Rising Demand for Cost-Efficient Lights to Augment LED Lighting Market Growth

The LED lighting market is being driven by numerous factors, namely the increasing adoption rate of energy-efficient solutions, reduction in the cost of these lights, and rising investment for infrastructure improvement. The market is estimated to garner a revenue of $70,240 million by 2023, advancing at a 12.6% CAGR during the forecast period (2018–2023).

The growing demand for and adoption of energy-efficient lighting products is driving the market forward. The advantages offered by LEDs, such as low maintenance costs, even when these are operated for long hours, are making them popular among users. These are also excellent directional light sources and have a longer life than fluorescent and incandescent lamps, which is why these are extensively being used as illumination sources for both indoor and outdoor applications.

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Another contributing factor to the LED lighting market progress is the growing focus on the development of smart cities and modernization of infrastructure, especially in developing economies. To attract investors, the governments of these countries are engaged in achieving the same, and therefore the demand for LED lighting is witnessing a rise.

The LED lighting market is further being positively impacted by the falling prices of these lights. This is leading to their growing adoption across various sectors, such as architectural, residential, and commercial. The reduction in the prices of LED lighting is because of the increasing cost-effectiveness of LED components.

On the basis of product, the LED lighting market is classified into lamps and luminaires. Even though replacing a lamp costs less than replacing a luminaire, the market for luminaires is expected to hold a larger share during the forecast period. This is attributed to increasing new installations and rising gross domestic product (GDP), which is resulting in increasing spending power, whereas the market for lamps in not dependent on GDP and is mainly driven by the demand for replacements.

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The Asia-Pacific region was the largest revenue contributor to the LED lighting market in 2017. This is because of the surge in infrastructure development projects and government support toward the adoption of energy-efficient lighting systems in regional countries.

GLOBAL LED LIGHTING MARKET SEGMENTATION
By Product Type

• Luminaire
• Lamp

By Installation Type

• New Installation
• Retrofit
  • A-lamps
  • T-lamps
  • Reflector
  • Other lamps