The new report by Expert Market Research titled, ‘Global LED Lighting Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the Indian global LED lighting market, assessing the market based on its segments like products, applications, end-uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
LED Lighting Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Value (2021): USD 64.4 Billion
• Forecast CAGR (2023-2028): 9.1%
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The changing preference of consumers from incandescent lights and fluorescent lamps towards LEDs owing to the greater energy savings, higher lifespan, instant lighting, and eco-friendly properties is driving the market growth. The increasing efforts by the major market players aimed towards increasing profitability of the lighting division are anticipated to provide significant impetus to the market growth.
Moreover, the increasing demand for LEDs in hospitals and educational institutes owing to the greater efficiency and cost-effectiveness is likely to be a major growth propelling factor. Geographically, the Asia Pacific region accounts for a significant share of the market owing to the increasing adoption of devices such as television and smartphone, among others.
LED Lighting Industry Definition and Major Segments
LED lighting is defined as an electrical equipment which works on microchips containing tiny light sources. Electric current passes through these microchips, which illuminates these light sources and produces a visible light with high intensity. Moreover, microchips determine the energy of the photons emitted by an LED.
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On the basis of product, the market can be segmented into:
- Street Light
- High Bay
- Track Lights
- Suspended Pendants
The market can be bifurcated on the basis of application into:
LED lightning finds extensive end-uses in the following sectors:
- Highway and Roadway
The regional markets for LED lighting include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
LED Lighting Market Trends
The technological advancements in the commercial sector, such as advertising and marketing, are likely to be the key trends in the market. This can be attributed to the growing demand for LED lighting for luminous billboards, and display screens.
The stringent regulations of the government aimed towards deterring the use of traditional lighting systems which consume more power and generate more heat are anticipated to be the crucial trends in the market propelling the demand for LEDs.
Moreover, the thriving e-commerce industry which provides the convenience of door-step-delivery of consumer electronics is anticipated to be a major growth driving factor for the market in the coming years.
Key Market Players
The major players in the market are :
- Nichia Corporation
- OSRAM Licht AG
- Samsung Electronics Co Ltd.
- Everlight Electronics Co. Ltd.
- Acuity Brands, Inc.
- Koninklijke Philips N.V.
- Epistar Corp.
- Seoul Semiconductor Co. Ltd.
- Panasonic Corporation
- CreeLED, Inc.
- Lumileds Holding B.V.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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