COVID-19 Impact on the global LED lighting Market in 2020

COVID-19 Impact on the global LED lighting Market in 2020

Download FREE Sample Report

A sample report is a miniature version of the report for your better understanding of the report scope, it includes table of content, executive summary and demo tables.

The COVID-19 or Coronavirus pandemic is the worst healthcare disaster that happened to humankind in the last century, started from Wuhan in China, the virus engulfed large populations around the world in a span of few months resulting in the death of millions of people. Global leading economies including China, the United States, Europe, Japan, India all went into stringent lockdown for months to control the spread of this deadly virus. This sudden lockdown resulted in a huge economic impact on almost all the industries. The demands have fallen by almost half to zero in some cases. be it automotive, chemical, material, technology, electronics all the industries were worst hit by the pandemic. the Global LED lighting market is no exception to the list. The following are key COVID19 impacts on the global LED lighting market share in 2020.

Importance of lighting in the industrial & commercial lighting

LED lighting has huge demand from the commercial & industrial sectors, as lighting is one of the most crucial parts of industrial safety as directed in most of the major governments. There are certain standards set by the government for lighting such as minimum wattage, brightness level, voltage, color, flickering level, etc.

Many major players are focused only on manufacturing lighting for industrial & commercial LED lighting market. Lockdown has caused operational closure of many manufacturing facilities, offices, storages, etc. thus, the demand for lighting has decreased significantly.

LED Lighting Market

Read detailed analysis and download Free sample copy below

Global LED Lighting Market Size, Share & Trends Analysis Report 2020 

 

COVID19 Impact on LED lighting manufacturing

The LED lighting manufacturing plants in China & Europe were most affected by the COVID19 pandemic. Lockdown resulted in a significant decrease in the availability of raw materials, a lack of skilled laborers, and closure of manufacturing facilities for a prolonged period. All this resulted in an increase in company expenses & lowered revenue. The drop in demand caused in the piling of stocks with no moment.

Download a FREE sample report on LED Lighting Market Size, Share & Trends Analysis Report 2020-2030

A sample report is a miniature version of the actual report that showcase the overall report structure, scope & inclusiveness and helps in making the purchase decision.
Free sample

COVID19 Impact on LED lighting demand and supply

Due to lockdown, the construction, renovation & moment of residential, commercial & industrial infrastructure has stopped resulting in a sudden drop in demand for LED lamps. E-commerce is one of the largest platforms for selling LED lamps, the lockdown has resulted in a halt in supply & logistics which has decreased the demand notably. International logistics is running at less than 50% of its capacity sue to lowered exports & imports.

Key developments in the LED lighting industry

  • The LED lighting market is anticipated to reach a market size of USD 144.5 billion by 2030 to grow at a CAGR of 11.5% between 2025-2030.
  • Lamp segment is the largest segment followed by luminaires. Lamps are replaceable, affordable & easy to use, thus their demand is growing exponentially.
  • The indoor lighting segment accounts for the largest LED lighting market size in 2020.
  • The Asia Pacific is expected to emerge as the largest market for LED lighting, owing to huge market demand, manufacturing facilities, and availability of labour.
  • Key players in this market include Philips Lighting (Signify), Cree Inc., Osram Gmbh, Digital Lumens, and Zumtobel Group AG. These companies accounted for about 50% LED lighting market share in 2020.
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit

Connect With Us

Fill the form to purchase this report/ access free sample report/ request for customization/ product related inquiry.

Translate »
We use cookies to improve your experience

We use cookies in order to provide best user experience on this site. Please click “Accept & Close” to help us improve its usefulness with additional cookies. Learn about our use of cookies, and collaboration with select social media and trusted analytics partners in our privacy policy