LED Lighting Market
The global LED lighting market size is predicted to reach USD 105 billion by 2023, asserts Market Research Future (MRFR) in its report. MRFR’s report on the LED lighting market segments the industry by lumen intensity, application, and end-user for the forecast period (2020-2026). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global LED lighting market is fueled by development of lighting frameworks, integration of IoT, and development of smart cities. The penetration of high-speed internet and the leverage on data bits to control lighting modes through a centralized screen can drive market demand. Moreover, awareness of customers on benefits of LEDs as well as low consumption of electricity can drive market demand significantly.
Awareness of climate change and social responsibility of citizens has led to widespread demand of LEDs. Incentives and tax subsidies given to companies for investing in countries for creation for jobs and lower costs of LEDs can provide plenty of opportunities in the market.
But LED lights produced using cheap materials threaten to hamper market growth.
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COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the LED lighting market due to a lack of demand and hurdles in the supply chain. Delays in construction project rollouts and shortage of laborers had contribute to the negative trend. Moreover, the lack of imports from China had also affected market growth.
Segmentation Analysis
Steady Current Type of Lights to Drive Market Demand
Steady current lights to command a huge market share owing to its splendor and a predictable shrinking or burnout of control.
Business Lighting to be Leading Application
The business lighting application is expected to be the major application in the global market owing to development of business parks and proliferation of information technology companies. Commercial lights to brighten up corridors and hallways in malls and large warehouses can bode well for the market. In addition, installation of task lights to enable workers to complete specific tasks in cubicles or workstations can boost market demand of LED lights.
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Regional Analysis
North America to Lead in Global LED Lighting Market
North America is set to dominate market demand over the forecast period owing to replacement of CFL lights with LEDs for recessed fixtures, post lamps, hanging installations, divider lighting, accent lighting, and task lighting spotlights. Rising demand for energy-efficient products and awareness of advantages of LED lights can drive regional market demand. This is facilitated by initiatives of manufacturers through various marketing mediums such as television, newspapers, and social media channels.
Competitive Analysis
General Electric (US), Osram Licht AG (Germany), TOYODA GOSEI Co., Ltd (Japan), Hubbell Lighting, Inc. (US), Acuity Brands Lighting, Inc. (US), Emerson Electric (US), Zumtobel Group (Austria), Philips Lighting Holding B.V. (Netherlands), Legrand (France), and Cree, Inc. (US) are key players in the global LED lighting market.
Industry News
Signify is launching a new line of 40W and 60W LED bulbs with a higher shelf life compared to its counterparts.
