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.
- This study provides a detailed analysis, covering 9 application segments (residential, retail, architectural, automotive, outdoor, office, industrial, healthcare and hospitality) in 5 regions (North America, Europe, Latin America, the Middle East and Africa, and Asia-Pacific).
- The study also focuses on the distribution channel adopted, price trends, growth opportunities and an in-depth breakdown of revenue and competitive landscape by region.
Key Issues Addressed
- What is the anticipated growth of the market between 2019 and 2026?
- What external forces affect market growth and how significant is their impact?
- What is the global average pricing trend of a LED light source and what influences pricing?
- Who are the key market participants and what are their competitive strengths?
- What are the macro and micro trends and their implications on the global LED lighting market?