USD 55.5 billion
Report ID: SQSG45J2014 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 63 | Figures: 65
Led Lighting Market size was valued at USD 55.5 billion in 2021, and it is expected to reach a value of USD 127.42 billion by 2028, at a CAGR of 10.5% over the forecast period (2022-2028).
By switching to energy-efficient LEDs, it is possible to save an estimated USD 18 billion on electricity expenditures. Additionally, yearly carbon dioxide emissions of more than 160 million metric tonnes can be reduced.
Nearly 10% of the electricity used in homes and 18–40% in commercial buildings is used for lighting. Globally, there is an increasing demand for energy conservation, which is opening up new business opportunities. The switch to energy-efficient lighting is anticipated to cut the world's demand for electricity for lighting by 30 to 40% by 2030.
LED lighting is being adopted widely in nations all around the world. For instance, New York intended to switch to LEDs for 250,000 of its streetlights, which was to be followed by the switchover of the urban areas' decorative lighting.
More than 3,000 smart streetlights based on LED technology were installed in Barcelona (Spain), and they collect data on noise, humidity, pollution, and other environmental factors. Additionally, the US Department of Energy (DOE) predicted that by 2020, light-emitting diodes would make up more than 75% of exports of outdoor luminaires (LEDs). Furthermore, assuming LED luminaire efficacy increases by an additional 50% over current levels by 2020
The increasing usage of LEDs is being fueled by consumer concern for the environment, the robustness of these lights, and government mandates for energy efficiency. For instance, the Chennai Airport purchased six sets of LED base lights for disaster assistance as part of its green measures to make its lighting and fixtures more energy-efficient.
With numerous businesses investing in technology, including Philips, Magiclight, and Xiaomi, smart lighting is predicted to be the future of LED lighting. With its product, Philips Hue, which works with voice assistants, Philips is a led lighting market leader.
US LED Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 55.5 billion
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The global led lighting market has been segmented based on application, end-user, and region. Based on application, the LED Lighting Market is segmented into indoor and outdoor. Based on the end-user, the led lighting market is segmented into commercial, residential, industrial, and others. Based on region, the led lighting market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
LED Lighting Market Analysis by End-User
The commercial sector dominated the LED lighting industry with a 52.2 percent global revenue share in 2021. The need for cutting-edge lighting solutions among owners of museums, exhibitions, and galleries for improved lighting applications is one of the key elements contributing to the commercial building industry's rapid rise across the globe. The demand for high brightness LED lights is rising primarily due to the necessity for workplace lighting to adhere to government norms and regulations, which is boosting the expansion of the led lighting market. For instance, the U.S. Occupational Safety and Health Administration (OSHA) restricts the construction of fixtures taller than 7 feet in the workplace, the covering of cables, and the covering of light fixtures with protective plates.
Worldwide, the residential sector is expanding more quickly, which accelerates the use of lamps, floor lamps, cabinet lights, etc. LEDs used in the residential sector are typically anticipated to have an efficiency of over 100 lumens per watt (lm/W). Additionally, LEDs with an efficiency of 110 lm/W to 130 lm/W are widely used in developed nations. Thus, it is anticipated that quick innovation in LED efficiency will support the expansion of the target market.
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Asia Pacific accounted for a revenue share of over 42.8% in 2021 and is anticipated to witness the highest growth in the coming years. The increased demand for LED lighting solutions from major nations like China, India, Japan, Australia, and South Korea is one of the main drivers of the LED lighting market's expansion in Asia Pacific. Similar to this, the expansion of the LED Lighting Market in the region is also fueled by the rising number of construction projects in the residential, commercial, and industrial sectors of developing economies in Asia and the Pacific, especially Southeast Asian nations.
China is anticipated to dominate the Asia Pacific led lighting market due to its quick industrialization, growing infrastructure, and rising standard of life for its people. Additionally, the expansion of the industry is projected to be fueled by rising government spending on public infrastructure and a steady uptick in construction projects for commercial and industrial buildings.
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LED Lighting Market Driver
LED Lighting Market Restraint
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Favorable business regulations implemented by emerging country governments and supported by new venture capital firms are causing the creation of new competitors with cutting-edge products. Similar to this, prominent players are leaning toward strategically acquiring other companies to gain a significant led lighting market share. For instance, in October 2021, Luminii, a U.S.-based global provider of LED lighting solutions, announced the acquisition of British lighting producers Precision Lighting and Remote Controlled Lighting. The company anticipates that this acquisition would help it improve its commercial presence and grow its clientele.
Top Players in the LED Lighting Market
LED Lighting Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, of end-user, the commercial segment dominated the global led lighting market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global led lighting market owing to the region's rising number of construction projects in the residential, commercial, and industrial sectors of developing economies.
|Market size value in 2021||USD 55.5 billion|
|Market size value in 2028||USD 127.42 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global LED Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global LED Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global LED Lighting Market:
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Product ID: SQSG45J2014