Global LED Lighting Market Size, Market Dynamics & Segmentations, Top Key Players, Trends, Future Development & Forecast 2023-2032
The Global LED Lighting
Market was valued at USD 30.68 billion in 2022 and expected to grow at a CAGR
of 14.5% during the forecast period. LED
(Light Emitting Diode) lighting is a technology that has rapidly gained
popularity in recent years due to its energy efficiency, long lifespan, and
environmental benefits. LED lighting works by passing a current through a
semiconductor material, which then emits light. Compared to traditional
incandescent and fluorescent lighting, LEDs consume significantly less energy,
produce less heat, and have a longer lifespan. LED lighting is available in a
wide range of colours, from warm white to cool white, and can also produce a
variety of colours for decorative or theatrical purposes. Additionally, LED
lighting can be dimmed and controlled through a variety of smart systems,
making it a versatile and convenient lighting option. LED lighting has numerous
benefits over traditional lighting options. It is more energy-efficient, which
can lead to cost savings on energy bills. LED lights also last much longer,
reducing the need for frequent replacements and minimizing waste. They also do
not contain toxic materials such as mercury, which is often found in
traditional fluorescent lights. Overall, LED lighting is a versatile,
energy-efficient, and environmentally-friendly option for both residential and
commercial lighting needs.
Covid-19 Impact:
The Covid-19 pandemic has
had a mixed impact on the LED lighting industry, with both positive and
negative effects.
On the positive side, the
increased emphasis on health and hygiene has led to a rise in demand for UV-C
LED lighting, which can be used for disinfection purposes. UV-C LED lighting
has been shown to be effective in killing viruses, including the coronavirus,
and can be used in a variety of settings, such as hospitals, schools, and
public transportation. However, the pandemic has also had negative effects on
the LED lighting industry. The economic slowdown caused by the pandemic has
resulted in a decrease in construction activity, which has impacted demand for
LED lighting in the construction sector. Additionally, disruptions in global
supply chains have caused delays in the delivery of LED lighting products,
leading to supply shortages and price increases.
The pandemic has also led
to changes in consumer behaviour, with more people staying at home and relying
on online shopping. This has impacted brick-and-mortar retailers of LED
lighting products, with many experiencing decreased foot traffic and lower
sales. Overall, while the Covid-19 pandemic has had some positive impacts on
the LED lighting industry, it has also caused challenges and disruptions.
However, as the world continues to recover from the pandemic, the demand for
energy-efficient and environmentally-friendly lighting solutions is expected to
continue to grow, providing opportunities for the LED lighting industry to
rebound and thrive.
Market Dynamics:
Drivers:
Energy Efficiency: One of the primary driving factors for LED lighting is its high level
of energy efficiency. LEDs consume significantly less energy than traditional
lighting sources, such as incandescent and fluorescent bulbs. This can lead to significant
cost savings on energy bills and reduce the carbon footprint of lighting
systems.
Longer Lifespan: Another important factor driving the adoption of LED lighting is its
longer lifespan. LEDs can last up to 25 times longer than traditional bulbs,
which reduces the need for frequent replacements and maintenance.
Environmental Benefits: LED lighting is also more environmentally-friendly than traditional
lighting sources. They do not contain toxic materials such as mercury, which is
found in fluorescent bulbs, and can be recycled at the end of their lifespan.
Additionally, their energy efficiency reduces the amount of energy needed to
power lighting systems, which can help to reduce greenhouse gas emissions.
Versatility: LED lighting is a versatile technology that can be used in a wide
range of applications, from residential to commercial and industrial lighting.
They are available in a variety of colours and can be dimmed and controlled
through smart systems, which makes them a flexible and convenient lighting
solution.
Cost Savings: Although LED lighting may have a higher upfront cost than traditional
lighting sources, the longer lifespan and energy efficiency can result in
significant cost savings over time. This is particularly important for businesses
and organizations that require large-scale lighting solutions.
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Market
Segmentation:
By Product
· Lamps
o A-Lamps
o T-Lamps
o Others
· Luminaires
o Streetlights
o Downlights
o Troffers
o Others
By Application
· Indoor
· Outdoor
By Installation
· New
· Retrofit
By Sales Channel
· Online
· Offline
By End-use
· Commercial
· Residential
· Industrial
· Others
By Geography
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
· Latin America
o Brazil
o Argentina
o Colombia
· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Key Player:
· Acuity Brands Lighting
Inc.
· Cree Lighting
· Dialight
· Digital Lumens Inc.
· Hubbell
· LSI Industries Inc.
· LumiGrow
· Panasonic Corporation
· Siteco GmbH
· Signify Holding
· Semiconductor Co. Ltd.
· Zumtobel Group Ag
Regional
Analysis:
All the regional segmentation has been studied based on
recent and future trends, and the market is forecasted throughout the
prediction period. The countries covered in the regional analysis of the Global
LED Lighting market report are U.S., Canada, and Mexico in North America,
Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland,
Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia,
Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of
Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South
Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle
East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part
of South America.
Market Size Estimation
Both the top-down and bottom-up approaches were used to
estimate and validate the size of the market and to estimate the size of
various other dependent sub-markets of various marketspaces. The key players in
the markets are identified through secondary research, and their market
contributions in different applications across regions and globally were
determined through primary and secondary research. This entire process included
the study of the annual and financial reports of the top market players and
extensive interviews for key insights with industry leaders such as CEOs, VPs,
directors, and marketing executives. All percentage shares, splits, and
breakdowns were determined using secondary sources and verified through primary
sources. All the possible parameters that affect the market covered in this
research study have been accounted for, viewed in extensive detail, verified
through primary research, and analyzed to arrive at the final quantitative and
qualitative data. This data has been consolidated, and detailed inputs and
analysis from Analytics Market Research added before being presented in this
report.
Key Points:
• What is the
market size and growth projections?
• What is the market size and growth projection
for each of the market segments and sub-segments across Countries &
Regions?
• What are the top performing segments, and
countries / regions of each of the markets?
• What is the market size and growth rate across
key countries / regions?
• How big is the global & regional market in
terms of revenue and volume?
• How far market will grow in forecast period in
terms of revenue and volume?
• What factors will influence demand and supply
trends across each markets during the forecast period?
• What are the technology trends shaping various
markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and
how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New
Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis,
Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other
analyses for diverse markets?
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