At a CAGR of 14.26% Global LED lighting Market Size | 2022 - 2028 | Industry Share, Trends, Forecast Report by Zion Market Research
NEW YORK, March 9, 2022 /PRNewswire/ -- As per Zion Market Research study, The global LED lighting market is valued at $64.4 billion in 2021 and is expected to reach $190 billion by the end of 2028, with a fast-growing CAGR of 14.26% over the forecast period. The report is a comprehensive study of market definition, growth drivers, opportunities, and challenges. It presents a brief analysis of the current performance of the market at the global level.
Zion Market Research published the latest report titled as "LED Lighting Market By Product Type (LED Fixtures and LED Lamps), By End-User (Commercial and Industrial Users), By Application, (Outdoor and Indoor lighting), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
LED Lighting Market: Overview
A light-emitting diode refers to a semiconductor device. On passage of electric current through the device, it emits light. The electrically charged particles are passed through semiconductors. Additionally, the color of the light depends on the energy required for the electron to cross the gap of semiconductors. An LED can indicate different colors ranging from infrared tri-color to bi-color and white, blue, and green to yellow and red. LEDs are widely used in outdoor and indoor lighting. These are amongst the most efficient available lighting sources. Furthermore, LED lighting offers zero emissions, low-voltage operations, economic efficiency, design flexibility, durability, long life span, and energy efficiency.
The outbreak of the Covid-19 pandemic significantly affected the global LED lighting market due to disruptions in the supply chain and worldwide lockdowns. Such an unprecedented event has significantly impacted the positioning of technological devices in the market. In spite of such uncertainties and production ban, the LED makers have continuously worked on innovating advanced devices, thereby working on long-term strategies. Several semiconductor manufacturers had collaborated with required partners to align their manufacturing process. With the slowdown in the Covid cases and relaxation of lockdown protocols, the global market is likely to foresee significant growth in the forthcoming years.
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LED light is a light-producing diode that is used in light fixtures. It is a semiconductor lighting source that emits light whenever an electric current is passed through it. It is used in backlighting as well as automotive lighting. LED lights have high operating life and are smaller in size. An LED light can produce different colors. It consists of two components of process material called P-type semiconductors and N-type semiconductors. These elements are kept in direct contact to form a space called a PN junction. Some LED lights are also referred to as infrared emitting energy and infrared imaging diodes.
Industry Dynamics:
LED Lighting Market: Growth Drivers
High demand for energy-efficient lighting solutions will drive the growth of the global market.
The global LED lighting market is likely to spur exponentially in the forthcoming years due to the growing demand for energy-efficient lighting solutions and the development of advanced lighting systems. Strict regulations to ban inefficient lighting technologies along with government retrofit and rebate programs are likely to promote the deployment of LED lighting. LED lighting is expensive, but it offers high manpower and service life at less voltage in comparison to halogen, CFL, and incandescent light sources. Moreover, the declining prices of LED lamps in recent years, along with the wide availability of smart lighting solutions with advanced energy policies, are likely to offer impetus to growth in the global market over the forecast year. These lights offer around 50,000 hours of illumination with a lesser amount of energy consumed. The government is offering large rebates and incentives on replacing traditional lamps with modern LEDs. The light intensity can be adjusted according to the light requirement with the help of control zones. Additionally, people all across the globe are demanding lighting solutions that consume less power. Many players are adopting key strategies like acquisitions, partnerships, and product enhancements to strengthen their portfolio, thereby aiming to swipe larger market share.
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LED Lighting Market: Restraints
High cost of smart LED solutions will hamper the growth of global market.
The high cost associated with smart LED solutions is resisting people from adopting LED lights massively, thereby likely to restrain the growth of the global market.
LED Lighting Market: Opportunities
Adoption of smart lighting is likely to offer immense growth opportunities in global market.
Smart lighting solutions are likely to offer immense momentum in the global market due to the growing government initiatives to build smart cities globally. Smart cities make use of smart solutions like LED lights to address the sustainable development challenges.
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LED Lighting Market: Challenges
Lack of awareness and high installation cost to create challenges in global market.
Installation costs and lack of awareness among people across the globe regarding the availability of smart technology like LED lighting have emerged as a huge challenge in the global market.
List of Key Players of LED Lighting Market:
- Zumtobel Group Ag
- Semiconductor Co. Ltd.
- Signify Holding
- Siteco GmbH
- Panasonic Corporation
- LumiGrow
- LSI Industries Inc.
- Hubbell
- Digital Lumens Inc.
- Dialight
- Cree Lighting
- Acuity Brands Lighting Inc.
Key Industry Insights & Finding of the LED Lighting Market Reports:
- As per the analysis shared by our research analyst, the LED Lighting Market is expected to grow annually at a CAGR of around 14.26% (2022-2028).
- Through the primary research, it was established that the LED Lighting Market was valued approximately USD 64.4 billion in 2021 and is projected to reach to roughly USD 190 billion by 2028.
- Asia Pacific accounts for the largest share in the global LED lighting market due to the growing urbanization in the region.
Key questions answered in this report:
- What are the growth rate forecast and market size for LED Lighting Market?
- What are the key driving factors propelling the LED Lighting Market forward?
- What are the most important companies in the LED Lighting Market Industry?
- What segments does the LED Lighting Market cover?
- How can I receive a free copy of the LED Lighting Market sample report and company profiles?
Report Scope:
LED Lighting Market: Segmentation Analysis
- The global LED lighting market can be segmented into product type, end-user, application, and regions.
- By product type, the market can be segmented into LED fixtures and LED lamps.
- By end-user, the market can be segmented into commercial and industrial users.
- By application, the market can be segmented into outdoor and indoor lighting.
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Recent Developments:
- Orient Electric, in February 2021, announced the launch of its emergency LED light solutions. It will offer backup lighting for up to 4 hours during a power outage. The range includes LED Recessed Panel, LED Batten, LED Bulbs, and Bulkhead.
- Apple Lighting, in January 2021, said to launch its new product line in India – EcoMax COB Spotlight. It comprises an innovative lens for a clean beam.
Regional Dominance:
- North America is likely to be the fastest-growing region in the global market due to the presence of leading market leaders in the region.
Asia Pacific accounts for the largest share in the global LED lighting market due to the growing urbanization in the region. Additionally, the rising living standard and disposable income of the people in the region will further propel the adoption of LED lighting in the region. The emergence of startups and small-medium organizations will further expand the scope of LED lighting in the region. Growing initiatives by governments in the region will also modernize projects with sustainable solutions is likely to pave a positive trajectory for the growth of the regional market. Developing economies like China and India are making many efforts to protect environmental health, which in turn is also fueling the growth.
Global LED Lighting Market is segmented as follows:
LED Lighting Market: By Product Type Outlook (2022-2028)
- LED Fixtures
- LED Lamps
LED Lighting Market: By End-User Outlook (2022-2028)
- Commercial
- Industrial
LED Lighting Market: By Application Outlook (2022-2028)
- Outdoor lighting
- Indoor lighting
LED Lighting Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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Browse through Zion Market Research's coverage of the Global Semiconductor & Electronics Industry
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