Global LED Retrofit Market: Snapshot
The global LED retrofit market is expected to reach US$ 4,983.9 Mn by 2026. The market is projected to expand at a CAGR of 9.25% during the forecast period from 2018 to 2026. According to the report, the global LED retrofit market will continue to be influenced by a range of factors such as rising popularity and adoption of LED lighting worldwide. Additionally, multiple initiatives carried out by government bodies for adoption of LEDs in street light applications is projected to boost the global LED retrofit market during the forecast period of 2018-2026. Asia Pacific will be at the forefront of growth, with the market in the region growing at above 10% through 2026.
Industrial sector is expected to be more lucrative for the global LED retrofit market
The global LED retrofit market is bifurcated by application into residential, industrial, commercial and others. Residential sector is expected to contribute significant revenues to the market by 2026 owing to the increased implementation of smart city projects and prominent urbanization worldwide. Furthermore, the increasing adoption of LED lighting (especially the increasing use of linear LED retrofit) due to increased awareness across the residential sector is expected to be one of the primary reasons for market growth over the forecast period. However, the industrial sector is anticipated to expand at a significant CAGR over the forecast period. Multiple initiatives taken by governments to spread awareness regarding LED lighting due to its energy effectiveness, and eliminating the use of traditional lamps is one of the primary reasons for the growth of the industrial sector over the forecast period from 2018 to 2026. Many automotive companies from Europe are significantly adopting LED lights, which is one of the primary reasons boosting the LED retrofit market in the region over the forecast period.
Indoor segment is expected to dominate the LED retrofit market around the globe
On the basis of type, the LED retrofit market is segmented into indoor and outdoor. With the significant use of indoorLED retrofits in residential, commercial,and industrial sectors, it is projected to hold a significant share over the forecast period 2018-2026. Additionally, the prominent use of linear and round LED retrofits in across residential, commercial and industrial sectors is anticipated to have a significant positive impact on the global LED retrofit market. Furthermore, the increasing use of indoorLED retrofits across thegrowing horticulture industry is positively affecting the indoor segment of the global LED retrofit market.
North America to continue to hold significant CAGRover the forecast period
North America is expected to holdsubstantial share of theLED retrofitmarket during the forecast period. The growth is mainly due to the booming LED retrofit marketplace with the presence of well-established players across the region, especially across the U.S. and Canada. North America is a home to many well-established players from the LED retrofit domain includingGeneral Electric Company, Cree Inc, Fulham Co., Inc. among others. Furthermore, North America is witnessing higher adoption of LED retrofitowing to the continuous advancements in LED retrofits by well-established lighting providers in the regionand multiple initiatives taken by the governmentsto increase the adoption of LED lighting. For instance, In April 2018, OSRAM Licht group announced its partnership with the U.S. state of Tennessee toincrease the number of LED-based lighting retrofit projects in government facilities across the state. This initiative is expected to have a positive impact on the LED retrofit market in North America.
The Asia Pacific region is expected to hold significant market share in the year 2026. China, India, and Japan are anticipated to play a significant role in APAC’s prominent share. The factors contributing to the growth in Asia Pacific are multiple initiatives taken by government bodies topromote the use of LED lighting. For instance, ‘Ujala,” an initiative by the Indian government for boosting LED adoption across India, is helping the adoption of LED lighting across the country. Additionally, in 2017, as per the Street Light National Programme of the Indian government, 21 lakh LED’s were installed across India. Such initiatives are expected to drive theLED retrofit market in the Asia Pacific region. Furthermore, the increasing population of China and the rising adoption of LED lighting in the country areprojected to play a significant role in the LED retrofit market in the Asia Pacific region.
Philips Lighting Holdings B.V., OSRAM Licht Group, Fulham Co., Inc., Tridonic, General Electric Company, Eaton,and Cree Inc` among others are some of the major players operating inthe LED retrofit market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various market players are establishing partnerships, entering into strategic M&A, and expanding to enhance the LED retrofit offerings worldwide.
LED Retrofit Market – Overview
The “LED retrofit Market– Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026” report provides analysis of the LED retrofit market for the period 2016–2026, wherein the years from 2018 to 2026 is the forecast period and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies playing a major role in the LED retrofit market growth over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) and volume (thousand units) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report includes the U.S, Canada, Germany, France, U.K, India, China, Japan, GCC countries,South Africa, and Brazil.
This report analyzes and forecasts the LED retrofit market at the global and regional level. The market has been forecasted based on revenue (US$ Mn) and volume (thousand units) from 2018 to 2026. The study includes drivers and restraints of the global LED retrofit market. It also covers the impact of these drivers and restraints during the forecast period.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global LED retrofit market. Porter’s Five Forces model for the LED retrofit market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global LED Retrofit Market: Taxonomy
This research study on the global LED retrofit market provides a detailed cross segment and cross country analysis based on the different segments including ‘by application,’ ‘by type,’ and ‘by functionality.’ Based on application, the global LED retrofitmarket is segmented into residential, commercial, industrial, and others. Others include square and custom LED retrofits. Additionally by type, the global LED retrofit market is segmented into indoor and outdoor. by functionality, the market is segmented into dimmable and non-dimmable.
Global LED Retrofit Market: Research Methodology
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide first hand information on the market size, market trends, growth trends, competitive landscape, and outlook, etc. These helps us to validate and strengthen secondary research findings. These also help to develop the analysis team’s market expertise and understanding.
Global LED Retrofit Market: Competitive Dynamics
The report highlights well established players of the market including Philips Lighting Holdings B.V., OSRAM Licht Group, Fulham Co., Inc., Tridonic, Eaton, General Electric Company, and Cree Inc. among others. These key players are looking to capture larger market share by innovating novel LED retrofit lights. For instance,in December 2017, Cree Inc. launched XLamp XD16, an extreme density LED which provides five and a half times higher lumen density as compared to its previous LED solutions, which is suggested to have a positive impact on its LED retrofit offerings. Additionally, in October 2017, Tridonic announced the launch of its LLE AC G1 module, a single-component solution tailored to linear luminaire. The integrated electronics, self-cooling, lighting technology and a packet of mounting accessories makes it a prominent retrofit option.
Global LED Retrofit Market
Global LED Retrofit Market, by Application
Global LED RetrofitMarket, by Type
Global LED Retrofit Market, by Functionality
Global LED RetrofitMarket, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America