(MENAFN- PR Newswire)
DUBLIN, July 1, 2022 /PRNewswire/ -- The 'LED Lighting Market by Installation (New, Retrofit), Product Type (A-type, T-type, Decorative, Directional), Sales Channel (Retail, Direct, E-commerce), Application (Residential, Commercial, Industrial) and Geography - Global Forecast to 2027' report has been added to ResearchAndMarkets.com's offering.
The LED lighting market size is estimated to be USD 75.3 billion in 2022 and is projected to reach USD 124.7 billion by 2027, at a CAGR of 10.6% during the forecast period.
The booming lighting industry contributes most to the rising demand for energy-efficient products and modifications in the existing lighting products using LED technology. Moreover, technological innovations and rising environmental concerns have further accelerated the growth of LED lighting market. Competitive manufacturing costs, high economic growth rate, and large-scale industrial constructions in residential and commercial segments are some of the other major factors driving the growth of the LED lighting market.
Decorative luminaire to register highest growth between 2022 to 2027
Decorative luminaires are expected to record the highest CAGR during the forecast period. The easy availability of decorative lights with a variety of color combinations in attractive shapes and sizes for interior decoration, coupled with the growing use of highly energy-efficient products to reduce energy bills, is the major factor propelling the growth of the market. Bullet, candle, flare, globe, and any other decorative lamp shapes, integrated chandeliers, single-head pendants, wall sconces, lanterns, and cove luminaire products fall under the category of decorative lighting. Commercial and hospitality applications contribute most to the increasing demand for decorative lighting.
Lamps segment to account for a larger share of the LED lighting market in 2022
A-type and T-type lamps have high penetration in residential applications, which, in turn, leads to a larger market size of the overall lamps category compared to luminaires. The enormous rise in the use of LED lighting solutions has changed every aspect of modern life.
The modern technology equipped with LED lamps enables improved efficiency with low maintenance costs. The warm light from the LED lamps allows for complete brightness without energy loss. Compared to the lifespan of average incandescent bulbs, the lifespan of an LED light is far superior. A-type LED lamps are also referred to as plug-and-play. These lamps directly replace traditional lamps such as compact fluorescent (CFL) and linear fluorescent. A-type lamps are considered the classic type of light bulb that has been used for general-purpose lighting for over 100 years.
The streets and roads application segment likely to dominate the outdoor LED lighting market from 2022 to 2027
According to market estimates, The streets and roads segment is expected to account for the largest market share throughout the forecast period due to rapid urbanization and government efforts to reduce energy consumption with the adoption of LED lighting solutions. Streets and roadways are continuously illuminated; hence, there is a high requirement for energy. Therefore, switching to LED lighting is a better choice. Streets and roadways are expected to provide lucrative opportunities to LED lighting market players.
Asia Pacific followed by Middle East, and Africa region likely to witness higher growth rate from 2022 to 2027
The LED lighting market has enormous potential in the Asia Pacific region, and it is anticipated that consumers would accept these systems as an integral part of digitalized households. Increasing construction activities in Asia Pacific contribute significantly to the growth of the LED lighting market in the region.
The thriving electrical and electronics industry in Asia Pacific also supports the growth of the LED lighting market. In the last few years, LED lighting has become the dominant artificial light source and is preferred over all the conventional light sources such as incandescent bulbs, CFL and fluorescent lamps, high-pressure sodium lamps, and metal halide lamps in the region. The LED lighting market in RoW is growing slowly compared to other regions; however, emerging economies such as South Africa and the GCC countries in the Middle East are expected to contribute to the market growth in the coming years.
Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 3.1 Realistic Scenario3.2 Optimistic Scenario3.3 Pessimistic Scenario 4 Premium Insights 4.1 Attractive Growth Opportunities in Led Lighting Market4.2 Led Lighting Market, by Product Type4.3 Led Lighting Market, by Installation4.4 Led Lighting Market, by Lamp Type4.5 Led Lighting Market, by Sales Channel4.6 Led Lighting Market, by Application
5 Market Overview 5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Increasing Utilization of Smart Lighting Systems in Several Applications5.2.1.2 Surging Adoption of Led Bulbs and Luminaires to Achieve Goal of Net-Zero Emissions by 20505.2.1.3 Rising Demand for Led Lighting Systems in Residential Interior Designing and Home Decorating Applications5.2.1.4 Ongoing Release of New Innovative Led Products due to Constant Technological Advances5.2.2 Restraints5.2.2.1 High Installation Cost of Larger Projects5.2.2.2 Short-To-Medium-Term Impact on Market due to Us-China Trade Conflict and Ongoing Russia-Ukraine War5.2.3 Opportunities5.2.3.1 Government Initiatives to Reduce Energy Consumption and Cut Down Ghg Emissions from Public Electricity and Heat Production5.2.3.2 Continuous Decline in Prices of Led Chips and Other Components of Lighting Systems5.2.4 Challenges5.2.4.1 Slow Rate of Adoption of Led Technology in Developing Countries5.2.4.2 Constant Threat of Data/Security Breach in Iot-Based Lighting Systems5.3 Value Chain Analysis5.4 Led Lighting Market Ecosystem5.5 Porter's Five Forces Analysis5.6 Average Selling Price Analysis5.7 Trade Analysis5.8 Revenue Shift & New Revenue Pockets for Led Lighting Market5.9 Case Study Analysis5.9.1 Uline, Shipping Supply Company, Shifted to Led Lighting System from Conventional Lighting System5.9.2 Abb Atlanta International Airport (Atl) Went Over Complete Makeover with Led Lighting5.9.3 Commercial Led Lighting Implemented at Franklin Institute5.10 Led Lighting Market: Detailed List of Conferences and Events5.11 Patent Analysis5.11.1 Patent Registrations, 2018-20215.11.2 Led Lighting: Patent Analysis5.12 Technology Trends5.13 Government Regulations and Standards5.14 Key Regulatory Bodies, Government Agencies, and Other Organizations5.15 Key Stakeholders in Buying Process
6 Led Lighting Market, by Product Type 6.1 Introduction6.2 Lamps6.2.1 A-Type6.2.1.1 A-Type Lamps are Primarily Used in Residential Buildings for Energy Saving6.2.2 T-Type6.2.2.1 T-Type Lamps are Widely Used in Commercial and Industrial Applications as They are Cheaper, More Efficient, and Long-Lasting Light Source6.2.3 Others6.3 Luminaires6.3.1 Downlighting6.3.1.1 Downlighting to Dominate Luminaires Segment due to Increasing Number of Residential, Construction, and Industrial Infrastructure Projects6.3.2 Decorative Lighting6.3.2.1 Commercial and Hospitality Applications Contribute Most to Increasing Demand for Decorative Lighting6.3.3 Directional Lighting6.3.3.1 Directional Lighting is Widely Used for Accentuating Purpose6.3.4 Others
7 Led Lighting Market, by Application 7.1 Introduction7.2 Indoor7.2.1 Residential7.2.1.1 Residential Segment is Likely to Capture Majority of Market Share During Forecast Period7.2.2 Commercial7.2.2.1 Offices7.2.2.1.1 Recessed Luminaires and Downlighters are Most Commonly Used Lighting Fixtures in Offices7.2.2.2 Retail Stores7.2.2.2.1 Retail Shops and Malls are Expected to Witness Accelerated Demand for Led Lighting Systems During Post-COVID-19 Scenario7.2.2.3 Horticulture Gardens7.2.2.3.1 Led Lighting Systems are Increasingly Used as Supplemental Lighting Sources in Greenhouses and Vertical Farms7.2.2.4 Others7.2.3 Industrial7.2.3.1 Landscape Lighting Solutions, Spotlights, Led Tubes and Panels, and Floor Panels are Most Commonly Used Industrial Lighting Solutions7.2.4 Others7.3 Outdoor7.3.1 Streets and Roadways7.3.1.1 Increasing Number of Road and Street Development Projects in Developing Economies to Drive Market Growth7.3.2 Architectural Buildings7.3.2.1 Led Lighting to Witness Increased Demand from Heritage Buildings, Historical Buildings, and Contemporary Architectural Landmarks7.3.3 Sports Complexes7.3.3.1 Existing Stadiums and Sports Complexes Expected to Switch to Led Lighting in Near Future7.3.4 Tunnels7.3.4.1 Upcoming Tunnel Construction Projects Worldwide to Provide Market Opportunities to Led Lighting System Providers7.3.5 Others
8 Led Lighting Market, by Installation 8.1 Introduction8.2 New8.2.1 New Led Lighting Fixtures are Likely to be Deployed in Various Upcoming Construction Projects8.3 Retrofit8.3.1 Traditional Lighting Solutions are Widely Replaced with Led Lighting Solutions Across Several Applications
9 Led Lighting Market, by Sales Channel 9.1 Introduction9.2 Retail/Wholesale9.2.1 Retail/Wholesale Distribution Channels Account for Major Market Share9.3 Direct Sales9.3.1 Direct/Contract-Based Sales Channels Eliminate Third-Party Interference, Thereby Reducing Procurement Costs9.4 E-Commerce9.4.1 E-Commerce-Based Led Lighting Sales Will Increase Significantly Until 2027
10 Lumens in Led Lighting 10.1 Introduction10.2 1,600 Lumens10.3 1,100 Lumens10.4 800 Lumens10.5 450 Lumens10.6 Low-Power Led10.7 High-Power Led
11 Geographic Analysis
12 Competitive Landscape 12.1 Introduction12.2 Key Player Strategies/Right to Win12.2.1 Product Portfolio12.2.2 Regional Focus12.2.3 Manufacturing Footprint12.2.4 Organic/Inorganic Growth Strategies12.3 Market Share Analysis, 202112.4 Revenue Analysis of Top Players in Led Lighting Market12.5 Company Evaluation Quadrant12.5.1 Star12.5.2 Pervasive12.5.3 Emerging Leader12.5.4 Participant12.6 Competitive Benchmarking12.7 Startup/Sme Evaluation Quadrant12.7.1 Progressive Company12.7.2 Responsive Company12.7.3 Dynamic Company12.7.4 Starting Block12.8 Company Footprint12.9 Competitive Situation and Trends12.9.1 Product Launches & Developments12.9.2 Deals12.9.3 Others
13 Company Profiles 13.1 Key Players13.1.1 Signify N.V.13.1.2 Acuity Brands13.1.3 Cree Lighting (Part of Ideal Industries, Inc.)13.1.4 Osram Licht AG (Ams Osram)13.1.5 Lg Electronics13.1.6 Dialight plc13.1.7 Panasonic Corporation13.1.8 Hubbell Lighting, Inc. (Part of GE Current)13.1.9 Zumtobel Group13.1.10 Savant Systems, Inc.13.2 Other Companies13.2.1 Honyar13.2.2 Samsung13.2.3 Sharp Corporation13.2.4 Siteco GmbH (Ge)13.2.5 Havells India Limited13.2.6 Trilux GmbH& Co. Kg13.2.7 Fagerhults Belysning Ab13.2.8 Syska Led Lights Private Limited13.2.9 Go Green Led13.2.10 Forest Lighting13.2.11 Lighting Science Group Corporation13.2.12 Wipro Lighting (Parent Company Wipro Limited)13.2.13 Opple Lighting Co. Limited13.2.14 Nvc Lighting Technology Corporation13.2.15 Soraa
14 Appendix
For more information about this report visit
Media Contact:
Research and MarketsLaura Wood, Senior Manager[email protected]
For E.S.T Office Hours Call +1-917-300-0470For U.S./CAN Toll Free Call +1-800-526-8630For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904Fax (outside U.S.): +353-1-481-1716
Logo:
SOURCE Research and Markets
MENAFN01072022003732001241ID1104466213