The global LED lighting market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). The increased awareness of environmental issues around the world is expected to drive the global LED lighting market. This can be attributed to increasing pollution levels around the world and strong demand for eco-friendly solutions. Moreover, the reduced operational expenses and lower heat losses are likely to boost the general appeal of LED lighting solutions. Furthermore, increased expenditure in the construction sector to develop green building infrastructure is expected to boost the demand for LED light bulbs throughout the forecast period. In addition, increased product availability, enhanced manufacturing efficiency, and cost savings are expected to benefit the global LED lighting market.
The global LED lighting market is expected to witness intense competition due to the presence of numerous regional and international players.
Some of the key players operating in the global LED lighting market are Eaton Corporation, Heliospectra AB, General Electric Company (Savant Systems Inc.), Dialight PLC, and OSRAM GmbH. With a significant market share, these main players are working on growing their consumer base in global markets. These businesses are utilizing strategic collaboration initiatives to expand their market share and profitability. However, due to technical improvements and product breakthroughs, mid-size to smaller businesses are extending their market presence by obtaining new contracts and entering new markets.
For instance, Syska launched new LED lights under the 'T5 LED Batten' brand in India for Rs 449 and Rs 549 in June 2021.
Lighting represents about 10% of domestic electricity use and 18–40% commercial establishments. There is an increasing need for energy conservation all around the world, which is opening up new opportunities for the global LED lighting market. The switch to energy-efficient lighting is projected to lower worldwide electricity consumption for lighting by 30-40% by 2030.
LED lighting is being widely adopted in countries all around the world. For example, New York intended to substitute 250,000 streetlights with LEDs, accompanied by the installation of decorative lights in urban areas. Barcelona installed nearly 3,000 smart streetlights built on LED technology that collect data on humidity, noise, pollution, and the overall environment.
The expanding consumer awareness regarding the environment and the durability of LED lights and government mandates for energy efficiency are expected to drive the global LED lighting market. For example, as part of its green endeavors, Chennai Airport acquired six sets of LED base lights for disaster assistance in order to make its lighting and fixtures more energy-efficient.
Smart LED lighting is projected to be the game-changer during the forecast period, with several businesses engaging in the technology, including Philips, Xiaomi, and Magiclight. Philips is a leading company with its Philips Hue product, which can be incorporated with voice assistants.
The LED lighting market in Asia Pacific is expected to experience considerable growth over the projected period. Japan, Taiwan, and China are the major contributors to the regional market growth due to government efforts to embrace LEDs and the existence of a significant number of market players. China, India, Indonesia, Malaysia, and Vietnam, the region's fastest-developing economies, have a thriving construction industry as a result of an expanding native and migrant population and changing lifestyles. As a result, the fast-increasing construction sector in Asia Pacific is contributing to LED lighting market growth.
The North America LED lighting market is projected to expand during the forecast period. The deployment of LED lighting devices in the United States is increasing significantly as a result of government activities toward smart cities and homes, as well as the existence of smart infrastructure in the country.
Interested in this report?
Get a FREE Brochure now!
*Get Brochure (PDF) sent to your email within minutes
Complete the form below and we'll get back to you shortly.