Market Overview
The LED lighting market was worth USD 75.81 billion in 2020, and it is predicted to grow at a CAGR of 14.25 per cent from 2021 to 2026, to reach USD 160.03 billion. An estimated USD 18 billion in electricity expenditures can be saved by switching to energy-efficient LEDs. Additionally, more than 160 million metric tons of CO2 emissions can be prevented each year.
Lighting accounts for about 10% of household electricity use and 18–40% of commercial establishments. Energy conservation is becoming more important around the world, which gives the market room to grow. The move to energy-efficient lighting is predicted to lower worldwide lighting demand by 30-40% by 2030.
In countries all over the world, LED lighting is becoming increasingly popular. New York, for example, planned to replace 250,000 streetlights with LEDs, followed by the replacement of ornamental lights across the city. Barcelona (Spain) has installed approximately 3,000 LED-based smart streetlights that collect data on pollution, humidity, noise, and the overall environment.
Furthermore, the US Department of Energy (DOE) predicted that by 2020, light-emitting diodes would account for more than 75% of outdoor luminaire shipments (LEDs). Furthermore, assuming that by 2020, LED luminaire efficacy has increased by 50% above current levels.
The rapid popularity of LEDs is being driven by consumer awareness of the environment and the durability of these lights and government mandates for energy efficiency. For example, the Chennai Airport purchased six sets of LED base lights for disaster assistance as part of its green measures to make its lighting and fixtures more energy efficient.
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Market Segmentation
Installation type, product type, distribution channel, and end-use application have all been used to segment the worldwide LED lighting market.
The LED lighting market has been divided into new installations and retrofits.
The LED lighting industry has been divided into luminaries and lamps based on product type. Bulb lights, spot lamps, A-lamps, and T-lamps are the different types of lamps. Ceiling luminaires, downlight luminaires, strip luminaires, and strip lights make up the luminaires section.
The LED lighting industry has been divided into two categories based on end-use application: interior lighting and outdoor lighting. Commercial, residential, industrial, and other indoor lighting segments are further divided. Outdoor lighting is further divided into public spaces, highway & roadway, architectural, and other categories.
Regional Classification
The Asia-Pacific LED Lighting Market is expected to grow at the fastest rate. The need for power lighting solutions is growing, and the region is focusing more on LED standards. As a result of these reasons, demand for LED Lighting Market mechanisms is predicted to rise. Leading LED lighting companies in the United States and the United Kingdom are also expanding in Asia-Pacific. Government environmental laws and the installation of new lighting systems are also major issues in Asia-Pacific rising countries.
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Industry News
From 2019 through 2027, this study forecasts revenue growth at the global, regional, and country levels, as well as provide an outline of recent changes in each sub-sector. For this report, MRFR divided the global LED Lighting market by carefully implementing, specific products, distribution systems, and end-use applications.
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