LED Lighting Market 2021-2024: Growth Drivers, Business Statistics, Top Region with Share, and Revenue Analysis

LED Lighting

The “LED Lighting Market” Report provides a thorough examination of the market. The LED Lighting Market research investigates how firms in the LED Lighting Market are reacting to changing market conditions by examining major industry strategies. The report covers current top players are recognised and rated based on their market shares. It also includes data on leading manufacturers, market segmentation by types, applications, and geographic regions. Market capacity, production, consumption, sales, and revenue are all discussed in this LED Lighting market report.

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Competitor Analysis:

LED Lighting market covers the vision of competitor analysis by product types, market share, applications, sales and revenue. It covers the top key players like –

  • Cree Inc.
  • Dialight PLC
  • Eaton Corporation
  • General Electric Company
  • OSRAM GmbH
  • Samsung Group
  • Sharp Corporation
  • Signify Holding (Philips Lighting)
  • Virtual Extension
  • Zumtobel Group AG
  • Koninklijke Philips N.V.

    Market Overview:

  • The Global LED Lighting Market is valued at USD 51.79 billion in 2018 and is expected to reach USD 112.15 billion by 2024, with a CAGR of 13.75% during the forecast period (2019 – 2024). By transitioning to energy-efficient LEDs, an estimated savings of USD 18 billion in electricity costs can be achieved. Further, more than 160 million tons of carbon dioxide emission can be avoided every year.
  • – In the United States, all electrically controlled devices, including LED light bulbs must meet minimum safety standards. The regulations regarding these safety standards are covered in the United States by laws, such as the Occupational Safety and Health Act (OSHA), Code of Federal Regulations (CFR), and standards, such as the National Electric Code (NEC).
  • – Also, as part of the 2007 national energy bill passed by Congress with bipartisan support and signed into law by the President of the United States, energy efficiency standards were established for new light bulbs that ensured a smooth and gradual national transition to energy-saving bulbs. California’s regulations made the transition happen a little faster. Furthermore, on May 2018, the United Nations announced a groundbreaking energy efficiency regulation for light bulbs that can be easily adopted by developed, as well as, developing economies.
  • – Along with the government mandates for energy efficience, the growing consumer awareness about the environment, and the durabilliy of these lights are the drivers for the growing adoption of LEDs. For instance, the Chennai airport, as part of its green initiatives, bought six sets of LED base lights for use for disaster relief as part of the measures to make its lights and fixtures energy-friendly.
  • – Smart lighting is expected to be the future of LED lighting with various companies like Philips, Magiclight, and Xiaomi investing in the technology. Philips is one of the market leaders with its product offering, Philips Hue, which can be integrated with voice assistants.

    Key Market Trends:

    Commercial Segment Expected to Witness Significant Growth Rate

    Commercial floor lighting segment has evolved with the LED lights being offered from 4000 lumens to more than 60,000 lumens. LED lights are manufactured with integrated LEDs instead of traditional bulbs. Such a method of manufacturing eliminates the need for frequent replacements. These lighting solutions have a longer life span, outlasting the HID and halogen fixtures.
    – The desire to save energy, high efficiency, reliability, and longer life span has been the driving factors for LED adoption in the commercial buildings. Also, building energy codes are beginning to increase adoption by requiring more advanced controls strategies in more commercial spaces.
    – LED lights provide a consistent light improving the overall visibility and provides added security for commercial locations and can be paired with motion sensors, photocells, and timers to offer a lighting control system for efficient usage.
    – Regulatory adherence and safety test required for new products are expected to delay the new products available in the commercial lighting market. Also, countries that implement the regulation in a harmonized manner will reduce trade barriers and provide new opportunities.

    Latin America is Expected to occupy Significant Market Share

    In Latin America, nearly 80% of the total population resides in urban areas, which is expected to rise during the forecast period. It is estimated that by the end of 2045, urban dwellers might increase by two billion globally. In this scenario, it becomes essential for nations to use energy more efficiently.
    – The growth of the LED lighting market in the country can be attributed to the declining manufacturing cost of LEDs and increasing demand for energy efficient and sustainable lighting. Also, healthy economic growth, robust industrialization and urbanization tend to be some macroeconomic factors driving the market.
    – Further, growing awareness over the importance of energy efficiency combined with the regional government mandates to set higher standards for more energy efficiency, and continuous innovations in LED technology by the leading manufacturers are some significant factors driving the growth of the market in this region.
    – Furthermore, buildings are among the largest consumers of electricity worldwide. However, estimates put that 80% of the energy efficiency potential of the buildings is not utilized. Rio de Janeiro, for instance, consumes 60% more energy for public lighting than that of New York City.

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    Scope of the Report:

    LED stands for light emitting diode. LED lighting products produce light approximately 90% more efficiently than incandescent light bulbs, such as fluorescent and incandescent lights. 95% of the energy in LEDs is converted into light, and only 5% is wasted as heat, which is leading consumers to opt for a more efficient form of lighting.

    The market is segmented by different applications of LED lighting such as indoor and outdoor with various sub-applications. In the indoor segment, the market is further segmented into residential, commercial, industrial and government. And in the outdoor segment, the market is further segmented into highway and roadway, architectural, and public places. The market segmentation is further done based on product types, and a detailed regional analysis is also given.

    Highlighted points of LED Lighting Market Report:

    • Varying dynamics of the LED Lighting industry.
    • Prospective changes in sales volumes and worldwide share growth in upcoming years
    • LED Lighting market report recognizes the key drivers of growth and challenges of the key industry players.
    • Competitors profiles along with product description, overview, and business data.
    • Complete analysis of market risks, opportunities, limitations, and growth of the market.
    • Market driving and restraining factors.
    • Delivers information on the historical and current market size and the future potential of the market.
    • LED Lighting market report provides comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of market.

    Key Benefits of this LED Lighting Market report:

    • The LED Lighting market report provides a comprehensive analysis of the current trends and future estimations in the world mining equipment market to identify the potential investment pockets.
    • The LED Lighting market report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
    • Quantitative analysis of the current trends and forecasts to 2024 is provided to showcase the financial competency of the LED Lighting market.
    • Porter’s Five Force model of the industry and SWOT analysis illustrate the potency of the buyers & suppliers.
    • Value chain analysis provides a clear understanding of the roles of stakeholders involved.

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    Detailed TOC of LED Lighting Market Report:

    1 INTRODUCTION

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET INSIGHTS
    4.1 Market Overview
    4.2 Industry Attractiveness – Porter’s Five Force Analysis
    4.2.1 Bargaining Power of Suppliers
    4.2.2 Bargaining Power of Buyers/Consumers
    4.2.3 Threat of New Entrants
    4.2.4 Threat of Substitute Products
    4.2.5 Intensity of Competitive Rivalry
    4.3 Industry Value Chain / Supply Chain Analysis

    5 MARKET DYNAMICS
    5.1 Introduction to Market Dynamics
    5.2 Market Drivers
    5.2.1 Favorable Government Regulations
    5.2.2 Declining Prices of LED Products
    5.2.3 Increase in Need for Energy-efficient Lighting Systems
    5.3 Market Restraints
    5.3.1 High Initial Investment
    5.3.2 Development of Alternative Technologies
    5.4 Market Challenges

    6 MARKET SEGMENTATION
    6.1 Application
    6.1.1 Indoor
    6.1.1.1 Residential
    6.1.1.2 Commercial
    6.1.1.3 Industrial
    6.1.1.4 Government
    6.1.2 Outdoor
    6.1.2.1 Highway and Roadway
    6.1.2.2 Architectural
    6.1.2.3 Public Places
    6.2 Product Type
    6.2.1 Lamps
    6.2.2 Lumanaires
    6.3 Distribution Channel
    6.3.1 Direct Sales
    6.3.2 Wholesale/Retail
    6.4 Geography
    6.4.1 North America
    6.4.1.1 US
    6.4.1.2 Canada
    6.4.2 Europe
    6.4.2.1 UK
    6.4.2.2 Germany
    6.4.2.3 France
    6.4.2.4 Rest of Europe
    6.4.3 Asia Pacific
    6.4.3.1 China
    6.4.3.2 Japan
    6.4.3.3 India
    6.4.3.4 Rest of Asia-Pacific
    6.4.4 Latin America
    6.4.5 Middle East and Africa

    7 COMPETITIVE LANDSCAPE
    7.1 Company Profiles
    7.1.1 Cree Inc.
    7.1.2 Dialight PLC
    7.1.3 Eaton Corporation
    7.1.4 General Electric Company
    7.1.5 OSRAM GmbH
    7.1.6 Samsung Group
    7.1.7 Sharp Corporation
    7.1.8 Signify Holding (Philips Lighting)
    7.1.9 Virtual Extension
    7.1.10 Zumtobel Group AG
    7.1.11 Koninklijke Philips N.V.

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS
    8.1 Investment Analysis
    8.2 Future Outlook

    Contact Us:

    Name: Ajay More

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    Email: [email protected]

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