LED lighting market worth $124.7 billion by 2027
CHICAGO, June 8, 2022 /PRNewswire/ — According to a research report “LED Lighting Market by Installation (New, Retrofit), Product Type (A-Type, T-Type, Decorative, Directional), Sales Channel (Retail, Direct, e-Commerce), Application (Residential, Commercial, Industrial) and Geography – Global Forecast to 2027″, published by MarketsandMarkets™, the global LED lighting market size is estimated at $75.3 billion in 2022 and should reach $124.7 billion by 2027, at a CAGR of 10.6% over the forecast period. Some of the key factors propelling the growth of the market include growing use of smart lighting systems in several applications, rising adoption of LED bulbs and fixtures to achieve net zero emissions by 2050, the growing demand for LED lighting systems in residential and home interior design. decoration applications and the continuous launch of new innovative LED products thanks to constant technological advances.
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Luminaires segment of the LED lighting market is expected to grow at a higher CAGR during the forecast period
The luminaires segment market is expected to grow at a higher CAGR over the forecast period owing to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, l tunnel lighting and floodlighting; stadiums; and sports complexes. Furthermore, the growing awareness among contractors/project managers of the benefits associated with LED luminaires in terms of longer lifespan and substantial energy saving potential is further driving the growth of the luminaire segment.
Growing awareness among contractors/project managers of the benefits associated with LED luminaires in terms of longer lifespan and substantial energy saving potential is further driving the growth of the luminaire segment. The downlighting fixtures segment is expected to dominate the overall lighting fixtures market over the forecast period, while the decorative lighting segment is expected to witness the highest CAGR between 2022 and 2027.
The outdoor application segment is expected to experience higher growth between 2022 and 2027 owing to the increasing installation of energy efficient lighting systems in streets and roads, tunnels, stadiums and sports venues
The outdoor segment market is expected to grow at a higher rate over the forecast period owing to the increasing installation of energy efficient lighting systems in outdoor projects including street and road lighting, lighting of tunnels, floodlighting and stadiums and sports complexes. External projects are mostly funded by the government; therefore, more emphasis is placed on energy saving and cost reduction. Since multiple road types such as streets, major roads, and highways require different control strategies, many projects require multiple solutions to take full advantage of energy savings. Daylight scheduling, occupancy, and harvesting are the most important light control strategies used in these application areas. LED street lighting is a cost effective and sustainable choice for today’s urban roads.
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E-commerce based sales channels are likely to be the fastest growing market for LED lighting throughout the forecast period
E-commerce based sales channels are expected to witness the highest CAGR during the forecast period. The booming online market in recent years has impacted offline sales. The online e-commerce marketplace provides greater flexibility for buyers, and after the COVID-19 outbreak, customers prefer to place orders using an e-commerce platform. About 5-7% of all customers purchasing lighting products currently rely on e-commerce or online channels. This share is expected to increase significantly in the coming years due to several advantages and conveniences associated with this option.
LED retrofit segment is expected to grow at a faster rate from 2022 to 2027 owing to rapid transition of users in developing countries
The LED retrofit market is expected to grow at a faster rate owing to rapid user transition in countries such as India, Japan, Chinathe United Arab Emirates, the United States and South Korea from sodium vapor and incandescent lamps to LED lamps. These countries have a high demand for retrofit LED lights as there are strict phase-out regulations that prohibit incandescent bulbs.
Middle Eastand Africa region likely to be the second fastest growing region after Asia Pacific in the global LED lighting market
The region of the right-of-way which includes Middle Eastand Africa is expected to experience the second highest growth rate between 2022 and 2027. Rising demand for energy efficient lighting systems coupled with growing focus on infrastructure development is mainly augmenting the growth of LED lighting market in Middle East. East. Additionally, growing concerns over greenhouse gas emissions have propelled the use of LED lighting products to reduce carbon emissions resulting from conventional lighting sources such as fluorescent bulbs. Middle East Major countries contributing significantly to the growth of the LED lighting market are Saudi Arabia, Israelthe United Arab Emirates and Qatar. UAE is one of the major countries considered in the LED lighting market. Strong economic growth in Africa The region is also driving a wave of urbanization, which is expected to significantly boost the LED lighting market in this region.
Some of the key players in the LED lighting market are Signify Holding (Netherlands), Acuity Brands (USA), OSRAM (Germany), Savant Systems (GE Lighting) (USA), Hubbell Lighting (USA), Panasonic Corporation (Japan), Zumtobel Group AG (Austria), Cree Lighting (Ideal Industries) (USA), Dialight (UK) and Samsung (South Korea)
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