The global LED Lighting market size is expected to be worth around US$ 235.58 billion by 2030, according to a new report by Vision Research Reports.
The global LED Lighting market size was valued at US$ 60. 10 billion in 2020 and is anticipated to grow at a CAGR of 20.5% during forecast period 2021 to 2030.
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LED Lighting Market (By Product: Lamps, Luminaires By Application: Indoor, Outdoor; By End-use: Commercial, Residential, Industrial, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Growth Factors
LED lighting offers benefits, such as improved energy efficiency, low heat emission, cost-saving, directional controlled lighting, longer service life, and nanosecond switching, which have been instrumental in driving the market growth.
In addition, the flexibility of using LED lighting for complex, compact shape, and aesthetically pleasing design fixtures has led to higher adoption rates, specifically across residential and commercial spaces. LED manufacturers are incorporating features, such as occupancy sensor, daylighting (bright white-blue light), dim-ability, and timer, to attain capabilities at affordable prices.
Moreover, favorable government policies, rebates, and retrofit programs for commercial, industrial, and residential sectors to encourage the adoption of LED lighting are driving the market growth over the forecast period. Flicker-free LED lighting was introduced to reduce power consumption, facilitate long service life, and reduce the consumption of inefficient, high-wattage light sources, such as incandescent, HID, and CFL.
The market has been transforming radically in line with the continued advancements in LED lighting and semiconductor technology as well as the growing demand for sustainable and energy-efficient solutions. The advent of connected and controlled lighting technology has boosted the demand for lamps and fixtures. For instance, the Hue Lighting by Philips is a smart home lighting system that provides an entire range of lights that can be controlled using the Hue app on smartphones.
Report Highlights
The LED luminaires segment dominated the market in 2020 and accounted for over 65% of the global revenue share. Based on product, the market has been segmented into lamps and luminaires. Luminaires are widely used in commercial and industrial segments. New installations predominantly drive the demand for LED luminaires. The segment includes lights used in streetlights, high bays, downlights, track lights, troffers, and suspended pendants for various applications. LED luminaires deliver more light per output power.
They are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. The U.S. Environment Protection Agency (EPA) predicts that LED would dominate light bulb technology in the coming years, provided the awareness and promotion of LED bulbs by manufacturers, distributors, and retailers are strong. LED manufacturers upgrading their products or adding new lighting solutions to their portfolios had to cancel offline events owing to Covid-19. However, they were able to launch their offerings through online conferences.
The commercial segment dominated the market in 2020 and accounted for more than 62% of the global revenue share. The demand for LED troffers and downlights is driving the commercial segment. The high-end lighting for commercial end-use mainly includes galleries, museums, and other exhibition lighting applications that primarily use reflectors, projectors, and downlights. High brightness LED lights are anticipated to witness major demand from the industrial lighting segment. These lights must comply with industrial lighting standards and regulations defined by various governments. For instance, in the U.S., Occupational Safety and Health Administration (OSHA) sets standards for lighting in the workplace. Some of the mandates under the OSHA standards include covering light fixtures with protective plates, installing fixtures at least 7 feet above the work surface, and covering exposed parts of lighting and wire fittings.
The indoor segment led the market and accounted for over 88% share of the global market in 2020. The segment is expected to retain its dominant position throughout the forecast period due to high product adoption as an alternative to fluorescent, High-Intensity Discharge (HID), and incandescent lamps. The use of LED lights in offices, retail stores and malls, hospitals, and education buildings has increased over the past few years.
Asia Pacific accounted for the largest market share exceeding 52% in 2020 and is likely to retain the leading position growing at the fastest CAGR over the forecast period. Taiwan, Japan, and China are the key contributors to the regional market growth owing to the initiatives undertaken by the respective governments for adopting light-emitting diodes along with the presence of a large number of market players.
The fastest-developing countries in the region, which are China, Indonesia, India, Vietnam, and Malaysia, have a booming construction industry owing to increasing local and migrated population and changing lifestyles. Thus, the rapidly growing construction sector in APAC is also contributing to the product demand in the regional market. However, as the commercial, industrial, and residential construction projects were delayed due to the lack of workforce during the pandemic, the expected growth in demand in 2020 slumped, leading to a decline in the overall market growth.
| Report Coverage | Details |
| Market Size | US$ 235.58 Billion by 2030 |
| Growth Rate | CAGR of 20.5% From 2021 to 2030 |
| Base Year | 2020 |
| Segments Covered | Product, Application, End-User, Region |
| Companies Mentioned | Acuity Brands Lighting Inc., Cree Lighting (IDEAL INDUSTRIES INC.), Dialight, Digital Lumens Inc., Hubbell, LSI Industries Inc., LumiGrow, Panasonic Corporation, Siteco GmbH |
Key Players
Market Segmentation
The study objectives of this report are:
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