The global LED tubelight market exhibited strong growth during 2015-2020. A light-emitting diode (LED) tube light currently represents one of the most energy efficient type of linear tube lighting. Due to their high energy efficiency and longer life, these lights are rapidly replacing fluorescent tube lights that are often used in commercial and residential buildings. Unlike fluorescent tubes (which tend to burn out faster when integrated with occupancy sensors and other controls), LED tube lights work perfectly with control systems. They have a longer life span of 50,000 to 100,000 hours, which is 55-75 times more than their traditional counterparts. These eco-friendly lights offer maximum light output along with energy savings and come in a wide array of color temperatures. On account of their unique solid-state design, LED tube lights are lightweight, extremely durable and require virtually no maintenance or warm up time. Besides this, they are highly resistant to temperature alterations and can remain stable even in extremely cold conditions.
With the inflating prices of electricity around the world, consumers are shifting from compact fluorescent lights (CFLs) to LED tube lights. This is further supported by awareness campaigns and policies for energy conservation and environmental protection by governments in various countries. On the other hand, manufacturers are coming up with different LED lighting products and investing in marketing through newspapers and televisions which is increasing product awareness among consumers. Further, strong demand for LED tube lights is emerging from the corporate sector as they offer better ambiance lighting, enhanced controls and reduced maintenance costs. They are also widely being used in automotive, general lighting, mobile devices, signal and signage, healthcare, forensic, academics and street lighting which is stimulating the market growth. Looking forward, IMARC Group expects the global LED tubelight market to grow at a CAGR of 12.2% during 2021-2026.
Breakup by Application:
Retrofit currently accounts for the majority of the LED lighting market share, followed by retail and hospitality. LED lights are rapidly replacing conventional lighting systems owing to the growing awareness among consumers about the advantages offered by these lights.
On the geographical front, China enjoys the leading position in the global LED chip market due to the rising demand from luxury malls, hotels and other commercial spaces in the country. Apart from this, a huge demand is also emerging from public infrastructures such as airports, railways, ports and urban rail transport systems.
The LED lighting market is concentrated in nature due to the presence of a few manufacturers who compete against one another in terms of prices as well as quality.
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