The LED Lighting Market is anticipated to gain a valuation of USD 111.20 billion by the end of 2027, growing from its valuation of USD 100.09 billion in 2019 at a CAGR of 1.83% throughout the projected period. The LED lighting market is predominantly driven by the increasing use of LED lights in the residents and business organizations. The cost-efficient and energy-saving features of the LED lighting are adding traction to the growth of the market.
LED,
light-emitting diode, lights are incredibly energy efficient and product light
90 times more efficient as compared to incandescent light bulbs. The diodes
directly convert the electrical energy into light energy, and they are
primarily used in lamps as an alternative to incandescent light sources. The
LED lighting market’s primary driving factor is the sustainable approach to energy
conservation and the stringent energy policies globally. Additionally, the
cost-effectiveness and reduced heat losses, and their efficiency in replacing
incandescent light sources are adding to the demand for the market.
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The COVID-19 pandemic has
affected the LED Lighting market as it has caused disruptions in the global
supply chains of the electronic components, delayed the manufacturing processes
owing to the shutdowns of factories, and a decreased demand, thereby slowing
down the growth of the market. However, the market is poised to regain momentum
as stores, and commercial spaces have started reopening across the world.
Some of the prominent players of the Led Lighting market are Acuity Brands, Cree, Eaton, General Electric, Philips, Osram, Nichia Corporation, Seoul Semiconductors, Everlight Electronics, and Panasonic.
For
the purpose of this study, Reports and Data has segmented the LED Lighting
Market on the basis of type, installation, utilization, and region:
By Type (Revenue, USD Million; 2017-2027)
- Lamps
- Luminaires
By Installation (Revenue, USD Million;
2017-2027)
- New
- Retrofit
By Utilization (Revenue, USD Million;
2017-2027)
- Indoor
- Outdoor
By Region (Revenue, USD Million;
2017–2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Further Key Findings from the Report
Suggests:
- The LED Lighting Market is anticipated to gain
a valuation of USD 111.20 billion by the end of 2027, growing from its
valuation of USD 100.09 billion in 2019 at a CAGR of 1.83% throughout the
projected period.
- The LED lighting market is predominantly driven
by the increasing use of LED lights in the residents and business organizations.
LED, light-emitting diode, lights are incredibly energy efficient and
product light 90 times more efficiently as compared to incandescent light
bulbs.
- The LED lighting market’s primary driving
factor is the sustainable approach to energy conservation and the
stringent energy-saving policies globally.
- Based on the type of LED lights, the luminaires
segment is anticipated to register an increased demand and growth over the
projected period. Luminaires are extensively applied for industrial and
commercial lighting. Luminaries are predominantly used in streetlights,
track lights, downlights, and for numerous other applications. They offer
more light per power output, and their control is feasible, thereby
driving the growth of the segment.
- Based on the installation type, the retrofit
segment is presumed to grow at the highest rate due to its growing
popularity in the residential sector. The retrofit technique enhances the
features of technology and offers increased efficiency.
- Based on the utilization, the indoor segment
held the largest share in 2019 and is anticipated to continue dominating
the market over the projected period of 2020-2027. This can be attributed
to the rising use of LED lights in places such as houses, offices, retail
stores, malls, educational institutions, and hospitals, among others.
- Based on the regional analysis, Asia Pacific
dominated the market in 2019 and is anticipated to hold a significant
share over the coming years. This can be accredited to increasing
initiatives undertaken by the governments of APAC countries for the large
scale deployment of LEDs combined with the existence of prominent market
players in the region.
- North America is anticipated to follow closely owing to rising R&D activities, increased usage of LEDs for commercial and industrial purposes, and partnerships of the prominent players to expand their presence in the market.
Key Highlights in the Report:
- Provides a detailed overview of market growth and patterns for the
years 2020-2027, including key market parameters.
- It provides useful information about the global LED Lighting
industry, including market forecasts and sales growth rates.
- Technical advances, regulatory environment, recent innovations, and
existing and emerging trends in the LED Lighting market are all covered in
this report.
- Comprehensive industry analysis, including key statistical data and market knowledge gleaned from primary and secondary research.
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