Impact of COVID-19 on LED Retrofit Market 2018 | Trends, Growth Demand, Opportunities & Forecast To 2026
Global LED Retrofit Market: Snapshot
The global LED retrofit market is expected to reach US$ 4,983.9 Mn by 2026. The market is projected to expand at a CAGR of 9.25% during the forecast period from 2018 to 2026. According to the report, the global LED retrofit market will continue to be influenced by a range of factors such as rising popularity and adoption of LED lighting worldwide. Additionally, multiple initiatives carried out by government bodies for adoption of LEDs in street light applications is projected to boost the global LED retrofit market during the forecast period of 2018-2026. Asia Pacific will be at the forefront of growth, with the market in the region growing at above 10% through 2026.
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Industrial sector is expected to be more lucrative for the global LED retrofit market
The global LED retrofit market is bifurcated by application into residential, industrial, commercial and others. Residential sector is expected to contribute significant revenues to the market by 2026 owing to the increased implementation of smart city projects and prominent urbanization worldwide. Furthermore, the increasing adoption of LED lighting (especially the increasing use of linear LED retrofit) due to increased awareness across the residential sector is expected to be one of the primary reasons for market growth over the forecast period. However, the industrial sector is anticipated to expand at a significant CAGR over the forecast period. Multiple initiatives taken by governments to spread awareness regarding LED lighting due to its energy effectiveness, and eliminating the use of traditional lamps is one of the primary reasons for the growth of the industrial sector over the forecast period from 2018 to 2026. Many automotive companies from Europe are significantly adopting LED lights, which is one of the primary reasons boosting the LED retrofit market in the region over the forecast period.
Indoor segment is expected to dominate the LED retrofit market around the globe
On the basis of type, the LED retrofit market is segmented into indoor and outdoor. With the significant use of indoorLED retrofits in residential, commercial,and industrial sectors, it is projected to hold a significant share over the forecast period 2018-2026. Additionally, the prominent use of linear and round LED retrofits in across residential, commercial and industrial sectors is anticipated to have a significant positive impact on the global LED retrofit market. Furthermore, the increasing use of indoorLED retrofits across thegrowing horticulture industry is positively affecting the indoor segment of the global LED retrofit market.
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North America to continue to hold significant CAGRover the forecast period
North America is expected to holdsubstantial share of theLED retrofitmarket during the forecast period. The growth is mainly due to the booming LED retrofit marketplace with the presence of well-established players across the region, especially across the U.S. and Canada. North America is a home to many well-established players from the LED retrofit domain includingGeneral Electric Company, Cree Inc, Fulham Co., Inc. among others. Furthermore, North America is witnessing higher adoption of LED retrofitowing to the continuous advancements in LED retrofits by well-established lighting providers in the regionand multiple initiatives taken by the governmentsto increase the adoption of LED lighting. For instance, In April 2018, OSRAM Licht group announced its partnership with the U.S. state of Tennessee toincrease the number of LED-based lighting retrofit projects in government facilities across the state. This initiative is expected to have a positive impact on the LED retrofit market in North America.
The Asia Pacific region is expected to hold significant market share in the year 2026. China, India, and Japan are anticipated to play a significant role in APAC’s prominent share. The factors contributing to the growth in Asia Pacific are multiple initiatives taken by government bodies topromote the use of LED lighting. For instance, ‘Ujala,” an initiative by the Indian government for boosting LED adoption across India, is helping the adoption of LED lighting across the country. Additionally, in 2017, as per the Street Light National Programme of the Indian government, 21 lakh LED’s were installed across India. Such initiatives are expected to drive theLED retrofit market in the Asia Pacific region. Furthermore, the increasing population of China and the rising adoption of LED lighting in the country areprojected to play a significant role in the LED retrofit market in the Asia Pacific region.
Philips Lighting Holdings B.V., OSRAM Licht Group, Fulham Co., Inc., Tridonic, General Electric Company, Eaton,and Cree Inc` among others are some of the major players operating inthe LED retrofit market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various market players are establishing partnerships, entering into strategic M&A, and expanding to enhance the LED retrofit offerings worldwide.
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