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LED Lighting - Global Market Trajectory & Analytics

  • ID: 2769236
  • Report
  • July 2020
  • Region: Global
  • 737 Pages
  • Global Industry Analysts, Inc
The global market for LED Lighting is projected to recover from the current COVID-19 pandemic to reach US$78. 7billion by 2027. With the energy industry the hardest hit by the pandemic and the stringent lockdown and restrictions imposed by governments worldwide, LED lighting market will feel the shocks. Factory closures in most countries as a result of the ongoing lockdowns are disrupting production and cash flows of utilities, affecting all the players in the energy value chain including lighting component suppliers. Supply chain disruptions are pushing up prices of LED lamps and luminaries in countries reliant on component supplies from China. Increased prices are a revenue buster for companies at a time when consumer confidence is hitting rock bottom as the deadly march of the pandemic pushes the human costs of the crisis to unbelievable highs. Innovations are already receiving a setback with industry events such as Light Fair 2020 being cancelled in light of the still spreading pandemic. As governments dole out financial packages to prevent complete economic collapse, widening fiscal deficits which is evitable will impact opportunities that come from smart city initiatives. With unemployment levels already beginning to surge worldwide as economic activities come to a halt causing businesses to collapse, a COVID-19related recession is now inevitable. With unemployment comes fall in consumer confidence, erosion of household wealth and decline in discretionary spending, all of which will directly impact for sales in the consumer sector. Spending on smart homes will be hit hard and LED Lighting will feel the pain as LED technology is the foundation for smart lighting.

Light Emitting Diodes (LEDs) are semiconductor devices that convert electricity into visible light. LED is a solid-state lighting type since the light is emitted from a solid semiconductor material unlike from a vacuum or gas as is the case in traditional incandescent and fluorescent bulbs. Light emitted by LEDs is in a very narrow wavelength range and is not inherently white. Several such LEDs are clustered into a package, attached with the required optics and integrated into a casing and made to resemble a traditional incandescent light bulb. Base line growth drivers in the market which will re-emerge in the post COVID-19 period include the ever-present focus on energy efficiency as the hidden weapon against carbon emissions; rising investments in energy efficient lighting technologies against the backdrop of the development of smart cities and smart homes; regulatory and policy support for LED adoption; and LEDs suitability in smart lighting concepts. Falling cost of LED chipsets purely from a technology standpoint will helping make the technology more cost-competitive with other traditional lighting technologies such as compact fluorescent lights, metal halide, high pressure sodium lights, and incandescent lights. Benefits of LEDs over traditional lighting systems include longer durability and lifespan; high levels of energy efficiency equating to over 65% to 75% reduction in electricity consumption; improved safety as there is significantly lower heat generation as compared to compact fluorescent lights and high intensity discharge lights; small and compact form factor; high color rendering index (CRI) which is a very desirable lighting characteristic in most applications; generate directional light emissions that eliminate the need for accessory devices to redirect the light; eco-friendly as they eliminate the use of toxic mercury; resistance to a wide range of temperatures from hot to cold; ability to operate on low voltage; higher controllability such as dimming capability; zero IR and UV emissions. Future growth in the market will come from expanding applications in traffic signals, commercial and residential mood lighting, factory and warehouse lighting; healthcare and hospital lighting, among others. Europe and Asia-Pacific represent large markets worldwide. Asia-Pacific and Latin America are forecast to emerge into the fastest growing markets supported by healthy economic growth, robust industrialization and urbanization; growing awareness over the importance of energy efficiency in achieving carbon reduction targets; push for increasingly higher standards for more energy efficiency; and continuous innovations in LED technology that encourage adoption in a wide range of applications.

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of Covid-19 and a Looming Global Recession

LED Lighting: An Introduction

Market Facts

LED and Other Lighting Technologies: A Comparison

LED’s Longevity and Digital Connectivity to Aid Lighting Industry Achieve Sustainability

Key Drivers for LED Lighting Demand

Adoption of Energy-Efficient Lighting Options

Supportive Policies and Regulations

Growing Significance of Energy-Efficient Certifications

Non-Residential Buildings: Key Growth Areas for LED Lighting Manufacturers

Emphasis on Achieving Energy and Cost Savings amidst Spiraling Electricity Consumption: The Fundamental Growth Driver

Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035

Market Outlook

Global General Lighting Market by Type: 2016, 2018 & 2020

industrial Commercial LED Lighting Market to Witness Strong Growth

Emerging Markets Lead Growth Prospects

LED Luminaires: The Leading Segment

Leading LED Producing Countries Worldwide

China: Largest LED Producer Worldwide

Competition

LED Lighting Marketplace: Highly Competitive and Fragmented

Competitive Landscape in the Global Market for LED Lighting: Leading Companies by Geographic Region

Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Smart Intelligent LED Lighting Catalyze Growth Prospects

Li-Fi to Emerge as Game Changer

Growing Number of Smart Homes Create Significant Demand

Smart Home Penetration Rate (%) by Region/Country: 2020

Global Smart Home Penetration Rate (%): 2017-2025

Global Home Automation Market by Application (in %): 2019

Smart Cities Drive Installation of Smart & Connected Lighting Systems

Smart Street Lighting

LED Chips Offering Higher Lumens per Watt and More Savings Drive Demand in Industrial Applications

Rise in Integration of LED Lighting in Industrial Automation

LED Components Witnessing Continued Advancements to Result in Increased Growth for LED Lighting Market

LED Grows as the Preferred Medium of Lighting in Horticulture

Growing Focus on Tourism Drives Demand for Architectural and Landscape Lighting

Organic LEDs (OLEDs): The Future Growth Avenue

Exceptional Color Rendering of LEDs Spurs Penetration in the Retail Display Segment

Increasing Adoption of LEDs in Innovative Niche Lighting Markets Favor Market Expansion

Focus of SSL Technology Augurs Well for the Market

Favorable Demographic Trends Strengthens Market Prospects

World Population by Geographic Region (in Millions): 2010-2040

Rise in Urbanization Drive Development of Higher Quality, More Efficient, and Longer Lasting LED Solutions

World Urban Population in Thousands: 1950-2050

Burgeoning Middle Class Population

Global Middle Class Population (in Millions) and as a Percentage of Total Population: 2005, 2015, 2025 & 2035

Select Product Innovations and Developments

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

Market Facts & Figures

Market Overview

Regulatory Changes Transform the Country’s Lighting Landscape

Impact of COVID-19 on the Construction SectorTones Down Nearterm Growth Prospects

Construction Industry in the US by Sector (2016-2022): Breakdown of Value (US$ Million) for Residential Buildings, Non-Residential Buildings, and Non-Building Structures

Growing Demand for Connected LED Lighting Drive Strong Market Growth

Increasing Use of LEDs in Retrofit Applications Benefit Market Expansion

Emerging Trends in LED Luminaire Designs Drive Adoption in Indoor Applications

LED Industrial Luminaires Grow in Prominence over Conventional Industrial Luminaires

Market Analytics

CANADA

JAPAN

CHINA

Market Overview

Competitive Landscape

Significant Urbanization Levels Spur Demand

Urbanization in China in Terms of Percentage Share of Total Population Living in Cities: 2010-2020

Market Analytics

EUROPE

Market Overview

Competition

Market Analytics

FRANCE

GERMANY

ITALY

UNITED KINGDOM

Market Overview

Market Analytics

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

Market Overview

Market Analytics

AUSTRALIA

INDIA

Market Overview

Rapid Urbanization and Rising Affluence Drive Demand for Higher Priced and Designer Luminaires

Spurt in Residential and Commercial Construction in Tier-2 and Tier-3 Cities Drives Adoption

LEDs taking over from HIDs in Street Lighting Space

Emergence of Smart LED Lights

Market Analytics

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

LED Lighting Witness Soaring Popularity in the Middle East

Market Analytics

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION

Total Companies Profiled: 174

Note: Product cover images may vary from those shown
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