The global LED lighting market size was valued at around USD 75.82 billion in 2021 and is projected to reach USD 192.68 billion by 2030, expanding at a CAGR of around 14.25% during the forecast period, 2022 – 2030. The growth of the market is attributed to the growing awareness of energy-saving across the globe.
LED is a short form of a light-emitting diode. An LED light refers to an electric device with two electrodes, through which electricity flows in one direction. It is a semiconductor device, which emits visible light as an electrical current pass through it. LED lights come in various sizes and a wide range of colors. LED lights emit light in a singular and specific direction, which reduces the need for reflectors and diffusers to trap light such as in traditional lights. They emit less heat than the traditional lights. LED lights last longer than the other types of lighting. LED lighting is said to aid in saving around USD 18 billion in electricity costs between 2021 and 2030. These lights are said to avoid around 160 million metric tons of carbon dioxide emission per year.
The COVID-19 pandemic situation had a negative impact on the global LED lighting market. The lockdown, travel ban, and suspension of construction sites during the pandemic resulted in a decline in the demand for LED lights. The conflict between Russia and Ukraine is expected to disturb the global LED lighting market. The World Trade Organization (WTO) has estimated a decline in trade volumes, from 4.7% to 3%, in the year 2022 affecting the global LED market negatively.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of LED lighting across the globe is expected to drive the market during the forecast market.
- Rising awareness regarding the negative effects of carbon emission on the environment among consumers boosts the market.
- Growing awareness regarding the benefits of LED lights such as durability and energy efficiency is estimated to fuel the market in the coming years.
- Government regulations and policies regarding conventional lighting and energy consumption spur the market.
- Increasing prices of electricity in many developing countries drive the LED lighting market.
- Emergence of alternative technologies is anticipated to hamper the growth of the market during the forecast period.
- Continuous technological advancements in LED lights offer growth opportunities to the market players.
Scope of the Report
The report on the global LED lighting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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LED Lighting Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Types (Bulbs, Lamps, Strips, Fixtures, and Others), Applications (Indoors and Outdoors), Distribution Channels (Online and Offline), and End-users (Commercial, Residential, Industrial, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SYSKA; Acuity Brands, Inc.; Heliospectra AB; Eaton Corporation; Dialight PLC; OSRAM GmbH; General Electric; Savant Systems, Inc; Nichia Corporation; OPPLE Lighting Co., Ltd.; Orient Electric Limited; LumiGrow; Siteco GmbH; Seoul Semiconductor Co., Ltd.; Current Lighting Solutions, LLC.; Acuity Brands Lighting, Inc.; Everlight Electronics Co., Ltd.; Lumens Co., Ltd.; Koninklijke Philips N.V.; Lumileds Holding B.V.; and Others
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Market Segment Insights
Fixtures segment dominates the market
Based on types, the market is divided into bulbs, lamps, strips, fixtures, and others. The fixtures segment is projected to expand during the forecast period, owing to increasing commercial construction activities and growing installation of streetlights, traffic lights, and others across the globe. The lamps segment is anticipated to expand in the coming years, due to their availability and design choices. The residential sector boosts the expansion of the lamps segment, owing to innovative designs, energy efficiency, and stability that the LED lamps provide.
Indoor segment expands rapidly
In terms of applications, the market is bifurcated into indoors and outdoors. The indoor segment accounted for around 68% of the global market revenue share in 2021. The segment is expected to hold the key market share during the forecast period, due to increasing demand for LED lighting in malls, supermarkets, and retail stores. Rising demand for Led lights from educational institutes and hospitals aid in the expansion of the segment. The outdoor segment is anticipated to expand during the forecast period, owing to growing infrastructure development projects such as highways, airports, and other public places across the globe.
Offline segment holds a significant market share
On the basis of distribution channels, the market is segregated into online and offline. The offline segment is estimated to register a significant CAGR during the forecast period, as the retailers and wholesalers in the offline segment are the popular choices of distribution channels across the globe. The growing presence of offline distribution channels across the globe, availability of high-quality products, on-site product verifications, product comparisons, and instant product availability are the key factors aiding in the expansion of the offline segment.
Commercial segment holds a key market share
In terms of end-users, the market is divided into commercial, residential, industrial, and others. The commercial segment is estimated to expand rapidly during the forecast period, due to rapid growth in the construction sector and increased demand for advanced LED lighting solutions for other commercial sectors. Regulations and standards of workplace light set by the government aid in the expansion of the commercial segment.
Asia Pacific dominates the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to register a high CAGR during the forecast period, due to rapid infrastructure developments in the region. Increasing government initiatives regarding energy-saving in countries such as Japan, India, and China and the growing number of major market players in the region are boosting the market in Asia Pacific. The market in North America is anticipated to expand in the coming years, owing to stringent government regulations regarding energy-efficiency requirements.
Segments
The global LED lighting market has been segmented on the basis of
Types
- Bulbs
- Lamps
- Strips
- Fixtures
- Others
Applications
Distribution Channels
End-users
- Commercial
- Residential
- Industrial
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SYSKA
- Acuity Brands, Inc.
- Heliospectra AB
- Eaton Corporation
- Dialight PLC
- OSRAM GmbH
- General Electric
- Savant Systems, Inc.
- Nichia Corporation
- OPPLE Lighting Co., Ltd.
- Orient Electric Limited
- LumiGrow
- Siteco GmbH
- Seoul Semiconductor Co., Ltd.
- Current Lighting Solutions, LLC.
- Acuity Brands Lighting, Inc.
- Everlight Electronics Co., Ltd.
- Lumens Co., Ltd.
- Koninklijke Philips N.V.
- Lumileds Holding B.V.
- Others
Competitive Landscape
The global LED lighting market is highly competitive with the presence of key players such as SYSKA; Acuity Brands, Inc.; Heliospectra AB; Eaton Corporation; Dialight PLC; OSRAM GmbH; General Electric; Savant Systems, Inc; Nichia Corporation; OPPLE Lighting Co., Ltd.; Orient Electric Limited; LumiGrow; Siteco GmbH; Seoul Semiconductor Co., Ltd.; Current Lighting Solutions, LLC.; Acuity Brands Lighting, Inc.; Everlight Electronics Co., Ltd.; Lumens Co., Ltd.; Koninklijke Philips N.V.; Lumileds Holding B.V.; and others. They use business strategies such as collaborations, mergers, partnerships, acquisitions, and product launches to dominate the market. For example, in February 2021, Orient Electric Limited, an India-based multinational electrical equipment manufacturer, launched emergency LED light solutions, which can provide backup lighting for up to four hours in case of any power outage. June 2021, SYSKA, India-based lighting, luminaries, and consumer electronics manufacturer, launched new LED lights under the brand called T5 LED Batten with surged protection. In March 2022, Acuity Brands, Inc., US-based lighting and building management firm, launched Verjure, which is a professional-grade LED lighting solution for indoor horticulture applications.
