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NEW YORK , March 9, 2022 /PRNewswire/ -- As per Zion Market Research study, The global LED lighting market is valued at $64.4 billion in 2021 and is expected to reach $190 billion by the end of 2028, with a fast-growing CAGR of 14.26% over the forecast period. The report is a comprehensive study of market definition, growth drivers, opportunities, and challenges. It presents a brief analysis of the current performance of the market at the global level.
Zion Market Research published the latest report titled as "LED Lighting Market By Product Type (LED Fixtures and LED Lamps), By End-User (Commercial and Industrial Users), By Application, (Outdoor and Indoor lighting), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
A light-emitting diode refers to a semiconductor device. On passage of electric current through the device, it emits light. The electrically charged particles are passed through semiconductors. Additionally, the color of the light depends on the energy required for the electron to cross the gap of semiconductors. An LED can indicate different colors ranging from infrared tri-color to bi-color and white, blue, and green to yellow and red. LEDs are widely used in outdoor and indoor lighting. These are amongst the most efficient available lighting sources. Furthermore, LED lighting offers zero emissions, low-voltage operations, economic efficiency, design flexibility, durability, long life span, and energy efficiency.
The outbreak of the Covid-19 pandemic significantly affected the global LED lighting market due to disruptions in the supply chain and worldwide lockdowns. Such an unprecedented event has significantly impacted the positioning of technological devices in the market. In spite of such uncertainties and production ban, the LED makers have continuously worked on innovating advanced devices, thereby working on long-term strategies. Several semiconductor manufacturers had collaborated with required partners to align their manufacturing process. With the slowdown in the Covid cases and relaxation of lockdown protocols, the global market is likely to foresee significant growth in the forthcoming years.
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LED light is a light-producing diode that is used in light fixtures. It is a semiconductor lighting source that emits light whenever an electric current is passed through it. It is used in backlighting as well as automotive lighting. LED lights have high operating life and are smaller in size. An LED light can produce different colors. It consists of two components of process material called P-type semiconductors and N-type semiconductors. These elements are kept in direct contact to form a space called a PN junction. Some LED lights are also referred to as infrared emitting energy and infrared imaging diodes.
LED Lighting Market: Growth Drivers
High demand for energy-efficient lighting solutions will drive the growth of the global market.
The global LED lighting market is likely to spur exponentially in the forthcoming years due to the growing demand for energy-efficient lighting solutions and the development of advanced lighting systems. Strict regulations to ban inefficient lighting technologies along with government retrofit and rebate programs are likely to promote the deployment of LED lighting. LED lighting is expensive, but it offers high manpower and service life at less voltage in comparison to halogen, CFL, and incandescent light sources. Moreover, the declining prices of LED lamps in recent years, along with the wide availability of smart lighting solutions with advanced energy policies, are likely to offer impetus to growth in the global market over the forecast year. These lights offer around 50,000 hours of illumination with a lesser amount of energy consumed. The government is offering large rebates and incentives on replacing traditional lamps with modern LEDs. The light intensity can be adjusted according to the light requirement with the help of control zones. Additionally, people all across the globe are demanding lighting solutions that consume less power. Many players are adopting key strategies like acquisitions, partnerships, and product enhancements to strengthen their portfolio, thereby aiming to swipe larger market share.
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High cost of smart LED solutions will hamper the growth of global market.
The high cost associated with smart LED solutions is resisting people from adopting LED lights massively, thereby likely to restrain the growth of the global market.
Adoption of smart lighting is likely to offer immense growth opportunities in global market.
Smart lighting solutions are likely to offer immense momentum in the global market due to the growing government initiatives to build smart cities globally. Smart cities make use of smart solutions like LED lights to address the sustainable development challenges.
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Lack of awareness and high installation cost to create challenges in global market.
Installation costs and lack of awareness among people across the globe regarding the availability of smart technology like LED lighting have emerged as a huge challenge in the global market.
List of Key Players of LED Lighting Market:
Key Industry Insights & Finding of the LED Lighting Market Reports:
Key questions answered in this report:
By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Zumtobel Group Ag, Semiconductor Co. Ltd., Signify Holding, Siteco GmbH, Panasonic Corporation, LumiGrow, LSI Industries Inc., Hubbell, Digital Lumens Inc., Dialight, Cree Lighting, and Acuity Brands Lighting Inc.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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LED Lighting Market: Segmentation Analysis
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Asia Pacific accounts for the largest share in the global LED lighting market due to the growing urbanization in the region. Additionally, the rising living standard and disposable income of the people in the region will further propel the adoption of LED lighting in the region. The emergence of startups and small-medium organizations will further expand the scope of LED lighting in the region. Growing initiatives by governments in the region will also modernize projects with sustainable solutions is likely to pave a positive trajectory for the growth of the regional market. Developing economies like China and India are making many efforts to protect environmental health, which in turn is also fueling the growth.
Global LED Lighting Market is segmented as follows:
LED Lighting Market: By Product Type Outlook (2022-2028)
LED Lighting Market: By End-User Outlook (2022-2028)
LED Lighting Market: By Application Outlook (2022-2028)
LED Lighting Market: By Region Outlook (2022-2028)
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