The global LED lighting market size is expected to reach USD 105.66 billion by 2025, according to a new report by Grand View Research, Inc.. It is expected to register a CAGR of 11.8% over the forecast period. The revision of energy policies and focus towards developing energy-saving products accompanied by reducing LED product prices is expected to keep the market buoyant. Moreover, lucrative benefits such as longer lifespan, low heat emission, and most importantly lesser energy consumption as compared to traditional lights such as CFL lamps is anticipated to boost the product demand.
The companies operating in North America have witnessed a rise in sales of LED lighting products in the last two years; the revenue was primarily generated from the U.S. customers. However, the cost of LED lights in the region is anticipated to increase slightly owing to the trade tensions between U.S. and China, as it would cause an increase in raw material prices thereby increasing the end product cost.
The European manufacturers are expected to gain more significant business opportunities in the upcoming years as the regional demand for commercial lighting such as troffers increased substantially in 2018. On the other hand, three major trends are expected to positively influence the Asia LED lighting market in the next seven years. The first being the Tokyo Olympics 2020 which shall increase demand in the Japan market, second is DLC V5.0 based lighting that will boost demand for high-end lighting, and the last one being the cross-industry expansion of lighting manufacturers that shall open new opportunities for the industry.
The residential lighting segment has witnessed high growth in the last few years as the adoption of LED A-type lamps has grown exponentially owing to lowered product prices and subsidy programs by various governments and agencies. The commercial LED lighting segment is dominating the overall market and has an enormous demand for troffers and downlights in retail and corporate offices.
Growth of industrial LED lighting is supported by government regulations related to workspace lighting, availability of high-brightness LED panels and various schemes offered by manufacturers on bulk purchase. LED lighting technology has also witnessed implementation in the specialty lighting market, and its application is rising in areas such as horticulture lighting and healthcare lighting among others.
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Further key findings from the report suggest:
Global LED luminaires segment demand was valued at USD 25.71 billion in 2018 and is anticipated to witness steady growth over 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 in residential and commercial sectors. It is expected to exhibit a CAGR of 13.0% from 2019 to 2025
Key market players include Signify Holding; OSRAM GmbH; Cree, Inc.; Eaton; and General Electric which accounted for a majority share of the total revenue in 2018
Grand View Research has segmented the global LED lighting market on the basis of design, application, end use, and region:
LED Lighting Design Outlook (Revenue, USD Billion, 2015 - 2025)
LED Lighting Application Outlook (Revenue, USD Billion, 2015 - 2025)
LED Lighting End Use Outlook (Revenue, USD Billion, 2015 - 2025)
LED Lighting Regional Outlook (Revenue, USD Billion, 2015 - 2025)
Middle East & Africa
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