2020 Annual Update of Global LED Lighting Market

Description

LED lighting has grown from strength to strength over the last decade driven by energy efficiency regulations, widespread manufacturing and reduced prices of LED light sources. Approximately 15% of building energy is utilized for lighting and the usage of LED's have resulted in significant energy savings to buildings across the globe. Lighting is moving beyond its traditional purpose of illumination and adding value on tangible aspects of sustainability irrespective of the market.

The global LED lighting market is a highly competitive market, driven by the demand for energy efficient lighting, reduced prices and increasing awareness on the potential health benefits to human beings. The global LED lighting market is estimated to be $67,714.7 million in 2019, an increase of 3.2% from 2018. The revenue forecast includes the impact of COVID-19 on the LED lighting market and its effect on growth rate. The market is heading towards consolidation - over the last two years, major players have either sold part of their lighting business or have been wholly acquired by another company.

Smart and color-tunable LEDs are currently on demand for the controllability they offer in commercial and hospitality segments. At the same time, companies are also focused on circadian lighting – lighting that supports the key aspect of well-being. Leading players are already working with healthcare facilities across the globe to accelerate the use of UVC LEDs to eliminate the threat of infection from touch or contact. Horticultural lighting gained prominence during the last few years. Companies are also optimistic about the prospect of additional value and revenue streams from data transmission through light (Li-Fi). Pilot and field testing for Li-Fi installation have been carried out in schools, offices, hospitals and even inside flights.