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 Distribution Channel
Key Elements Included In The Study: Global LED Lighting Market
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