing to lowered product prices and subsidy programs by various governments and agencies
The indoor segment was valued at USD 37.31 billion in 2019 and is expected to witness stable growth throughout the forecast period
Asia Pacific LED lighting market is projected to witness substantial growth over the next decade, owing to the tremendous demand for energy-efficient lighting from residential and commercial sectors. It is expected to exhibit a CAGR of 11.9% from 2020 to 2027
Prominent market players include Signify Holding; OSRAM GmbH; Cree, Inc.; Eaton; Tungsram; and SZumtobel Group AG
Grand View Research has segmented the global LED lighting market on the basis of product, application, end use, and region:
LED Lighting Product Outlook (Revenue, USD Billion, 2016 - 2027)
LED Lighting Application Outlook (Revenue, USD Billion, 2016 - 2027)
LED Lighting End-use Outlook (Revenue, USD Billion, 2016 - 2027)
LED Lighting Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Middle East & Africa
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