LED Lighting Market is expected to reach $134 bn by 2031, growing at a CAGR of 9.1% between 2021-2031.
Global LED Lighting Market report from Global Insight Services is the single authoritative source of intelligence on LED Lighting Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
LED lighting is a type of lighting that uses light–emitting diodes (LEDs) as the source of light. LEDs are semiconductor devices that convert electrical energy into visible light. LED lighting is more energy–efficient and has a longer lifespan than traditional lighting such as incandescent and fluorescent lighting.
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Key Trends and Drivers:
- The growing number of smart city projects around the world is driving up demand for smart lighting solutions for highway and roadway applications. Governments in a number of nations, including India, Italy, Germany, and China, are focused on strategic partnerships to construct smart cities, thereby increasing market representation.
- The increased emphasis on environmental protection has a considerable impact on the lighting sector. Energy conservation has become one of the most prioritized implementation initiatives throughout the years, and LED lighting adoption contributes greatly to energy conservation.
- The growing acceptance of LEDs, as well as the development of LED drivers, are creating strong market potential for commercial interior lighting. Integration of Li-Fi technology in intelligent lighting is critical to the industry’s growth.
Restraints and Challenges:
- In numerous nations, investors are having difficulty establishing new light industrial hubs, owing to rigorous government policies, which include environmental norms and regulations. Other obstacles that investors and manufacturers must overcome before establishing a factory include high capital expenses, large investments in research and development, inefficient raw material supply, logistics inefficiencies, and a lack of innovative production equipment. These reasons are limiting this market’s growth in developing countries.
- Despite the fact that smart lighting systems are energy-efficient lighting solutions that can save money in the long term, the initial cost is expensive owing to the cost of the equipment as well as integration and installation services. As a result, the cost of installing smart lighting is higher than that of traditional lighting systems due to the high cost of software, control systems, and LED light sources required for smart lighting solutions. The deployment of smart lighting control technologies is hampered by this problem.
Market Segments:
By Product:
- Lamps
- Luminaries
By Application:
- Commercial
- Residential
- Industrial
Key Companies:
- Acuity Brands Lighting Inc.
- Dialight
- Hubbell
- Panasonic Corporation
- Siteco GmbH
- MIC Electronics Ltd.
- Havells India Ltd.
- InstaPower Ltd.
- Phillips Lighting Holding B.V.
- Cooper Industries Inc.
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