LED lighting market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio

NEW YORK, Jan. 6, 2023 /PRNewswire/ -- According to Technavio, the global LED lighting market size is estimated to grow by USD 34.82 billion from 2022 to 2027. The market is expected to grow at a CAGR of 7.35% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for 43% of the growth of the global market during the forecast period. 

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Global LED lighting market - Five forces
The global LED lighting market is fragmented, and the five forces analysis covers – 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For interpretation of Porter's five forces model – buy the report!

Global LED lighting market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global LED lighting market - Segmentation assessment

Segment overview
Technavio has segmented the market based on application (residential, commercial, outdoor, industrial, and others) and product (luminaries and lamps). 

• The residential segment will grow at a significant rate during the forecast period. The growth of this segment is attributed to increasing urbanization and rising energy efficiency requirements. Many consumers prefer personalized home decoration, including LED lights. In addition, governments of several countries offer support for LED lighting, as it is energy efficient when compared to traditional lights. Moreover, with the increasing number of smart cities, many vendors have started to provide LED lighting systems. This, in turn, will drive the sales of LED lights worldwide, which will fuel the growth of the residential segment of the market during the forecast period.

Geography overview
Based on geography, the global led lighting market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global led lighting market.

• APAC is estimated to account for 43% of the growth of the global market during the forecast period. The growth of the regional market is attributed to the increasing demand for energy-efficient lighting solutions from the residential and commercial segments. The region has become a hub for retail, hospitality, and healthcare industries, as many companies are setting up their offices in APAC. China is the major revenue-contributing country in the market owing to the presence of many LED lighting manufacturing units and industries.

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Global LED lighting market – Market dynamics
Key factor driving market growth

• The declining manufacturing cost of LED lights is driving the market growth.
• The reduction in LED production costs lowers the initial installation costs of LED lamps and lanterns, which accelerates the installation of new LED lamps and lanterns.
• Moreover, governments are providing subsidies for semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD), which is used to manufacture LEDs. This has encouraged LED manufacturers to increase their LED production capacity.
• These factors will fuel the growth of the market during the forecast period.

Leading trends influencing the market 

• The emergence of smart cities is a key trend in the market.
• The energy conservation and resource management initiatives by various governments are promoting the development of smart cities.
• Smart lighting helps save energy, has shorter switching times, and reduces costs. Intelligent lighting systems increase the energy efficiency of cities. Street lights use innovative lighting solutions that automatically implement traffic-based brightness control, remote light control, error reporting, theft prevention, tracking of street light power cords, and remote meter reading.
• Thus, the application of intelligent lighting can significantly save electricity, improve public lighting control systems, and save maintenance costs.
• These factors will support the growth of the market during the forecast period.

Major challenges hindering market growth

• The limited thermal tolerance of LEDs installed in industrial facilities will challenge the market growth.
• The light efficiency of LEDs degrades when they are exposed to high temperatures, high humidity, and other extreme environments.
• When used in an enclosed space, LEDs can negatively affect the light output.
• A high internal temperature can result in premature failure of LEDs.
• These factors will hinder the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact
businesses. Find some insights from a sample report!

What are the key data covered in this LED lighting market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the LED lighting market between 2023 and 2027
• Precise estimation of the size of the LED lighting market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the LED lighting market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of LED Lighting Market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global LED lighting market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global LED lighting market 2017 - 2021 ($ billion)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Residential - Market size and forecast 2022-2027
• Exhibit 34: Chart on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027
• Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Outdoor - Market size and forecast 2022-2027
• Exhibit 42: Chart on Outdoor - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Outdoor - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Outdoor - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Outdoor - Year-over-year growth 2022-2027 (%)

• 6.6 Industrial - Market size and forecast 2022-2027
• Exhibit 46: Chart on Industrial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 47: Data Table on Industrial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Chart on Industrial - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Industrial - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 54: Market opportunity by Application ($ billion)

7 Market Segmentation by Product

• 7.1 Market segments 
• Exhibit 55: Chart on Product - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 57: Chart on Comparison by Product
• Exhibit 58: Data Table on Comparison by Product

• 7.3 Luminaries - Market size and forecast 2022-2027
• Exhibit 59: Chart on Luminaries - Market size and forecast 2022-2027 ($ billion)
• Exhibit 60: Data Table on Luminaries - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Chart on Luminaries - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Luminaries - Year-over-year growth 2022-2027 (%)

• 7.4 Lamps - Market size and forecast 2022-2027
• Exhibit 63: Chart on Lamps - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on Lamps - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on Lamps - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Lamps - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Product 
• Exhibit 67: Market opportunity by Product ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Acuity Brands Inc. 
• Exhibit 120: Acuity Brands Inc. - Overview
• Exhibit 121: Acuity Brands Inc. - Business segments
• Exhibit 122: Acuity Brands Inc. - Key news
• Exhibit 123: Acuity Brands Inc. - Key offerings
• Exhibit 124: Acuity Brands Inc. - Segment focus

• 12.4 ams OSRAM AG 
• Exhibit 125: ams OSRAM AG - Overview
• Exhibit 126: ams OSRAM AG - Business segments
• Exhibit 127: ams OSRAM AG - Key offerings
• Exhibit 128: ams OSRAM AG - Segment focus

• 12.5 Dialight Plc 
• Exhibit 129: Dialight Plc - Overview
• Exhibit 130: Dialight Plc - Business segments
• Exhibit 131: Dialight Plc - Key offerings
• Exhibit 132: Dialight Plc - Segment focus

• 12.6 Digital Lumens Inc. 
• Exhibit 133: Digital Lumens Inc. - Overview
• Exhibit 134: Digital Lumens Inc. - Product / Service
• Exhibit 135: Digital Lumens Inc. - Key offerings

• 12.7 Eaton Corp. Plc 
• Exhibit 136: Eaton Corp. Plc - Overview
• Exhibit 137: Eaton Corp. Plc - Business segments
• Exhibit 138: Eaton Corp. Plc - Key news
• Exhibit 139: Eaton Corp. Plc - Key offerings
• Exhibit 140: Eaton Corp. Plc - Segment focus

• 12.8 Ennostar Inc. 
• Exhibit 141: Ennostar Inc. - Overview
• Exhibit 142: Ennostar Inc. - Business segments
• Exhibit 143: Ennostar Inc. - Key offerings
• Exhibit 144: Ennostar Inc. - Segment focus

• 12.9 General Electric Co. 
• Exhibit 145: General Electric Co. - Overview
• Exhibit 146: General Electric Co. - Business segments
• Exhibit 147: General Electric Co. - Key news
• Exhibit 148: General Electric Co. - Key offerings
• Exhibit 149: General Electric Co. - Segment focus

• 12.10 Hubbell Inc. 
• Exhibit 150: Hubbell Inc. - Overview
• Exhibit 151: Hubbell Inc. - Business segments
• Exhibit 152: Hubbell Inc. - Key offerings
• Exhibit 153: Hubbell Inc. - Segment focus

• 12.11 IDEAL INDUSTRIES Inc. 
• Exhibit 154: IDEAL INDUSTRIES Inc. - Overview
• Exhibit 155: IDEAL INDUSTRIES Inc. - Product / Service
• Exhibit 156: IDEAL INDUSTRIES Inc. - Key offerings

• 12.12 Koninklijke Philips NV 
• Exhibit 157: Koninklijke Philips NV - Overview
• Exhibit 158: Koninklijke Philips NV - Business segments
• Exhibit 159: Koninklijke Philips NV - Key news
• Exhibit 160: Koninklijke Philips NV - Key offerings
• Exhibit 161: Koninklijke Philips NV - Segment focus

• 12.13 LSI Industries Inc 
• Exhibit 162: LSI Industries Inc - Overview
• Exhibit 163: LSI Industries Inc - Business segments
• Exhibit 164: LSI Industries Inc - Key offerings
• Exhibit 165: LSI Industries Inc - Segment focus

• 12.14 Lumileds Holding BV 
• Exhibit 166: Lumileds Holding BV - Overview
• Exhibit 167: Lumileds Holding BV - Product / Service
• Exhibit 168: Lumileds Holding BV - Key offerings

• 12.15 Panasonic Holdings Corp. 
• Exhibit 169: Panasonic Holdings Corp. - Overview
• Exhibit 170: Panasonic Holdings Corp. - Business segments
• Exhibit 171: Panasonic Holdings Corp. - Key news
• Exhibit 172: Panasonic Holdings Corp. - Key offerings
• Exhibit 173: Panasonic Holdings Corp. - Segment focus

• 12.16 Signify NV 
• Exhibit 174: Signify NV - Overview
• Exhibit 175: Signify NV - Business segments
• Exhibit 176: Signify NV - Key news
• Exhibit 177: Signify NV - Key offerings
• Exhibit 178: Signify NV - Segment focus

• 12.17 SMART Global Holdings Inc. 
• Exhibit 179: SMART Global Holdings Inc. - Overview
• Exhibit 180: SMART Global Holdings Inc. - Business segments
• Exhibit 181: SMART Global Holdings Inc. - Key news
• Exhibit 182: SMART Global Holdings Inc. - Key offerings
• Exhibit 183: SMART Global Holdings Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 184: Inclusions checklist
• Exhibit 185: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 186: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 187: Research methodology
• Exhibit 188: Validation techniques employed for market sizing
• Exhibit 189: Information sources

• 13.5 List of abbreviations 
• Exhibit 190: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Email: [email protected]
Website: www.technavio.com/

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