The global LED lighting market size is expected to reach USD
127.84 billion by 2027, exhibiting a CAGR of 10.8% over the forecast period,
according to a new report published by Grand View Research, Inc. The aggressive
decline in the prices of LED lamps and luminaires, greater lifespan, low heat
emission, and higher energy efficiency compared to the traditional light
fixtures are the prominent factors driving the market. Moreover, global
transformation in the energy policies, attractive rebates, and incentives
provided by the government for the implementation of LED light is anticipated
to boost the product demand.
The lighting industry is experiencing a swift
transformation with light emitting diodes (LED) emerging as the number one
source of light. The manufacturers have exhibited consistency in terms of new
product developments and have also managed to reduce the product cost both of
which have been the key factors driving the product demand. However, the
increased cost of recycling and disposing of the LED lighting owing to the use
of printed circuit boards (PCBs), which include harmful elements, is a
concerning factor hindering the market expansion.
Technological advancements have led to the
development of flicker-free LED lighting, which is well-suited for offices,
classrooms, and hospitals, among others. The implementation of flicker-free
lights contributes toward creating a comfortable lighting experience and has a
positive impact on the health, which leads to increased productivity of an
individual. Thus, flicker-free LED lighting technology has been contributing to
the growth of the commercial and industrial application segments.
The prominent players operating in the North
America LED lighting market have witnessed an increase in the product sales in
the past few years. The linear fluorescent lighting type for industrial and
commercial applications had widespread adoption in U.S. owing to the benefits
such as low cost and high efficiency. However, revisions in lighting standards
stated by the U.S. Department of Energy along with rising awareness has
compelled the end users to adopt LED lights, thereby driving the market growth.
Europe is witnessing an increase in the demand
for light-emitting diode lights owing to the government efforts to deploy
efficient lighting technologies. For instance, the Swedish government decided
to fully support the transition to LED technology by establishing an R&D
grant program with an investment of around USD 6.3 million. Also, countries
such as Germany and U.K are focusing on the deployment of efficient lighting
sources to lower the operational cost and to improve the quality of lights.
LED lighting technology has also witnessed
significant growth in areas, such as healthcare lighting and horticulture
lighting. Furthermore, connected and intelligent lighting is anticipated to
play a crucial role in driving the light emitting diode lighting market growth
over the forecast period. Development of smart cities across the world is
anticipated to provide lucrative growth opportunities for the prominent market
players.
Browse full research report on LED
Lighting Market: https://www.grandviewresearch.com/industry-analysis/led-lighting-market
Further key
findings from the report suggest:
- Luminaires segment was valued at USD 30.26
billion in 2019 and is anticipated to witness steady growth over the
forecast period
- The residential segment is expected to expand
at the fastest CAGR of 11.7% over the forecast period owing to lowered
product prices and subsidy programs by various governments and agencies
- The indoor segment was valued at USD 37.31 billion
in 2019 and is expected to witness stable growth throughout the forecast
period
- Asia Pacific LED lighting market is projected
to witness substantial growth over the next decade, owing to the
tremendous demand for energy-efficient lighting from residential and
commercial sectors. It is expected to exhibit a CAGR of 11.9% from 2020 to
2027
- Prominent market players include Signify
Holding; OSRAM GmbH; Cree, Inc.; Eaton; Tungsram; and SZumtobel Group AG
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/led-lighting-market/request/rs1
Grand
View 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)
- Lamps
- A-Lamps
- T-Lamps
- Others
- Luminaires
- Streetlights
- Downlights
- Troffers
- Others
LED Lighting
Application Outlook (Revenue, USD Billion, 2016 - 2027)
- Indoor
- Outdoor
LED Lighting
End-use Outlook (Revenue, USD Billion, 2016 - 2027)
- Commercial
- Residential
- Industrial
- Others
LED Lighting
Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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