Market Overview
The LED Lighting Market Size is expected to reach USD 1,51,951.1 Million during the forecast period which was recorded at USD 53,136.2 Million during the historic forecast period at a CAGR of 18.7%.
Due to rising demand for energy-efficient lighting systems, increased focus on LED standardization, and increased development of advanced lighting systems, the LED Lighting market has seen substantial expansion. Factors such as rising demand for energy-efficient lighting systems and increased focus on LED standardization are propelling the global LED lighting industry forward. Furthermore, the advancement of innovative lighting systems presents a growth opportunity for the LED Lighting Market. However, during the projection period, a lack of awareness may impede the growth of the LED lighting market.
COVID-19 has influenced a variety of industries around the world, resulting in travel bans, global lockdown, and supply chain delays for several companies. The semiconductor industry has also been severely impacted by the continuing unusual occurrence, with sales plummeting due to the unpredictability of technical gadget positioning. Despite the mounting uncertainty, semiconductor manufacturers, particularly LED producers, are attempting to maintain operations and develop long-term strategies. Many semiconductor companies collaborate with their partners and the specialized LED Lighting Market to maintain business stability.
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Market Segmentation
Based on the installation type, the market has been segmented into new installation and retrofit.
Based on the product type, the market has been segmented into luminaries and lamps. The lamps segment is segmented into bulb lamps, spot lamps, A-lamps, and T-lamps. The luminaires segment is segmented into ceiling luminaires, downlight luminaires, strip luminaires, and strip lights.
Based on the end-users, the market has been segmented into indoor lighting and outdoor lighting. The indoor lighting segment is segmented into commercial, residential, industrial, and others. The outdoor lighting segment is segmented into public places, highways & roadways, architecture, and others.
The market has been segmented based on the Distribution-Channel, into store-based and non-store-based.
Based on the region, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW).
Regional Classification
During the historic forecast period, Asia-Pacific held the greatest market share. During the projected period, the market is expected to grow at the fastest rate. During the historic projected period, North America was the second-largest market. In Asia-Pacific, the LED lighting market is expected to grow at the quickest rate. Demand for energy-efficient lighting solutions is increasing, and the region's focus on LED standardization is becoming more intense. Demand for LED Lighting Market solutions is expected to increase as a result of these factors. Leading LED lighting companies in the US and the UK are extending their businesses in Asia-Pacific as well. Furthermore, government environmental policies and the installation of new lighting systems are major considerations in Asia-Pacific rising countries.
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Key Market Trends
- In the current market scenario, LED light bulbs are enduring the early adoption phase of the product life cycle. However, continued technological advancement in LED lighting poised these product offerings to enter and advance through the growth phase.
- Recent advancements in light-emitting diode technology have allowed LED lighting products to penetrate the commercial lighting market, with enormous potential for growth. Commercial buildings, including offices, stores, restaurants, hospitals, and schools, account for almost twenty percent of the United States’ total energy consumption, and thirty-eight percent of this energy consumption is attributed to lighting.
- In addition, major American manufacturers are actively developing the LED lighting business with the rising LED lighting penetration rate. LED commercial lighting demand is strong in the US market, among which demand for Troffer, panel lights, tunnel lights, and high bay lights grows fastest, and they begin to develop towards intelligence and optical communications and other new application areas.
- For instance, Technical Consumer Products Inc. offers its selectable commercial recessed downlight that comes with choices for color temperatures and wattages, making these adaptable for many corporate settings.
Competitive Landscape
The global LED Lighting Market has witnessed significant growth over the forecast period due to the rise in the adoption of mobile applications to monitor expenses. There are several domestic, regional, and global players operating in the LED Lighting market who continuously strive to gain a significant share of the overall LED Lighting Market.
Key Players
- GE Lighting
- Philips Lighting Holding B.V
- Samsun
- Osram Licht AG
- Cooper Lighting Solutions
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