LED Lighting Market, Share, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

July 18, 2023

Global LED Lighting Market will reach US$ 97.2 Billion by 2027. The light-emitting diode (LED) is today's large energy-efficient and rapidly-developing lighting technology. LED lighting products deliver light up to 90% more efficiently than incandescent light bulbs. About 95% of the energy in LEDs is transformed into light, and only 5% is extinguished as heat, which leads buyers to opt for a better efficient form of lighting. Likewise, LED offers design flexibility, long lifespan, durability, energy efficiency, low-voltage operation, economic efficiency, zero UV emissions, etc. Its light supplies a lifetime of nearly 50,000 hours of illumination and works virtually by using only a fraction of the power utilized by CFLs and traditional bulbs.

Around the world, the increasing customer demand for reduction in prices of LEDs, energy-efficient lighting systems, and high penetration of LEDs as a lamp source in the LED Lighting Market is to drive the growth of this market. Furthermore, strict regulations to prohibit or limit the use of inefficient lighting technologies and government reimbursement and retrofit schedules to promote the deployment of LED lighting are contributing to the market growth.

Worldwide LED Lighting Market is projected to grow with a CAGR of 11.7% from 2021-2027

LEDs are commonly used in indoor and outdoor lighting based on application. LED lighting solutions particularly rise in indoor application because LED lights generate light with a diode rather than a fuel source, thus costing less to run and requiring less power. LEDs are also increasingly common in walkways, street lights, parking garage lighting, another outdoor area lighting, refrigerated modular lighting, case lighting, and task lighting.

Residential Segment Expected to Witness Significant Growth

The acceptance of LED lighting is escalating in almost all significant end uses such as Residential, Commercial, Industrial, Government, Highway and Roadway, Architectural, and Others. The residential segment has glimpsed high growth in the last few years. Adopting LED A-type lamps like pendants, table lamps, floor lamps, and permanently installed fixtures, such as under recessed sconces and cabinet lights, has grown exponentially due to reduced product prices.

Besides, commercial buildings, including hospitals, offices, stores, restaurants, and schools, are also creating huge demand for LED lighting. Recent advancements in light-emitting diode technology have permitted LED lighting products to infiltrate the commercial lighting market, with tremendous growth potential.

Global LED Lighting Market Size was US$ 49.9 Million in 2021

Geographically, the Asia Pacific witnessed predominant shares from the past decade and will continue at the same rate over the forecast period. Private and public organizations' increasing investments in the industries extensively escalate the market's demand. China and India are the most influential contributors to the market shares in this region. Rising demand for LED lamps in nearly every sector, such as residential, commercial, and industrial areas, is leveraging the market's demand. In contemporary times, North America and Europe have witnessed a boom in demand for LED lighting owing to government approval and the growing use of ultra-modern lighting.

Covid-19 Impact on Global LED Industry

The COVID-19 pandemic has set the world's economy back by many years and has impacted almost every sector. It has hugely affected the LED lighting industry because China, the commencement of this pandemic, is a primary supplier of finished electronic products and raw materials. The entire industrial sector suffers production losses, price fluctuations, and supply disruptions. The LED lighting industry is fragmented due to international players like Acuity Brands Inc., Koninklijke Philips N.V., Emerson Electric (US), Hubbell Incorporated, Daktronics Inc, Samsung Electronics, Panasonic Corp., Toyoda Gosei Co. Ltd.

This latest report “LED Lighting Market Global Forecast by Application (Indoor, Outdoor), End-Users (Residential, Commercial, Industrial, Government, Highway and Roadway, Architectural, and Others), Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa), Company Analysis (Acuity Brands Inc., Koninklijke Philips N.V., Emerson Electric (US), Hubbell Incorporated, Daktronics Inc, Samsung Electronics, Panasonic Corp., Toyoda Gosei Co. Ltd.)” providing a complete detail of Global LED Lighting Industry.