September 28, 2022 07:12 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global LED lighting market size was valued at USD 77.79 billion in 2021 and is expected to reach the valuation of USD 85.02 billion in 2022. The market is expected to reach USD 264.08 billion by 2029 with a CAGR of 17.6% during the forecast period. Increasing shift from traditional and conventional lighting to energy-efficient lighting technologies is expected to drive market growth. Increasing application of the such lighting system in industrial, commercial, and residential is anticipated to propel market development. Fortune Business Insights™ shares this information in its report titled “LED Lighting Market, 2022-2029.”
October 2021- GE Current, U.S.-based energy company, acquired the commercial and industrial lighting segment of Hubbell Inc. The acquisition will provide new and improved LED lighting solutions for the existing customer base of Hubbell Inc.
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Shutdown of Manufacturing Facilities Affected the Market Growth Adversely
The outbreak of COVID-19 led to shutdown of various manufacturing facilities, which affected the demand for LED lighting system. The market experienced a decline of -2.6% in 2020 compared to 2019. LED manufacturers were heavily dependent on Chinese companies for raw materials and China was one of the first countries to go into lockdown, which led to halt on import and export activities.
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Trend for Energy Conservation and Energy Goals to Drive Market Trajectory
Focus on eco-friendly and energy conservation lighting solutions is anticipated to drive the LED lighting market growth. In recent years, energy conservation has been one of the major goals in various countries, which has propelled the adoption of LED system and is expected to drive the market. Normal or traditional lighting systems can consumer up to 20-25% energy expenditure and LED lights can save such costs. Keen interest by consumers for aesthetics and decoration is estimated to facilitate market development.
However, high costs of initial and deployment costs are anticipated to hinder market development.
Lamp Segment to Lead Segment Due to Shift from Traditional Lighting System
On the basis of product type, the market is segmented into lamp and luminaries. The lamp segment is expected to hold a main part due to rise in the adoption of such lighting systems. The dominance is also attributed to technological developments and high revenue generation of the segment. The luminaries segment is also expected to have a moderate growth due to increasing use of modern technology during the forecast period.
Offline Segment to be the Principal Segment Due to Easy Compatibility
Based on distribution channel, the market is segmented into online and offline. The offline segment to have highest share in the segment due to its easy compatibility with switched system and traditional electric fittings.
Residential Segment to be the Prime Part of the Segment Due to the Lighting’s Various Benefits
According to end-user, the market is segmented into industrial, commercial, residential, and others. The residential segment is anticipated to have the largest share due to high revenue recorded in 2021, owing to numerous benefits of the LED lighting system. Commercial and other segments are also estimated to have a considerable growth.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Asia Pacific to Lead the Market Due to Increasing Adoption of Advanced Lighting Systems
Asia Pacific is expected to lead the LED lighting market share due to increasing use of luminaries and LED lamps in the region. The region reached a valuation of USD 40.96 billion in 2021 due to increasing number of smart cities and homes. The primary manufactures have been adopting new and various business strategies, which is expected to support the market growth. China is anticipated to facilitate market progress due to the presence of advanced manufacturing facilities of diode.
North America is also expected to have a significant growth due to increasing adoption of new and advanced technologies. Adoption of such technologies in residential and industrial sectors in the U.S. is anticipated to drive market growth in the region.
In Europe, Germany held majority share in 2021 due to the presence of smart home equipment manufacturing units.
Key Players to Expand Market Owing to Partnership Strategies
Key players of the market have used strategic partnership strategies to gain market traction. In June 2021, Wipro lighting system that provides LED luminaries and LED lights has partnered with Enlight, a leader in providing the Internet of Things based lighting for providing better experience for customers. This partnership follows the strategy of expansion of customer base and adoption of new technologies to advance in the market, which is projected to propel the market growth.
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List of Key Players Profiled in the Report
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