Market Overview
Lighting is the basic requirement in everyday life. It shows a significant impact on the life and the productivity of workforces. Artificial lighting is necessary in every place, allowing people to work in their homes, workplaces, buildings, and industries. Lighting is considered the least expensive product for implementing such solutions. LED lights and luminaires are rising in popularity in general lighting applications worldwide. The demand for the product is accelerating the LED technology to improve in terms of performance and to become cost-effective. The conventional light sources are to be replaced with more efficient and high-performing LED technology due to their efficiency. Therefore, the increased demand for energy-efficient lighting systems is driving the growth of the LED Lighting Market.
The LED Lighting Market is noticing a significant growth rate due to the factors such as a focus on LED standardization, a rise in demand for energy-efficient lighting systems, and increased development of advanced lighting systems. These driving factors will drive the market at the global level.
In the pandemic period, despite the uncertainties in growth, the semiconductors manufacturers, especially the LED makers, are continuing the operations and working process based on long-term strategies. The semiconductor manufacturers collaborate with the partners and specific markets to maintain consistent business stability. The market will progress at a significate growth due to the rising opportunities targeted by the industrial players.
The LED lighting market is projected to reach a value of USD 1,51,951.1 million by 2027 and will attain a CAGR of 18.7% during the forecast period by 2027.
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Market Segmentation
The LED Lighting Market is fragmented based on installation type, product type, distribution channel, and end-use application.
The installation type is divided into new installation and retrofit. The product type consists of luminaries and lamps. The lamps segment is further divided into bulb lamps, spot lamps, A-lamps, and T-lamps. While the luminaires further bifurcated into ceiling luminaires, downlight luminaires, strip luminaires, and strip lights.
The distribution channel is divided into store-based and non-store-based through which the products reach the customers. The end-use application section has indoor lighting and outdoor lighting. The indoor lighting is further segmented into commercial, residential, industrial, and others, and the outdoor lighting segment is further divided into public places, highway & roadway, architectural, and others.
Regional Analysis
The regional report of the LED Lighting Market shows the major continents covered, such as North America, Europe, Asia-Pacific, and the Rest of the World (ROW). The Asia-Pacific region accounts for the largest market share in recent years. North America is the second-largest market, followed by the Asia Pacific.
The Asia-Pacific region is highly emerging due to the demand for energy-efficient lighting solutions, and the focus on LED standardization is intense in the region. In addition, other factors are emerging the market’s growth in Asia-Pacific countries, such as government environmental rules and the new lighting systems development.
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Industry News
In September 2021, Skyview Capital, a private investment firm, acquired the Digital Lumens and Encelium businesses. It formalized the new company, Digital Lumens, Inc., and planned for investing in the entity to boost the growth, innovation, adoption, and support of these solutions.
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