Global LED Lighting Market to Grow at a CAGR of 9.1% over the Forecast Period of 2024-2032

The global LED lighting market is being driven by the rising demand for environmentally friendly appliances with the growing global concern regarding the environment. The growing government initiatives to promote sustainable energy use is further supporting the industry growth. According to the U.S. Energy Department, since the introduction of LEDs, residential LEDs have consumed at least 75% less energy, lasting 25 times longer than incandescent light. In 2020, the commercial segment was one of the leading segments in the industry. Further, increased adoption of LEDs as an alternative to traditional lights in homes, offices, and others are leading to the growth of indoor LED lighting on a large scale. The Asia Pacific served as the leading market for LED lighting in 2020 and is expected to lead the industry throughout the forecast period in terms of both production and consumption.

The major players are increasingly collaborating and investing to deliver enhanced products to the consumers in the LED lighting industry. In December 2020, Cree, Inc. (NASDAQ: CREE) announced a worldwide and nonexclusive patent license agreement with Advanced Optoelectronic Technology Inc. (“AOT”), which gives AOT the rights to use patented Cree technology in the field of LEDs for display backlights, allowing LED display manufacturers to boost innovation to manufacture energy-efficient and enhanced-performance displays. Further, in emerging nations like India, the demand for LED lighting is significantly increasing due to the increased government support. In an internal state budget 2021 meeting, the finance minister of the state of Kerala in India announced that around 2.5 crore LED bulbs have been produced in the state at a large scale for public consumption, thus, providing ample growth opportunities to the industry to flourish in the region. As part of the region’s sustainable energy policy, the state will put a ban on the sale of CFL and incandescent bulbs from November 2021, further encouraging the use of LED lighting in residential and other sectors. Thus, such developments are expected to aid the growth of the global LED lighting market over the forecast period.

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Market Breakup by Product, Application, End Use, and Region:

• By product, the global LED lighting industry is bifurcated into lamps and luminaire. While the lamps segment is subdivided into A-LAMPS and T-LAMPS, among others, the luminaire segment is divided into street light, downlight, and troffers, among others.

• On the basis of applications, the industry is categorised into indoor and outdoor segments.

• It finds its end-uses in the residential, commercial, industrial, government, highway and roadway, and architectural sectors. 

• Region-wise, the global LED lighting market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global LED lighting market is being driven by the growing environmental concern among consumers, leading to the rise in demand for environmentally-friendly appliances, which is aiding the industry growth.

• The features of LED lights, such as longer life span, reduced power consumption, and increased efficiency over traditional lights, are making it a preferred choice for use among consumers.

• Increased government measures to create awareness and promote the use of environmentally-friendly appliances such as LED lights, will provide a further boost to the industry. 

• The growing need for energy sources in the residential as well as commercial sectors, which are efficient as well, is further contributing to the industry growth.

Key Offerings of the Report:

• The EMR report gives an analysis of the global LED lighting market for the periods (2018-2023) and (2024-2032). 

• The report offers historical (2018-2023) and forecast (2024-2032) market trends for the product, application, end-use, and regional markets for the global LED lighting industry.

• It also provides an assessment of the industry based on the Porter’s Five Forces model, along with a SWOT and value chain analysis.

The major players in the global LED lighting market are Nichia Corporation, OSRAM Licht AG, Samsung Electronics Co Ltd., Everlight Electronics Co. Ltd., Acuity Brands, Inc., Koninklijke Philips N.V., Epistar Corp., Seoul Semiconductor Co. Ltd., CreeLED Inc, Lumileds Holding B.V., and Panasonic Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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