How much will the LED Lighting industry be worth in the Future????



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 global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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.
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https://www.grandviewresearch.com/industry-analysis/led-lighting-market/request/rs1
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.
The global LED lighting market size was valued at USD 54.00 billion in 2020 and is projected to expand at a CAGR of 10.8% over the forecast period. Growing stringency of regulations in terms of inefficient lighting technologies and rising government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), coupled with the transformation in energy policies across the world, has been driving the market growth. Moreover, attractive incentives and rebates provided by the governments for the use of LED lighting in several countries will leverage the demand.
Further key findings from the report suggest:
·         Luminaires segment was valued at USD 30.26 billion in 2020 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 2020 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
LEDs are highly efficient, reliable, and they yield a longer life span, which is anticipated to boost their application in both indoor and outdoor settings. These lights are cost-effective compared to incandescent lights, delivering around 50,000 hours of illumination with a small amount of energy consumed. Their lower cost of operation and reduced heat losses also make them a suitable replacement for incandescent lights. Technological advancements shift from conventional to green lighting, enhanced energy efficiency standards, and declining prices have also spurred the product demand.
In addition, strict regulatory policies regarding conventional lighting and energy consumption across U.S., European Union, China, and Canada are anticipated to favor the product demand in the forthcoming years. Corresponding ratings and design standards categorizing energy efficiency, such as CASBEE in Japan, BREEAM in EU, and standards for green construction in China, are projected to bode well for the light emitting diode lighting market growth. Moreover, in U.S. all LED lighting products must meet regulations including Energy Star Program, United Nations Environment Programme (UNEP), and National Electric Code (NEC).
Governments offer incentives and rebates on replacement of traditional lamps with LED products, and this enables to improve adoption of LED products worldwide. Smart illuminations are also anticipated to offer lucrative opportunities for application in industrial and commercial areas. They have the capability to adjust light using control zones. Smart city schemes have become predominant in U.S. and several European nations with rising focus on strategies to lessen peak power demand and overall energy consumption.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-led-lighting-market
Grand View Research has segmented the global LED lighting market on the basis of product, application, end use:
LED Lighting Product Outlook (Revenue, USD Billion, 2016 - 2027)
·         Lamps
o    A-Lamps
o    T-Lamps
o    Others
·         Luminaires
o    Streetlights
o    Downlights
o    Troffers
o    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
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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