LED Lighting Market size to grow at a CAGR of 7.35% from 2022 to 2027; Declining Manufacturing Cost of LED Lights to Influence Market Growth - Technavio

NEW YORK, June 22, 2023 /PRNewswire/ -- The LED lighting market size is estimated to grow by USD 34.82 billion between 2022 and 2027 accelerating at a CAGR of 7.35%. The emergence of smart cities is the key trend in the market. The development of smart cities is being promoted by various governments through energy conservation and resource management initiatives. The benefits such as helping to save energy, shorter switching times, and reduced costs make smart lighting an important part of building smart cities. Furthermore, Intelligent lighting systems help increase the energy efficiency of cities and offer practical benefits to city dwellers, such as access to information about traffic and public space. Streetlights that are widespread in cities use innovative lighting solutions that automatically implement traffic-based brightness control, remote light control, error reporting, theft prevention and tracking of street light power cords, and remote meter reading. The application of intelligent lighting can significantly save electricity, improve public lighting control systems, and save maintenance costs. Hence, the increasing development of smart cities will drive the growth of the market during the forecast period. Click & get the Latest Sample Report within minutes!

LED Lighting Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our led lighting market report covers the following areas

• LED Lighting Market size
• LED Lighting Market Trends
• LED Lighting Market industry analysis
• LED Lighting Market five forces analysis
• LED Lighting Market competitive landscape

LED lighting market 2023-2027: Market Dynamics

Major Drivers

• The declining manufacturing cost of LED lights is notably driving market growth.
• The primary factor for the reduced price is the decline in the ASP of chips and components used to manufacture LED devices.
• As a result, the initial installation costs of LED lamps and lanterns are reduced, accelerating the installation of new LED lamps and lanterns in all application segments.
• Furthermore, the government is providing subsidies for purchasing semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD), which is used to manufacture LEDs.
• This has encouraged the manufacturers to increase their production capacity.
• Hence, these factors will drive the growth of the market during the forecast period.

Challenges

• The limited thermal tolerance of LEDs installed in industrial facilities is the major challenge restricting market growth.
• The light output and lifetime of the LEDs are affected when they are exposed to high temperatures.
• The temperature in industrial and manufacturing facilities is usually high which increases the internal temperature of the LED driver
• In addition, LED bulbs and fixtures that are connected to external LED drivers are negatively affected due to high internal operating temperatures.
• Hence, these factors will restrict the growth of the market during the forecast period.

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LED Lighting Market 2023-2027: Segmentation
The LED Lighting Market is segmented as below:

• Application 
• Residential
• Commercial
• Outdoor
• Industrial
• Others
• Product 
• Luminaries
• Lamps
• Geography 
• APAC
• Europe
• North America
• Middle East and Africa
• South America

The market share growth of the residential segment will be significant during the forecast period. The primary reason for the growth of this segment is increasing urbanization and rising energy efficiency requirements across the globe. The increase in urban population is having a positive impact on the use of LED lighting in the residential segment. Thus, consumers are now focusing on trendy and personalized home decoration. In addition, governments worldwide are offering support for LED lighting because LED lights are energy efficient compared to traditional lights. Hence, these factors will drive the growth of the segment during the forecast period.

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LED Lighting Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips NV, LSI Industries Inc, Lumileds Holding BV, OSRAM GmbH, Panasonic Holdings Corp., Sharp Corp., Signify NV, SMART Global Holdings Inc., and Toyoda Gosei Co. Ltd. are some of the major market participants. Although the Declining manufacturing cost of LED lights will offer immense growth opportunities, the Limited thermal tolerance of LEDs installed in industrial facilities will challenge the growth of the market participants. To make the most of the possibilities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Vendor Offering

• SMART Global Holdings Inc. - The company offers LED lighting such as XLamp Element G XEG LEDs and XLamp XM L Color Gen 2 High-Intensity LED under Cree LED as its key offering under LED solutions.
• ams OSRAM AG - The company offers led lighting such as white LED, Color LEDs, Multi LED, IR LED, and UVC led.
• Dialight Plc - The company offers Led lights such as Dialights LED High Bay, Vigilant Leds, Safesite Led, and Reliant LED technologies.

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LED Lighting Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist LED lighting market growth during the next five years
• Estimation of the LED lighting market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the LED lighting market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of LED lighting market vendors

Related Reports

The general lighting market is estimated to grow at a CAGR of 6.97% between 2022 and 2027. The size of the market is forecast to increase by USD 50.7 billion. Furthermore, this report extensively covers products (LED lighting and traditional lighting), applications (residential, commercial, outdoor, industrial, and others), and geography (APAC, North America, Europe, the Middle East and Africa, and South America). The growing adoption of energy-efficient lighting technologies is a key factor driving the growth of the general lighting market.

The industrial lighting market is estimated to grow at a CAGR of 6.34% between 2022 and 2027. The size of the market is forecast to increase by USD 3,014.53 million. Furthermore, this report extensively covers market segmentation by type (LED technology and traditional technology), application (new installation, replacement installation, and retrofit installation), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growing demand from the automotive sector is a key factor driving the growth of the market.

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 provides 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.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

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