The Global LED Lighting Market Is Anticipated To Reach Market Size Of USD 157 Billion With Expected CAGR Of 12.34% For 2023-28: Bonafide Research.

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Clifton, New Jersey, May 25, 2023 (GLOBE NEWSWIRE) -- The led lighting market has witnessed a significant surge in recent years, driven by the ever-growing demand for energy-efficient lighting solutions across various industries and households. With its unparalleled advantages over traditional lighting technologies, such as incandescent and fluorescent lighting, Light Emitting Diode (LED) lighting has emerged as a dominant force in the global illumination industry. This dynamic market encompasses a wide array of applications, ranging from residential and commercial lighting to automotive and outdoor lighting. By setting energy efficiency standards and promoting sustainable lighting practices, governments have significantly influenced the market's growth trajectory. In addition to that, growing environmental awareness and sustainability concerns have heightened the demand for eco-friendly lighting solutions. LED lighting reduces greenhouse gas emissions associated with energy consumption. As consumers prioritize environmentally responsible choices, the LED lighting market has benefited from its clean and green reputation.

The integration of led lighting with advanced technologies such as the Internet of Things (IoT) and connectivity capabilities offers opportunities for smart lighting solutions. The market for smart lighting is expected to expand as businesses and consumers seek intelligent lighting solutions for energy management, convenience, and customization. The concept of smart houses has become a reality as a result of modern technological breakthroughs like Bluetooth, IoT, and cloud computing. With smart home features being adopted in more and more common households, there is a growing need for smart LED lighting systems that can be connected to other electrical devices and controlled remotely. The latest trend in the general lighting sector is the adoption of a Li-fi (Light Fidelity) network. Li-Fi is a wireless optical networking system that transmits data using light-emitting diodes (LEDs). Lighting Europe, one of Europe's largest lighting organizations has organized 19 smart lighting events and published 400 scholarly articles.

Key Takeaways:

  • In 2022, the asia-pacific region is leading the market with a 40.95% market share owing to growing adoption.
  • Luminaries are expected to dominate the global market during the forecast period whereas lighting luminaries and decorative luminaries are contributing for 86.52% share in 2022.
  • Outdoor LED lighting application is projected to grow with a higher CAGR of 13.77% by 2023-28 where the streets & roads sub-segment is leading the market.
  • The retrofit installation category is expected to register a higher growth rate by 2028 due to the mushrooming replacement of incandescent and sodium-vapor lamps with LEDs.
  • Retail/Wholesale sales channel occupied more than USD 40 Billion market size in 2022 owing to the wide availability of the vast products.

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Although the cost of led lighting has decreased over time, it still tends to have a higher upfront cost compared to traditional lighting options. The initial investment required for LED lighting has become a barrier for some consumers, especially in price-sensitive markets. Educating consumers about the long-term cost savings and energy efficiency benefits of LEDs is crucial to overcome this challenge. While LED lighting is generally considered environmentally friendly, certain challenges exist in terms of sustainability. The production process of LEDs involves the use of rare earth metals and potentially harmful chemicals. Proper disposal and recycling of LED products are necessary to minimize environmental impact. Ensuring eco-friendly manufacturing practices and promoting responsible end-of-life management is vital to address these concerns. Some consumers still associate LED lighting with harsh or cold light quality, although advancements in LED technology have improved color rendering and provided warmer light options.

Rapid advancements in semiconductor technology, as well as favorable government policies and initiatives, are encouraging the adoption of LED lighting technology. The introduction of advanced products with long service life, Wi-Fi enabled, nanosecond switching, and flicker-free features by major players are expected to support the target market's growth. For example, Signify N.V., a lighting solution provider, announced the launch of smart LED down-lighter, T-Bulb, T-Beamer, and Batten under the Wiz smart bulb brand portfolio in August 2021. The newly released products use Wi-Fi and are expected to attract new customers to help the company grow. New York intended to switch to LEDs for 250,000 of its streetlights, which was to be followed by the switchover of the urban areas' decorative lighting. More than 3,000 smart streetlights based on LED technology were installed in Barcelona (Spain), and they collect data on noise, humidity, pollution, and other environmental factors. Furthermore, in India, the Chennai Airport purchased six sets of LED base lights for disaster assistance as part of its green measures to make its lighting and fixtures more energy-efficient.

Continuous advancements in LED technology have driven market expansion. Innovations in chip design, thermal management, and packaging techniques have improved LED performance, efficiency, and reliability. Additionally, research and development efforts have led to the introduction of smart LED lighting systems, integrating features such as wireless connectivity, motion sensors, and advanced control options, further enhancing their appeal. LED lighting has a significantly longer lifespan compared to traditional lighting technologies. LEDs can last up to 50,000 hours or more, reducing the frequency of bulb replacements. This extended lifespan translates into reduced maintenance and replacement costs, particularly in commercial and industrial settings, where lighting maintenance expenses can be substantial. The automotive industry presents a significant growth opportunity for LED lighting. LED headlights and taillights have gained popularity due to their energy efficiency, longer lifespan, and superior visibility. In addition to that, the horticultural industry is also witnessing a rising demand for LED lighting solutions for indoor farming, vertical gardening, and greenhouse cultivation.

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Based on the product type, LED lamps have an exceptionally long lifespan compared to traditional lighting sources. LED technology can last up to 50000 hours or more, significantly outperforming incandescent and fluorescent lamps that further reduces the frequency of bulb replacements, leading to lower maintenance costs and less inconvenience for consumers. Innovations such as higher lumen output, better heat dissipation, and enhanced control options have expanded the application possibilities of LED lamps. Among the LED lamp category, A-type LED lamps are designed to resemble traditional incandescent light bulbs with an "A" shape. They are typically used as direct replacements for traditional bulbs in residential and commercial lighting applications. However, T-type LED lamps, also known as tubular LED lamps are commonly used in linear lighting fixtures. T-type LED lamps are available in various lengths, including T8 (1 inch in diameter) and T5 (5/8 inch in diameter), and they offer different color temperatures and lumen outputs.

As traditional lighting technologies phase out, there is a substantial opportunity for retrofitting existing lighting systems with LED alternatives. Many businesses and institutions still operate with outdated lighting infrastructures, providing a potential market for LED retrofit solutions. Upgrading to LED lighting offers energy savings, reduced maintenance costs, and improved lighting quality, creating incentives for retrofit projects in commercial buildings, industrial facilities, and public institutions. Further, indoor application for LED lighting leads the market with more than 65% share in 2022. This can be attributed to increasing demand from supermarkets, malls, and retail stores for efficient lighting solutions compared to fluorescent and High-Intensity Discharge (HID). Likewise, high demand from hospitals and educational institutes is expected to support the segment's growth. Based on the distribution channel, e-commerce has emerged as a prominent sales channel for LED lighting products. Online platforms, such as dedicated lighting websites, marketplace platforms, and manufacturer websites, provide consumers with convenient access to a vast selection of LED lighting products. With the rise of online shopping and the convenience it offers, the e-commerce sales channel has experienced significant growth in the LED lighting market.

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north america , particularly the United States, has implemented rigorous energy efficiency standards and regulations for lighting products. The U.S. Environmental Protection Agency (EPA) established the ENERGY STAR program, which sets performance criteria for energy-efficient products, including LED lighting. This emphasis on energy efficiency has propelled the adoption of LED lighting in North America, as it aligns with the region's commitment to reducing energy consumption and carbon emissions. Also, North America is at the forefront of smart lighting solutions, incorporating LED technology. With the advent of the Internet of Things (IoT) and connectivity advancements, North American companies have been at the forefront of developing and implementing intelligent lighting systems. As the urban population grows, so does the use of LED lighting systems. Furthermore, consumers are interested in personalized lights for home decoration. To encourage the use of energy-efficient lighting, governments in North American countries such as the United States are providing subsidies on LED lighting, which is causing LED light prices to fall. LED light sales are expected to be high during the forecast period due to their benefits, which include color tuning, brightness tuning, and a longer lifespan when compared to other lights.

europe places a strong emphasis on energy efficiency and sustainability. LED lighting is recognized as a key solution for reducing energy consumption and greenhouse gas emissions. The European Union (EU) has implemented strict energy efficiency regulations and directives, such as the Eco-design Directive and Energy Performance of Buildings Directive, which mandate the use of energy-efficient lighting solutions. This focus on energy efficiency has driven the widespread adoption of LED lighting in Europe. Also, Europe has been at the forefront of phasing out inefficient lighting technologies, such as incandescent and halogen lamps. In line with EU regulations, these traditional lighting sources are gradually being phased out from the market. In Europe, the increasing rate of smart city projects is indirectly expected to favor the growth of LED lighting, given the demand for smart and sustainable lighting products. It is prudent to mention that this trend has also been majorly fuelling the smart lighting market, which is recently traversing a lucrative roadmap, given the crucial role these components play in smart city infrastructure. Furthermore, the regional government has launched several smart city programs to deploy smart lighting solutions in outdoor and indoor spaces.

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The Asia-Pacific region, particularly countries like China, Taiwan, South Korea, and Japan, is a major manufacturing hub for LED lighting products. These countries have a strong presence in LED chip manufacturing, LED component production, and LED lighting fixture assembly. The region's manufacturing capabilities and expertise contribute to a wide range of LED lighting options, competitive pricing, and economies of scale. Governments in the Asia-Pacific region have implemented various initiatives and incentives to promote the adoption of LED lighting. These initiatives aim to reduce energy consumption, enhance energy security, and mitigate environmental impact. China has one of the most advanced manufacturing facilities for diodes on the globe, and it is rapidly adopting the emerging trends of savings in regular industrial as well as residential operations, which is anticipated to surge the adoption of the product in the country. Some top players are adopting various business strategies, such as partnership, acquisition, and business expansion, to boost the market in the country. Also, China is a global hub for the manufacturing of semiconductors and transmitters, which will drive the market in the country.

south america has shown an increasing focus on sustainability and environmental consciousness. LED lighting's energy efficiency, long lifespan, and reduced carbon footprint make it an attractive choice for businesses, governments, and individuals seeking sustainable lighting solutions. The region's commitment to sustainable development has contributed to the growing demand for LED lighting products. South America boasts diverse landscapes and climates, making outdoor lighting an important application of LED technology. LED lighting's durability, resistance to weather conditions, and versatility in providing focused illumination make it suitable for illuminating streets, parks, sports facilities, and architectural landmarks. Smart lighting is becoming increasingly important in the South American region. Sustainability is both a near-term challenge and the ultimate goal of smart cities, and it can be achieved by reducing a city's environmental impact, creating conditions for a sustainable economy, and reducing income inequality. Smart lighting projects, such as the one in Sao Paulo, will create smart grids of sensors throughout the city and have a major immediate impact on energy savings. In South America, countries such as Brazil, Argentina, and Colombia are adopting intelligent lighting control systems. Here, the intelligent lighting control system is an automated technology with the ability to manage the lighting quality as per the user's needs.

The middle east & africa region has a rich cultural heritage and unique architectural styles that often influence lighting choices. LED lighting offers versatility in terms of color temperature, brightness levels, and color rendering, allowing it to accentuate architectural features and create desired lighting effects. LED lighting fixtures can be designed to complement the region's traditional architecture and showcase its cultural identity. Also, the Middle East & African region is experiencing significant infrastructure development and construction projects. This includes the construction of airports, stadiums, shopping malls, residential complexes, and transportation networks. LED lighting is widely adopted in these projects due to its energy efficiency, durability, and design flexibility. LED lighting enhances the aesthetics of infrastructure projects while providing efficient and long-lasting illumination. There has been a swift flow of infrastructure investments in the Middle East region, especially in Gulf Cooperation Council (GCC) countries such as Saudi Arabia and Qatar, due to the rising population and the upcoming FIFA World Cup in 2022. Government legislation in this region requiring the use of energy-efficient lighting, as well as growing environmental concerns, have resulted in widespread awareness of green products.

Considered in the Report

  • Geography: Global
  • Historic Year: 2017
  • Base year: 2022
  • Estimated year: 2023
  • Forecast year: 2028

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Market Segmentation Details
By Product Type
  • Lamps
  • Luminaries
By Application
  • Indoor
  • Outdoor
By Sales Channel
  • Retail/Wholesale
  • Direct Sale
  • E-commerce
By Installation Type
  • New
  • retrofit
By Region
  • north america
  • europe
  • asia pacific
  • south america
  • middle east & africa
By Country
  • united states , canada , mexico
  • germany , united kingdom , spain , italy , russia , france
  • china , japan , australia , south korea , india
  • brazil , argentina , colombia
  • united arab emirates , saudi arabia , south africa
Company profiles
  • Samsung Electronics
  • Koninklijke Philips Nv
  • Panasonic Corporation
  • Opple Lighting Co. Limited
  • Osram Licht Ag
  • Valeo Sa
  • General Electric Company
  • Hubbell Incorporated
  • Magneti Marelli Spa
  • Seoul Semiconductor
  • Havells India Limited
  • Signify Holding
  • Acuity Brands Lighting Inc.
  • Stanley Electric Co ltd
  • Nvc Lighting Technology Corporation
  • Wolfspeed, Inc.
  • Siteco Gmbh
  • Syska Led Lights Private Limited
  • Wipro Lighting
  • Everlight Electronics Co, Ltd
  • LG Electronics
Other Market Details
  • Key Drivers & Key Challenges,
  • Market Trends and Developments,
  • Strategic Recommendations

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The global outdoor led display market is expected to cross USD 17 Billion in size, growing at an 8.21% CAGR by 2023–28. From stadiums to shopping centers, these high-tech digital signage systems are increasingly being used to display high-quality video and image content. The integration of outdoor led displays with AI and IoT technologies allows for more advanced features and capabilities. For example, displays can use AI algorithms to analyze data from sensors and cameras to display personalized content, such as targeted advertisements. The asia-pacific region is the largest market for outdoor led displays , accounting for over 40% of the global market share. However, europe has some of the strictest regulations related to energy efficiency and environmental sustainability in the world. The use of outdoor LED displays for public art installations is becoming increasingly popular in north america . For example, the "Sonic Runway" installation in San Francisco used outdoor LED lights to create a colorful and immersive audio-visual experience for visitors. In south america , use of outdoor LED displays for public art installations and events is becoming increasingly popular i.e., the "Colour Lima" festival in Peru. On the other hand, the use of outdoor LED displays for sports events is also gaining popularity in the middle east and africa .

The global smart lighting market is anticipated to cross USD 45 Billion market size by 2028 with a 20.02% CAGR by 2023-28. The major trend in the market includes Li-Fi (Light Fidelity). It is a technology that utilizes light waves to transmit data, offering high-speed wireless communication. Li-Fi-enabled smart lighting systems have the potential to provide secure and ultra-fast wireless connectivity, enabling data transfer, internet access, and device communication through light signals. Li-Fi technology is expected to revolutionize the way we connect and interact with smart lighting systems . europe is the prominent region in the global smart lighting market. In north america , the United States, in particular, has witnessed significant adoption of smart lighting solutions due to factors such as energy efficiency initiatives, government regulations, and the presence of major technology companies. However, the asia-pacific region is experiencing rapid growth in the smart lighting market. south america and middle east & africa are emerging markets for smart lighting, with countries like Brazil and the United Arab Emirates leading the adoption.

The global battery market was valued at around USD 110 Billion in 2021, which is expected to grow at a CAGR of more than 9% between 2022 and 2027. The growing integration of electronics, fuel savings, rising government incentives for cleaner transportation, and an increasing number of new hybrid and electric automotive models from OEMs are some of the major factors driving the growth of the global battery industry. The demand for lithium batteries has been increasing with the growing demand for consumer electronic products such as mobile phones and laptops, as these batteries are widely used in these products. asia is a major customer of batteries because of growing automobile production, coupled with rapid development in the industrial sector, generating high demand across the region. As for the europe region, the growing demand for product delivery in a timely manner has pushed for improvements in the logistics and distribution business. north america is one of the largest consumers of batteries, and the integration of renewable energy with energy storage systems. However, South America and middle east & africa are growing at a steady rate during the forecast period.

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Bonafide Research is the fastest-growing global market research and consulting company, providing syndicated research reports, customized research reports, and consulting services to a range of verticals. They have been closely working with a wide client base ranging from Fortune 1000 companies to small and medium enterprises, helping them track the constantly changing market scenario. Bonafide has continuously made efforts to evolve and enhance the report quality with each passing day. Bonafide Research has a strong base of analysts and consultants from assorted areas of expertise who track the latest economic, demographic, trade, and market data globally and help clients make informed business decisions. They periodically update their market research studies to ensure that their clients get the most recent, relevant, actionable, and valuable information for strategy development and to extract tangible results.

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