According to the LED lighting solutions industry analysis by Persistence Market Research, demand registered in the market is slated to increase at a healthy CAGR of 15% from 2022-2031. The report reveals a market valuation of US$ 81 Bn at present. As per the analysis, adoption of LED lighting solutions has been increasing due to the high durability of LED Lights, reduction in the prices of LEDs, and high energy-efficiency of LEDs for commercial, residential, and industrial applications.
LED lighting products able to produce light around 90% more efficient than traditional light sources. LED lamps possess a long lifetime, are energy efficient, and offer a service life of 50,000 hours or more. Decreasing prices of LED lights help penetrate the commercial lighting market, and these can be used in offices, commercial buildings, restaurants, stores, schools, and, hospitals.
- In April 2021, SYSKA announced a cheap LED bulb meant for rural areas. The company plans to sell 10 million LED bulbs at Rs 10/piece across India.
Such development are driving demand for LEDs products. Adoption of LED solutions instead of incandescent and CFLs helps reduce electricity demand and increase efficiency, which is expected to drive market growth over the coming years.
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The report has profiled some of the Important players prevalent in the global like – GE Lighting, SMART Global Holding, Sharp Corporation, Havells, Eaton Corporation (Cooper Industries PLC), Samsung Electronics Co. Ltd., Philips Lumileds Lighting/ Signify NV, Toshiba Lighting and Technology Corporation, Acuity Brands Lighting, Inc., Hubbell Lighting, Inc., Osram Licht Ag, Surya, SYSKA, Seoul Semiconductor, Everlight and more.
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Key Takeaways from Market Study
- By product type, the LED luminaire segment is anticipated to account for a leading share in the global market during the forecast period. The LED lighting solutions segment is estimated to expand at a robust CAGR of 14% through 2031.
- Installation services will be a dominating segment and rise at a CAGR of nearly around 21% from 2021 to 2031.
- East Asia is expected to lead the market, followed by North America. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market over the decade.
- The market in India is expected to progress at a CAGR of almost 18% through 2031.
- In GCC countries, sales are expected to increase at a CAGR of close to 17% over the next ten years.
“Increasing initiatives toward green energy & energy-efficient projects by governments and emergence of smart cities across the globe have led to a spur in the demand for LED lighting solutions,” says a Persistence Market Research analyst.
Technology Trends Such as Human-Centric Lighting & Contactless Lighting Fueling Demand for LED Solutions
In recent years, the corporate sector has grown at a significant rate and employees work around 8-10 hours a day. Thus, organizations are focusing on designing workplaces considering human ergonomics. Human-centric lighting helps create a work environment that balances the human body’s internal biological environment.
- For instance, in June 2019, Wipro launched the Human Centric Lighting (HCL) solution (inSync). This new solution can imitate sunlight inside the workplace and works in harmony with the Earth’s natural lighting cycle. It improves employees’ concentration, mood, well-being, and productivity.
Contactless lighting also helps boost the smart lighting ecosystem. Light fidelity (Li-fi) is mobile wireless technology that transfers data with the help of light instead of radio frequencies. It helps in power cost reduction, increases efficiency, and consumption of the Li-Fi network. Therefore, increasing use of LEDs in applications such as human-centric lighting, contactless lighting, Li-Fi, and many more are driving demand for LED lighting solutions.
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More Valuable Insights on Offer
Persistence Market Research’s report on the LED lighting solutions industry research is segmented into five major sections – product type (LED bulbs, bare LED tubes, LED luminaire, LED down lights, and others), service (consulting services, installation services, and maintenance & support services), end user (residential, commercial, and industrial), application (outdoor, indoor, backlighting, automotive, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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