LED Lighting Market Insights
The LED lighting Market size is valuated to be USD 75.3 billion in 2022 and is expected to touch USD 124.7 billion by 2027, at a CAGR of 10.6% during the forecast period 2022-2027.
LED or light emitting diodes are semiconductor devices that discharge light, when an electric current passes through it, as the light carrying particles combine together. LED lights give an energy efficient lighting solution compared to radiant lights, offering 25 times longer durability with use of 75 lesser energy. also, LED lights discharge light in one direction, therefore, reducing the requirement of reflectors and diffusers, while also reducing the heat produced. These lights find increased application in bulbs and fixtures for basic lighting purposes and come in a different type of colors and designs.
Some dominant players in the global LED lighting market involve-
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LED Lighting Market Regional Analysis
Asia Pacific accounted for a revenue share of over 42.8% in 2021 and is expected to avouch high growth in the upcoming years. This can be imputed to rapid infrastructure development activities in developing countries, joined with increasing initiatives by the government bonded to energy saving is anticipated to raise demand for LED lighting. China, Japan, and India are major contributors to the market growth due to the ringing construction industry, along with the presence of a big number of players running in these countries with a focus to introduce new products are factors anticipated to support the regional market growth.
North America & Europe region accounted for a significant revenue stake in the world market. This can be imputed to strict government regulations and initiatives pertaining to energy efficiency. From September 2021, under EU norms the minimum efficiency requirement for general service lighting is set at 91 lm/W. Likewise, in 2017, European Union started applying an A (efficient) to G (inefficient) scale which is anticipated to help the customers make better- informed purchasing choices related to buying energy-efficient electronic goods.
LED Lighting Market Segmentation
The universal LED Lighting Market is segmented on the basis of Product Type, Installation Type, End- User, and Geography.
LED Lighting Market Segmentation Analysis
LED Lighting Market, By Product Type
Based on Product Type, The market is bifurcated into Luminaries and Lamps. The LED luminaries came up as the largest segment in 2019. Luminaries are generally used in commercial and industrial lighting segments. They’re expensive than typical LED lights; therefore, luminaries rate for a more significant market share than LED lights. New installations predominantly run growth. It includes lights used in streetlights, high bays, down-lights, track lights, troffers and suspended pendants for various applications.
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LED Lighting Market, By Installation Type
• Retrofit Installation
• New Installation
Based on Installation Type, The market is bifurcated into Retrofit Installation and New Installation. By installation type, retrofit installation is anticipated to witness the highest growth. Adding the replacement of incandescent lights with energy-efficient light sources similar as LED lights is the major factor contributing to the growth of the market for build installation. The old generation lights are being slowly phased out and the institutions are being retrofitted with LED lights as they offer a longer working life and also consume lower energy.
LED Lighting Market By, End- User
• Outdoor Lighting
• Indoor Lighting
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Based on End- User, The market is bifurcated into Outdoor Lighting and Indoor Lighting. The inner segment dominated the market in 2019. Usage of LED lights in services, retail stores and malls, hospitals, education structures, and others has witnessed significant growth over the past few years. High adoption of LEDs as an alternative to fluorescent,
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