New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “LED Lighting Market information by Installation Type, by Product Type, by Distribution Channel and Region – forecast to 2027” market size to reach USD 151,951.1 million, growing at a compound annual growth rate of 18.7% by 2027.
Market Scope:
The growing adoption of Solar LED Lighting in remote areas coupled with stringent government regulations regarding green technology across most countries will offer robust opportunities for the market over the forecast period.
Dominant Key Players on LED Lighting Market Covered are:
- Phillips Lighting Holding B.V. (Netherlands)
- GE Lighting (US)
- Osram Licht AG (Germany)
- Cree Inc. (US)
- Cooper Lighting Solutions (US)
- Virtual Extension
- Dialight Plc (UK)
- Zumtobel Group (Austria)
- Samsung Electronics (South Korea)
- Sharp Corporation (Japan)
- Eaton Corporation (Ireland)
- Acuity Brands Lighting Inc. (US)
- Digital Lumens Inc. (US)
- Hubbell Inc. (US)
- LSI Industries Inc. (US)
- LumiGrow Inc. (US)
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Market USP Exclusively Encompassed:
Market Drivers
Need for LED Lighting Solutions for its Multiple Benefits to Boost Market Growth
The growing need for LED lighting solutions for its multiple benefits such as high energy-efficiency, low price, and high durability will boost market growth over the forecast period.
Lack of Awareness about Installation Costs to act as Market Restraint
The lack of awareness about installation costs & payback periods may act as market restraint over the forecast period.
Development of Alternative Technologies to act as Market Challenge
The development of alternative technologies may act as market challenge over the forecast period.
Browse In-depth Market Research Report (172 Pages) on LED Lighting Market:
https://www.marketresearchfuture.com/reports/led-lighting-market-2860
Segmentation of Market Covered in the Research:
The global LED lighting market has been bifurcated based on installation type, product type, distribution channel, and end use.
By installation type, the retrofit segment will lead the market over the forecast period. Retrofit lamps just need the replacement of the old bulb with smart LED or LED bulbs and they are also easy to install compared to new lamps.
By product type, the bulb segment will dominate the market over the forecast period.
By distribution channel, the store-based segment will spearhead the market over the forecast period.
By end use application, the indoor lighting segment will have the lions share in the market over the forecast period.
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Regional Analysis
APAC to Spearhead LED Lighting Market
The Asia Pacific region will spearhead the LED lighting market over the forecast period. The growing need for energy-efficient lighting solutions, the region’s intensifying focus on LED standardization, leading LED lighting firms from the UK and the US, government environmental policies, construction of new lighting systems, government environmental policies, construction of new lighting systems, ongoing infrastructure modernization projects in India and China, governments having approved the construction of several smart cities, and growing initiatives undertaken by the governments to adopt light-emitting diodes, and the presence of large number of market players are adding to the global LED lighting market growth in the region. Besides, the presence of fastest developing countries in the country such as Malaysia, Vietnam, India, Indonesia, and China, booming construction industry, increasing local and migrated population, changing lifestyles, adoption of LED lights, the governments of different countries that offer lucrative offers and discounts on the use of LED lights as these helps significantly in energy consumption, this initiative helping governments in balancing the total energy generated as well as total energy consumed, on-going construction projects, lucrative benefits offered by the government on the use of LED lights that influence construction industry and builders, deployment of LED lights in new buildings, technology advances, & significant initiatives taken by the governments to reduce energy consumption are also adding market growth.
COVID-19 Impact on the Global LED Lighting Market
The COVID-19 outbreak disrupted the LED lighting market growth. Some key players like Signify Holdings and Acuity Brands Lighting incurred heavy losses for the decline in demand, supply and distribution disruption, and delay in completion of construction projects. Besides, the partial ban on mobility and the temporary lockdown has impacted the market from the commercial and industrial sectors like hospitability, manufacturing, and retail. China is the biggest product exporter and manufacturer and also gained immense prominence with regards to the adoption across the country. Besides, the disruption in supply of product components and supply-demand gap also impacted market growth. The accessibility however of the COVID-19 vaccine and also the fall in infections are likely to redirect the market towards growth as the business resumes operations.
Competitive Analysis:
The global LED lighting market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
