LED Lighting Market Size, Demand and Competitive Insights Till 2027

Felton, California , USA, Jan 06, 2021 — /EPR Network/ — The global LED Lighting market size is anticipated to reach USD 127.84 Billion in the year 2027. It is anticipated to register growth with a CAGR of 10.8% during the forecasted period, 2020 to 2027. This growth can be attributed to the low power consumption and energy efficient performance of LED lights as compared to the traditional lights.

The LED luminaires product segment held the largest share in 2019 due to its wide usage for industrial land commercial light segments. On the other hand, the LED lamps segment is expected to grow at a CAGR of 11.8% during the forecasted years, 2020 to 2027. This can be attributed to several benefits such as energy efficiency, temporal stability, and robustness.

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COVID-19 Impact Insights

The market growth for LED lighting across the globe has been hampered owing to the ongoing COVID-19 pandemic. Travel restrictions and the imposition of lockdown has resulted in shut down of organizations, schools, colleges, and public places. As China is the major supplier for LED lighting, hindrance in the supply chain has adversely affected the market growth. Moreover, the lack of availability of a skilled workforce, raw material, and price fluctuations has significantly reduced the demand for LED lighting. But, investments being undertaken by the key players for the development of technologically advanced products are anticipated to pave way for the market growth to some extent over the post-pandemic period.

The indoor application segment generated revenue of USD 37.31 Billion in 2019 due to the rising usage of LED lights across houses, offices, hospitals, educational institutions. The outdoor segment is expected to show moderate growth in the upcoming years owing to rising usage of LED lights across the majority of commercial campuses, government institutions, airports, and roadways.

Asia Pacific held the largest share of around 41.8% across the global market in 2019 due to rising number of initiatives being undertaken by the governing bodies to promote the usage of energy saver LEDs. On the other hand, Europe has also started witnessing surging demand for these LED lights across countries like U.K. and Germany. The government of Sweden has also invested USD 6.3 million in R&D program to promote usage of energy efficient lighting.

The LED lighting market includes key players such as Cree, Inc.; Signify Holding; Acuity Brands, Dialight, Panasonic Corporation, and General Electric. They are also focusing on product developments, innovation and implementation of several marketing strategies to gain competitive advantage.

Further key findings from the report suggest:

• The commercial end-use segment occupied largest share in 2019 owing to surging demand for LED downlights and troffers.
• The indoor application segment generated revenue of USD 37.31 Billion during the year 2019 and is also anticipated to continue its dominance over the forecasted years.
• In 2019, Asia Pacific held the largest share of around 41.8% across the global market.

Global LED Lighting Market: Key Players

Cree, Inc.; Signify Holding; Acuity Brands, Dialight, General Electric, Panasonic Corporation and Hubbell. 

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