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LED Lighting Market Research Report- Forecast till 2027
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.
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.
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The global LED lighting market has been segmented on the basis of installation type, product type, distribution channel, and end-use application.
Based on installation type, has been segmented into new installation and retrofit. The retrofit segment accounted for the larger market share 2020, with a market value of USD 31,963.6 million; it is expected to register a CAGR of 18.1% during the forecast period. The new installation segment was valued at USD 21,245.5 million; it is projected to register the higher CAGR of 19.4%. Because retrofit lamps just require the replacement of old bulbs with LED or smart LED bulbs, they are easier to install than new lamps. While they may appear to be similar to older lights, most users nowadays choose newer installations that are more customizable and tailored to the user’s preferences in terms of ambience and luminance. In older residential properties, retrofit is used, but new construction in retail, shopping malls, and industrial environments need custom installations.
Based on product type, the LED lighting market has been segmented into luminaries and lamps. The lamps segment is further segmented into bulb lamps, spot lamps, A-lamps, and T-lamps. The bulb lamps segment accounted for the largest market share in 2020, with a market value of USD 9,340.6 million; it is expected to register the highest CAGR of 19.7% during the forecast period. An LED light is essentially an electric bulb that may be used in an adaptor or luminary on its own. It uses several LEDs, each of which has higher energy efficiency, a brighter brightness, and a longer lifespan. As LED chips offer higher brightness, several manufacturers employ them in their lamps. LED lamps are available in a variety of shapes, sizes, bases, and colours. Most LEDs produced recently are intelligent and can be easily customized using a smartphone or other smart device. The Luminaires segment is further bifurcated into ceiling luminaires, downlight luminaires, strip luminaires and strip lights.
Based on distribution channel, the global LED lighting market has been segmented into store-based and non-store based. The store-based segment accounted for the larger market share in 2020, with a market value of USD 27,317.6 million; it is expected to register the higher CAGR of 19.0% during the forecast period. The end buyer purchases a good or service through a distribution channel, which is a chain of enterprises or intermediaries. LED light retailers, wholesalers, distributors, and resellers form a store-based distribution channel, which store the product, display it, and use salespeople to get it into customers’ hands.
Based on end-use application, has been segmented into indoor lighting and outdoor lighting. The indoor lighting segment accounted for the larger market share in 2020, with a market value of USD 31,081.6 million. The indoor lighting segment is further segmented into commercial, residential, industrial and others. LED lights are extensively employed in residential structures due to their outstanding energy efficiency. The energy efficiency of your home is automatically maintained with smart LED lighting. The system helps save money by allowing remote monitoring. To assist save energy, motion sensors are being incorporated into lighting. Smart dimming and scene-setting lower the intensity of illumination.
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.
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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LED Lighting Market Research Report: Information By Installation Type (New Installation and Retrofit), Product Type (Lamps [Spot Lamps, Bulb Lamps, A-Lamps, and T-Lamps] and Luminaries [Ceiling Luminaries, Downlight Luminaires, Spots Luminaires, and Strip Lights]), Distribution Channel (Store Based and Non-Store Based), End-Use Application (Indoor Lighting [Residential, Commercial, Industrial and Others] and Outdoor Lighting [Highway & Roadway, Architectural, Public Places and Others]) and Region (North America, Europe, Asia-Pacific and Rest of the World [the Middle East & Africa, and South America])—Forecast Till 2027
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