Fairfield Market Research
LED Lighting Market

LED Lighting Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit


Request TOC More Information

Rising Adoption of LED Solutions in Commercial Spaces to Bode Well for the LED Lighting Market

Continuous advancements in technology remain a crucial aspect in driving the demand of LED lighting worldwide. Advancements in LED lighting have created a plethora of opportunities for various LED products particularly in commercial spaces where power savings are a fundamental factor in driving cost efficiency. Various commercial spaces such as retail stores, malls, offices, hospitals, schools, and restaurants are adopting LED lighting solutions to reduce increasing burden of energy costs. Moreover, advantages of LED lighting such as long service life, energy efficiency, low voltage operation, enhanced environmental performance, zero UV emissions and ability to efficiently withstand frequent switching have propelled their use in commercial spaces that are open every day. This aspect coupled with stable growth in industrialisation and construction of commercial spaces is expected to augur well for the LED lighting market on the global front.

IoT Based Solutions Likely to Boost Growth of the LED lighting Market

With rampant development of technology, like other sectors the consumer electronics space has been witnessing a momentous transformation with introduction of technology backed products. The method of producing light and delivering it has undergone incremental improvements. As facility managers and business owners have become highly conscious about economical, safe, and convenient use of energy, they are taking efforts on implementing efficient lighting control systems as a part of building management systems (BMS).

Using technology, development of smart LED lighting systems has been witnessed that support business and facility owners. With intelligent lighting, owners can create a fixed schedule for internal lighting that gets disabled in case of absence of individuals, in turn reducing costs by saving energy. IoT-enabled smart lighting solutions use wireless switches and include software that connects to smart home assistant, smartphone, or other accessories though cloud. This gives higher flexibility to control lighting systems remotely, thus eliminating use of conventional switches. In this background, demand for IoT based systems, including LED lighting, is expected to increase especially owing to development of smart homes and inclination towards intelligent industrial lighting systems. This factor remains crucial in influencing growth of the LED lighting market.

LED Lamps to Reflect High Value and Volume Growth

LED lamps are expected to witness an increase in adoption in the coming years. This can be attributed towards their functional benefits such as high durability, delivery of enhanced light quality, high reliability, and energy efficiency. That said, adoption of T-type, and A-type LED lamps is increasing in residential applications. Modern technology has further improved efficiency of LED lamps alongside reducing maintenance costs and providing better ROI. Moreover, with growing environmental concerns, customers are more inclined towards eco friendly solutions. Their demand for obtaining optimum brightness with reduced environment threats and high energy savings has further propelled the use of LED lamps, consequently complementing the value growth of the LED lighting market. Other aspects driving sales of LED lamps such as flexible design and availability of different colour combinations in LED lamps coupled with customer interest towards low wattage and high lumen products are expected to aid market growth.

Asian Countries Expected to Remain Lucrative Revenue Pockets in the Coming Years

Emerging economies in Asia Pacific are likely to remain the go-to regional markets for LED lighting solutions. This is mainly owing to increasing inclination and adoption of technology in day-to-day operations backed by stable growth in GDP per capita in the region. Moreover, owing to a large customer pool due to high population coupled with favourable business environment, companies manufacturing are consumer electronics are penetrating the Asian soil. In addition, rising government initiatives apropos to energy consumption and saving is expected to give an impetus to the use of LED lighting products. Furthermore, rising construction activities and industrialisation has paved significant pathways for use of LED lighting solutions in the region. That said, Asia Pacific is poised to account for a major revenue share in the LED lighting market.

LED Lighting Market: Competitive Scenario

New product launches have been witnessed in the market since past few years. For instance, in 2021, Orient Electric launched new emergency LED lighting solutions that offer backup lighting for about 4 hours in cases of a power outage. Likewise, same year in June, Syska introduced new LED lights under its T5 LED Batten portfolio in India to offer over voltage protection at a competitive pricing.

A few of the major players in the market include Savant Systems Inc., Dialight PLC, Heliospectra AB, OSRAM GmbH, Nichia Corporation, Panasonic Corporation, and Hubbell Lighting.

The global LED lighting market is segmented as below:

By Type

  • Lamps
  • A-Type
  • T-Type
  • Luminaries
  • Downlighting
  • Directional
  • Decorative
  • Others

By Application

  • Indoor
  • Residential
  • Commercial
  • Industrial
  • Outdoor
  • Streets and Roads
  • Sports Complexes
  • Tunnels
  • Others

By Installation

  • New
  • Retrofit

By Distribution Channel

  • Retail/Wholesale
  • Direct Sales
  • E-commerce

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global LED Lighting Market

  • LED Lighting Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

Post Sale Support, Research Updates & Offerings

We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.

  • The report will be prepared in a PPT format and will be delivered in a PDF format.
  • Additionally, Market Estimation and Forecast numbers will be shared in Excel Workbook.
  • If a report being sold was published over a year ago, we will offer a complimentary copy of the updated research report along with Market Estimation and Forecast numbers within 2-3 weeks’ time of the sale.
  • If we update this research study within the next 2 quarters, post purchase of the report, we will offer a Complimentary copy of the updated Market Estimation and Forecast numbers in Excel Workbook.
  • If there is a geopolitical conflict, pandemic, recession, and the like which can impact global economic scenario and business activity, which might entirely alter the market dynamics or future projections in the industry, we will create a Research Update upon your request at a nominal charge.

Disclaimer:

  • The segmentation/company profiles/countries depicted above may vary in the actual report.

Request Table of Contents

Our Research Methodology

Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.

Read more
Fairfield Quality assured
Fairfield Confidentiality assured
Fairfield Custom research services