SAN FRANCISCO — A new market study published by Global Industry Analysts Inc. (GIA) released its report titled “LED Lighting – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Engagements: 11968
Companies: 967– Players covered include Acuity Brands Lighting, Inc.; Bajaj Electricals Ltd.; Crompton Greaves Ltd.; Current, Powered by GE; Fagerhult Group; Feilo Sylvania; Feit Electric Company; FW Thorpe Plc; Havells India Limited; Hubbell Lighting, Inc.; LG Corporation; NVC Lighting Technology Corporation; Opple Lighting Co., Ltd.; Osram GmbH; Panasonic Corporation; Signify Holding BV; SCHRÉDER SA; Sharp Electronics Corporation; Toshiba Lighting & Technology Corporation; TRILUX GmbH & Co. KG; Ultra LEDs Limited; Zumtobel Group AG and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Lamps, Luminaires); Application (Indoor, Outdoor); End-Use (Residential, Commercial, Industrial, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global LED Lighting Market to Reach $73.2 Billion by 2026
The lighting market has experienced remarkable evolution over the past few decades, with technological advancements driving the shift from traditional energy-intensive incandescent bulbs toward energy-efficient Light Emitting Diodes (LED) technology. Strong adoption of the technology continues in residential, commercial and industrial applications. Declining costs of these lamps are additionally helping the technology to gain considerable traction, prompting businesses to upgrade to the technology. In the coming years, LED lights are anticipated to witness healthy growth as they become longer lasting and more efficient. Several governments across the world are promoting LED lights adoption in a big way as they can reduce consumption of electricity for lighting by half, which can be a significant solution to the problem of climate change.
Amid the COVID-19 crisis, the global market for LED Lighting estimated at US$54.8 Billion in the year 2020, is projected to reach a revised size of US$73.2 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Lamps, one of the segments analyzed in the report, is projected to record 6% CAGR and reach US$29.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Luminaires segment is readjusted to a revised 4.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $8.5 Billion in 2021, While China is Forecast to Reach $13 Billion by 2026
The LED Lighting market in the U.S. is estimated at US$8.5 Billion in the year 2021. China, the world`s second-largest economy, is forecast to reach a projected market size of US$13 Billion by the year 2026 trailing a CAGR of 6.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.3% CAGR. Smart LED lighting is expected to be critical for IoT in the future. Smart lighting is considered as the gateway for IoT revolution as LEDs can directly connect with software and sensors, allowing control via AI, smartphone or even simple gestures. Rapid penetration is projected for intelligent LED lighting in residential indoor lighting, security lighting, commercial lighting, lighting of public spaces, energy efficiency lighting in commercial and residential spaces, human-centric lighting at offices, homes and also healthcare facilities, and horticulture lighting, among others.
Indoor End-Use Application Segment to Reach $49.4 Billion by 2026
With connected homes and IoT becoming widespread, indoor smart lighting is expected to gain popularity. Growth will be underpinned by the rising focus on lowering energy consumption, efforts made to comply with state and federal environmental regulations, and focus on reducing maintenance and operational costs. Smart light switches and bulbs, and voice control technologies are revolutionizing home automation. Compatibility between these technologies enables users to use voice command for operating wall switches and light bulbs. Global market for LED Lighting in Indoor applications is estimated at US$36.4 Billion in 2020, and is projected to reach US$49.4 Billion by 2026 reflecting a compounded annual growth rate of 5.6% over the analysis period. Europe constitutes the largest regional market for Indoor segment, accounting for 31.9% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 6.9% over the analysis period, to reach US$10.4 Billion by the close of the analysis period. More
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