The global LED lighting market is expected to reach USD 126.5 billion market size by 2027 as per a new research report published by Confianza Market Research & Consultancy.
The global LED lighting market is expected to reach USD 126.5 billion market size by 2027 as per a new research report published by Confianza Market Research & Consultancy. The key factors driving the market growth include increasing demand for sustainable energy sources and increasing emphasis on energy saving by the governments as well as users around the world. Moreover, the decreasing prices of LED lamps and government rebate & discount schemes have boosted the adoption of LED lamps in the residential segment.
North America LED lighting manufacturers have witnessed an exponential demand in the last decade. The low cost & better efficiency of linear fluorescent lights resulted in widespread adoption across the commercial & industrial segments. But, revisions in light standards stated by the U.S. Department of Energy and increasing awareness have forced the end-users to adopt LED lights, thus driving industry growth.
The producers have shown consistency concerning new product improvements and also have managed to decrease the product price both of which are the critical elements driving the product requirement. Technological advancements have contributed to the growth of flicker-free LED lighting, that can be well-suited for classrooms, offices, and hospitals, amongst others. The execution of flicker-free lights leads toward developing a more cozy lighting encounter and has a positive effect on the wellbeing, which contributes to greater productivity of a person. Therefore, flicker-free LED lighting technologies are contributing to the increase in industrial and commercial demand.
Europe is seeing a rise in the requirement for light-emitting diode lighting due to the government’s attempts to deploy efficient lighting technology. As an example, the British authorities decided to completely support the transition into LED technologies by launching an R&D grant with an investment of approximately USD 6.3 million. Additionally, the installation of LED lamps has helped nations including Germany and U.K to reduce energy loss & cost.
Niche segments such as horticultural lighting, healthcare lighting are anticipated to witness exponential demand for LED lighting in upcoming years. Additionally, connected and smart lighting is expected to play an essential role in forcing the light-emitting diode lighting market to increase over the forecast period. The growth of smart cities throughout the world is expected to support exponential growth opportunities for market leaders.
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Key research findings:
- The Lamp Segment Account for greater than 50% market share and continues to dominate the industry in next 7 years.
- The Industrial lighting segment is expected to grow at the fastest CAGR of 6% between 2020 to 2027.
- The demand for Architectural lighting has increased in recent years owing to the increasing trend of smart homes.
- APAC LED Lighting Market is expected to dominate the market owing to the presence of large number of the LED manufacturing facility, high export rate & increasing regional demand.
- Prominent market players include Cree, Inc., OSRAM GmbH;; Eaton; Signify Holding and Zumtobel Group
Confianza 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, 2017- 2027)
LED Lighting End-use Outlook (Revenue, USD Billion, 2017- 2027)
LED Lighting Regional Outlook (Revenue, USD Billion, 2017- 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
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