01 November 2019
LED Lighting Market Report 2020-2030: Forecasts by Installation (New Installation, Retrofit, Others), By Type (Lamps, Luminaires), By Application (Residential, Commercial, Industrial, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
The overall size of the LED lighting industry in 2019 was estimated at USD 46.5 billion and is expected to grow over the forecast period at a CAGR of 14 percent. Increasing demand for energy-efficient lighting systems across domestic, commercial and industrial sectors, growing concern about the depletion of non-renewable power sources, and decreasing cost of Light Emitting Diodes (LED) lights are likely to boost production.
Governments offer incentives and rebates to replace traditional lamps with LED products, which makes it possible to improve the worldwide adoption of LED products. Intelligent lighting is also expected to offer lucrative opportunities for industrial and commercial applications. With control zones, they have the ability to adjust light. In the U.S. and several European nations, smart city schemes have become predominant, with increasing focus on strategies to reduce peak power demand and overall energy consumption.
Due to increased penetration in developing countries, LED lamps are expected to grow at a fast CAGR over the forecast period. Such lamps have different advantages over incandescent ones, including robustness, energy efficiency, and better reliability over time. They are also available in different designs and applications such as T-Lamps, reflectors, A-Lamps, and MR-16 lamps. The price of LED lamps in European countries is expected to compete with compact florescent lamps by 2018, which will further accelerate the shift from CFLs to light-emitting diodes.
The commercial market appeared in 2018 as one of the largest segment in LED lighting. Demand for downlights LED troffers is driving commercial LED lighting production. Low visibility LED lights from the commercial lighting market are in high demand. Such lights should follow the industrial lighting standards and regulations established by different governments.
The residential design consists of compact plug-in fixtures such as table lamps, pendants and floor lamps, as well as fixtures that are permanently mounted beneath cabinet lighting or recessed sconces. It also includes accommodation for guest houses / bed-and-breakfast and small-scale home office lighting that is analogous to residential houses in structure.
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