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.
In 2019, the commercial end-use segment dominated the global market. This can be associated with boosting demand for LED downlights and troffers. The segment of residential application is also anticipated to show significant growth due to rising usage of these LED lights across appliances like table floor lamps, pendants, and table lamps.
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.
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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.
• Key players across this industry are Cree, Inc.; Signify Holding; Acuity Brands, Dialight, General Electric, Panasonic Corporation and Hubbell.
Million Insights has segmented the global LED lighting market on the basis of product, application, end use and region:
LED Lighting Product Outlook (Revenue, USD Billion, 2016 - 2027)
LED Lighting Application Outlook (Revenue, USD Billion, 2016 - 2027)
LED Lighting End-use Outlook (Revenue, USD Billion, 2016 - 2027)
LED Lighting Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa