According to a report,” LED Lighting Market Size, Share & Trends Analysis Report By Product (Basic LED, High Brightness LED, OLED), By Design (Lamps, Luminaires), By Application (Indoor, Outdoor), And Segment Forecasts, 2018 – 2025″,published by Grand View Research, Inc., The global LED lighting market size is expected to reach USD 108.99 billion by 2025, and will register a CAGR of 14.4% during the forecast period. Continuous development of energy-saving capabilities, introduction of Standard Deviation Color Matching (SDCM) control, and longer lifespan compared to CFL lamps have accelerated demand for LED lamps at a global level. Introduction of smart/connected lighting and its multiple uses in residential, commercial, and industrial sectors has also spurred market growth.
Key Takeaways from the report:
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The global LED lighting market is expected to develop at a CAGR of 14.4% from 2017 to 2025
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OLED emerged as the largest product segment in 2016 and is estimated to generate revenue worth USD 58.0 billion by 2025
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Global LED luminaires demand was valued at USD 10.63 billion in 2016 and is anticipated to witness staggered growth over the course of the forecast period
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The U.S. LED architectural lighting market was valued at USD 0.79 billion in 2016 and is anticipated to exhibit a CAGR of nearly 15.0% over the forecast period.
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The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to tremendous demand for energy-efficient lighting in residential and commercial sectors. The regional market is expected to exhibit a CAGR of 15.4% from 2017 to 2025
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Key players such as Koninklijke Philips Electronics N.V.; OSRAM GmbH; Cree, Inc.; Eaton; and GE dominated the global LED lighting market, accounting for about 59.0% of the total revenue in 2016.
Application Highlights
The market is classified on the basis of application into indoor and outdoor lighting. The indoor segment was valued at over USD 20.0 billion in 2016 and is expected to witness stable growth throughout the forecast period. The segment is further classified into residential, commercial, industrial, and others. The commercial sub-segment accounted for the largest market share in 2016. Usage of LED lights in offices, retail stores and malls, hospitals, education buildings, and others has risen significantly over the past few years. High adoption of light emitting diodes as an alternative to florescent, HID, and incandescent lightings has paved the way for indoor light emitting diode lighting on a large scale.
Outdoor applications include airports, corporate campuses, industrial, government, and healthcare infrastructure, highways and roadways, and public places such as signage and traffic signals. Demand can be highly affected by public policy interventions and municipality support.
Outdoor light emitting diodes can be classified into architectural, public places, and others. Architectural illumination emerged as the largest outdoor application segment. The segment has been an early adopter of LED lightings and is widely used in various applications such as exterior commercial wall lights, ground recessed lights, lamp posts, and architectural exterior floodlights.
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Regional Outlook
Asia Pacific accounts for the largest share of about 40.0% in the global market and is likely to continue dominating in terms of both usage and manufacturing. Taiwan, Japan, and China are key contributors to regional growth owing to initiatives undertaken by the respective governments for embracing light emitting diodes and existence of a large number of market players.
The debt crisis in Europe adversely impacted demand for LED since their production requires vast capital investments. In recent times, European and North American markets have witnessed a boom owing to government support and growing usage of ultra-modern lighting in several industries.
Strong dollar policy is likely to help U.S. become a major growth driver for overall demand for LED illumination. The country has also been a strong advocate of light emitting diode lighting. In recent years, U.S. has announced new policies and guidelines regarding the use of light emitting diode technology, invested in research and development of energy-efficient lighting solutions, expanded use of light emitting diode lighting in commercial, industrial, and residential applications, and participated in public-private partnerships to boost local markets.
Grand View Research has segmented the global LED lighting market on the basis of product, design, application, and region:
LED Lighting Product Outlook (Revenue, USD Million, 2014 – 2025)
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Basic LED
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High brightness LED
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OLED
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Others
LED Lighting Design Outlook (Revenue, USD Million, 2014 – 2025)
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Lamps
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A-Lamps
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MR-16
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Reflectors
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T-Lamps
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Others
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Luminaires
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Streetlights
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Downlights
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High Bays
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Troffers
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Track lights
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Suspended pendants
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Others
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LED Lighting Application Outlook (Revenue, USD Million, 2014 – 2025)
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Indoor
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Commercial
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Residential
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Industrial
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Others
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Outdoor
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Architectural
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Public places
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Others
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LED Lighting Regional Outlook (Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Mexico
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Middle East & Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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