Global LED Lighting Market Overview
The global LED lighting market size is estimated at USD 56.15 billion in 2018. It is anticipated to reach USD 126.5 billion by 2025 as per the new research report published by Confianza market research. Growing investments in the construction of smart cities & smart homes and Increasing adoption of LED in general lighting applications is anticipated to boost the market growth over the forecast period.
Governments across the world are upgrading their energy efficiency policies. Major economies around the world are supporting the adoption of energy-efficient LED bulbs to reduce electricity consumption from the general lighting sector. The U.S. led lighting market has witnessed exponential adoption of led light fixtures from both residential and commercial sectors after 2012. The led light prices have also decreased considerably in the last five years and are forecasted to continue to fall till 2025. LED lamps to reduce not only electricity consumption but also have a significantly longer lifespan of 50,000 hours. These lamps also emit very little heat compared to traditional light sources, including incandescent, halogen & CFL lamps.
Increasing demand for troffers, downlights & high-bay LED lights around the world is anticipated to flourish the European LED lighting market growth. Moreover, factors such as the upcoming Tokyo Olympics, the introduction of DLC V5.0 used in high brightness LED lights, and forward integration of key LED manufacturers are expected to boost the Asia Pacific LED lighting market.
Industrial & Commercial LED Lighting Market Is Growing Significantly.
The market is segmented by end-user type into residential, industrial & commercial LED lighting market. The demand for specialized lighting such as high bay lights, area lights is growing from industrial customers. As lighting compliance in various industries has been changed by the government to promote energy savings. Similarly, the growing retail sector in developing countries has progressed the demand for commercial infrastructure, which is leading to an increasing demand for LED lights.
.Moreover, the residential sector is growing at a moderate pace, owing to a slow down in residential construction in developed countries. However, the government subsidy & loyalty programs are continuing to boost the LED lamps market, especially in the European region.
Outdoor LED Lighting Market is driving the demand
By Application type, the market can be segmented into indoor and outdoor. The demand from the outdoor lighting industry is growing exponentially since the last five years as the Per unit cost of outdoor lighting, such as street lights high-bay lighting, has decreased significantly. The demand from the indoor lighting segment is expected to remain stable within the next eight years. However, specialized lights such as troffer, downlights can expect growth in demand, especially from developing countries such as China, Brazil, India, and Indonesia.