New York , Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global led lighting market size is projected to grow at a CAGR of over 14% from 2023 to 2035. The market is expected to garner a revenue of USD 374.45 billion by the end of 2035, up from a revenue of USD 74.16 billion in the year 2022. The growing demand for IoT-connected devices is the major factor that is boosting the market growth. Smart LED lighting blends energy saving with the accessibility, intelligence, and intelligence benefits of connectivity.
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IoT solutions for connected lighting must match users' expectations for simplicity, dependability, and security. Around 11 million smart wireless LED bulbs were shipped globally in 2018, with over 50 million expected by 2020. Lighting components characteristic sensors that process and gather data via an IoT network (cloud computing or locally) to enable remote control and management via mobile or online applications.
LED Lighting Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Commercial segment to garner the highest growth
- Market in Europe to grow at a highest rate.
Rising Consumption of Electricity by Lighting System to Boost the Growth of LED Lighting Market
Electric lights power work and play around the clock. All of that strength adds up. Lighting alone accounts for 19% of total global electricity use. Cities that pollute the night sky with light consume 60-80% of the world's energy. We must reduce our energy consumption if the world is to move towards a cleaner future. The most straightforward method to accomplish this is to keep trying to increase lighting efficiency. New bulbs, control systems, and lighting schemes can have a significant impact on both commercial and residential buildings, saving both energy and money. LED lights generally consume 50-90 percent less energy than comparable conventional or halogen bulbs. A 100 W (Watt) incandescent bulb, for example, can be substituted with a 9 W LED bulb with comparable light output performance.
LED Lighting Industry: Regional Overview
The global LED lighting market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Development of Urbanized and Smart Cities is to Boost the Market Growth in the Asia Pacific Region
In the Asia-Pacific area, urbanization remains a distinctive megatrend. Asia is home to 54% of the world's urban population or more than 2.2 billion people. By 2050, Asia's urban population is predicted to increase by 50%, reaching 1.2 billion people. Moreover, East Asia and the Pacific is the world's fastest-urbanizing region, with an annual urbanization rate of 3%. Furthermore, there is a huge investment influx to support the development of smart cities is also expected to drive the market growth. In the Asia-Pacific region, approximately ten cities are predicted to become smart cities by 2025, with China accounting for more than half of the total. Singtel in Singapore and Telstra in Australia have each set aside USD 500 million and USD 100 million to enable smart city technology platforms and infrastructure.
Rising Focus on Finding Energy Efficient Solutions is to Elevate Market Growth in Europe
Energy efficiency laws enacted in 2018 are being amended to assist the EU in meeting the stringent climate targets outlined in the 2021 European Green Deal. New targets established by the Parliament in July 2023 call for an aggregate decrease in energy usage at the EU level of at least 11.7% by 2030. Improvements in energy efficiency might lower not only CO2 emissions but also the EU's annual USD 355 billion outlay for energy imports. Parliament approved plans for a climate-neutral building industry by 2050 in March 2023. The guidelines to improve the efficiency of Europe's buildings include initiatives intended to cut energy costs and alleviate energy insecurity, particularly among women, as well as to improve indoor health.
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LED Lighting Segmentation by Product
- Lamps
- LED Bulb
- LED Tube Light
- Luminaries
- Downlighting
- Decorative
- Directional
- Others
On the basis of product, the lamps segment is expected to garner a huge share of the market. The growth of the segment is major rapid shift of the world towards LED lights. The growing development of energy-efficient buildings is majorly driving the demand for LED lights. In the long run, energy-efficient programs will build the connected infrastructure needed to achieve net zero goals. An expedited transition to linked LED lighting can kickstart the required doubling of efforts and impact. Lighting is responsible for 13% of total global electricity use. Shifting to energy-efficient LED lighting might reduce lighting-related energy use by 8% globally by 2030, even as the total number of light points increases.
LED Lighting Segmentation by Application
- Indoor
- Outdoor
LED Lighting Segmentation by Sales Channel
- Retail/Wholesale
- Direct Sales
- E-Commerce
LED Lighting Segmentation by End User
- Commercial
- Household
- Industrial
On the basis of end user, the commercial segment is expected to gain the highest market revenue over the forecasted period. The growth of the segment is primarily expected on the back of the growing use of LED lights in commercial buildings. According to the Energy Information Administration, commercial buildings in the United States are progressively implementing features such as LED lighting and upcoming technology such as EV charging stations. LED lights were used in almost 3 million commercial buildings, which is five times the number of structures that used LEDs in 2012. Moreover, around 68% of buildings used standard fluorescent lighting.
A few of the well-known market leaders in the global LED lighting market that are profiled by Research Nester are Acuity Brands, Inc., Cree Lighting, Dialight, Digital Lumens, Incorporated, Hubbell, LSI Industries Inc., Siteco GmbH, Signify Holdings, Seoul Semiconductor Co., Ltd., Zumtobel Group AG, Panasonic Corporation, Koizumi Lighting Technology Corp, ATEX Co., Ltd., and Nichia Corporation.
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Recent Developments in the Market
- Cree Lighting has announced the launch of its J Series 5050C E Class LEDs, which have the best efficacy for high-power LEDs in the industry. At the same efficacy level, the new J Series LEDs produce up to three times the light output of competitive 5050 LEDs. These sophisticated LEDs are also built with enhanced corrosion resistance for use in the harshest settings. Cree LED now offers four performance levels in the J Series 5050 LED portfolio, with the inclusion of the new E Class LEDs, to address the majority of directional general illumination applications.
- Acuity Brands Inc. has launched the Verjure, a professional-grade agriculture LED lighting system that provides effective and predictable performance for indoor horticulture applications. The Verjure Pro Series LED luminaires were developed utilizing academic, plant-based research and are intended to promote all stages of plant growth, from veg to flower. To promote diversity in growth, the Series is offered in three distinct sizes and outputs, encompassing indoor warehouse, in the greenhouse, and vertical racks.
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