According to a new report by Expert Market Research titled, ‘Global LED Lighting Market Report and Forecast 2020-2025’, the global LED lighting market size was around USD 48 billion in 2019. The industry is further expected to grow at a CAGR of 12% between 2020 and 2025.
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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 2019, 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 2019 and is expected to lead the industry throughout the forecast period in terms of both production and consumption.
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The major players are increasingly collaborating and investing to deliver enhanced products to the consumers in the LED lighting industry. In December 2019, 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 2020 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 2020, 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.
Market Breakup by Product:
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.
Market Breakup by Application:
On the basis of applications, the industry is categorised into indoor and outdoor segments.
Market Breakup by End Use:
5. Highway and Roadway
It finds its end-uses in the residential, commercial, industrial, government, highway and roadway, and architectural sectors, among others.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East & Africa
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:
1. 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.
2. 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.
3. 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.
4. 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:
1. The Expert Market Research report gives an analysis of the global LED lighting market for the periods (2015-2019) and (2020-2025).
2. The report offers historical (2015-2019) and forecast (2020-2025) market trends for the product, application, end-use, and regional markets for the global LED lighting industry.
3. 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 Gmbh, Samsung Electronics Co Ltd., Everlight Electronics Co. Ltd., LG Innotek Co. Ltd., Koninklijke Philips N.V., Epistar Corp., Seoul Semiconductor Co. Ltd., Cree, Lumileds Holding B.V., and Panasonic Corporation, among others. The comprehensive report by Expert Market Research looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Competitive Landscape & Supplier Analysis:
1. Nichia Corporation
2. Osram Licht AG (ETR: OSR)
3. Samsung Electronics Co Ltd (KRX: 005930)
4. Everlight Electronics Co., Ltd. (TPE: 2393)
5. LG Innotek Co. Ltd.
6. Koninklijke Philips N.V.
7. Epistar Corp.
8. Seoul Semiconductor Co. Ltd.
9. Cree (NASDAQ: CREE)
10.Lumileds Holding B.V.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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