LED Lighting Industry Overview
The global LED lighting market size was valued at USD 55.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030.
Increasing construction activities in developed and developing countries, along with stringent government regulations to lower the adoption of inefficient lighting technologies, are the major factors expected to drive the market. LED lights offer high lumen power by consuming less power, better service life, and no flickering. Also, LED manufacturers are focused on integrating solutions such as Wi-Fi, occupancy sensor, and daylighting which is attracting consumers in turn responsible to increase product sales. These factors are contributing to the market growth. LED lights tend to be a better solution compared to other lights such as halogen, CFL, and incandescent lights. LEDs operate at low energy input providing high illumines which is a major reason they are widely deployed in outdoor and indoor settings.
Gather more insights about the market drivers, restrains and growth of the Global LED Lighting Market
LEDs provide manufacturers the design flexibility, along with the ability to withstand frequent switching. Rising awareness among consumers related to the benefits of LED lights, along with consumers' shift towards green lighting is expected to spur the demand for LED products.
International Electrotechnical Commission, American National Standards Institute, and China Compulsory Certification are some major regulatory bodies that regulate product certification. Manufactures after obtaining relevant certifications to sell, import, export, and use the product in business and services. The governments of developed and developing countries are focused on lowering the high energy consumption, they are imposing various regulations related to quality which helps them ensure consumer safety, energy consumption, and monitor environmental issues. LED lights are energy-saving solutions that consume less energy and deliver 50,000 hours of illumination. Thus, strict government regulations related to the use of high energy-consuming lighting are anticipated to favor the market growth.
Initially, halogen lights were used in overhead surgical lighting creating distress for doctors during surgery or examination. Also, the examination room and minor surgical lights consisted of 50 to 100 W halogen bulbs which resulted in high energy consumption and high heat emission. Thus, rapid technological advancements in the medical devices industry to replace the outdated or inefficient devices/equipment and manufacturer approach towards integrating LEDs in surgical lighting, exam lights, phototherapy, and endoscopy to enhance the patient treatment experience are factors expected to boost the target market growth
In 2020, the COVID-19 pandemic negatively impacted the global market. Strict lockdowns and temporary suspensions of construction sites resulted in a decline in demand for LED lighting. However, in the second quarter of 2021, construction activities witnessed growth with the introduction of new as well as redesigning projects, thus leading to the gradual recovery of the LED lighting market.
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- Outdoor LED Display Market – The outdoor LED display market was estimated at over USD 1.6 billion in 2014. Increasing demand for better resolution and affordable solutions is expected to drive the industry over the forecast period. The industry is characterized by rising trend towards interactive media.
- North America LED Lighting Market – The North America LED lighting market size was valued at USD 7.3 billion in 2018 and is expected to register a CAGR of 9.6% from 2019 to 2025. Technological advancements and rising concerns over environmental protection have increased the need for energy-efficient lighting products among industrial, commercial, and residential applications across North America.
LED Lighting Market Segmentation
Grand View Research has segmented the global LED lighting market on the basis of product, application, end use, and region:
LED Lighting Product Outlook (Revenue, USD Billion, 2018 – 2030)
LED Lighting Application Outlook (Revenue, USD Billion, 2018 – 2030)
LED Lighting End Use Outlook (Revenue, USD Billion, 2018 – 2030)
LED Lighting Market Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- October 2021: Luminii, a U.S.-based global LED lighting solution provider announced the acquisition of Precision Lighting and Remote Controlled Lighting, two British lighting manufacturers.
- September 2021: Under EU regulations the minimum efficiency requirement for general service lighting was set at 91 lm/W. Likewise, in 2017, European Union started using an A (efficient) to G (inefficient) scale which is expected to help the customers make better-informed purchasing choices related to purchasing energy-efficient electronic goods.
Key Companies profiled:
Some prominent players in the global LED lighting market include
- Acuity Brands Lighting Inc.
- Cree Lighting
- Digital Lumens Inc.
- LSI Industries Inc.
- Panasonic Corporation
- Siteco GmbH
- Signify Holding
- Semiconductor Co. Ltd.
- Zumtobel Group Ag
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