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Global LED Lighting Market to Grow at 10% During 2022-2027, Spurred by Growing Demand for Energy-Efficient Lighting Solutions

Published on Dec 30, 2021

According to the latest report by IMARC Group, titled "LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" the global LED lighting market size reached US$ 68.8 Billion in 2021. Light-emitting diodes (LED) refer to semiconductor devices that generate narrow-spectrum light when electric current passes through it. LED lights are directional sources of light that are widely installed across the commercial, residential and industrial sectors. These lights are compact in size, have an extended shelf life and offer fast switching. They also consume lesser amounts of energy and are characterized by low heat output and minimum radiation emission. As a result, these lights are extensively replacing traditional lighting systems, such as incandescent and fluorescent lights, on the global level.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global LED Lighting Market Trends:

The market is primarily driven by growing awareness regarding the importance of energy conservation. There has been a significant rise in power consumption on the global level that can be attributed to the increasing global population, altering climatic conditions and improving lifestyle patterns. Inadequate power production across the globe has led to the escalating prices of electricity, which, in turn, is facilitating the adoption of energy-efficient LED lighting solutions. Along with this, there has been a shift toward eco-friendly lights on account of an enhanced focus on sustainable development. The increasing investments in marketing through television and newspaper commercials are further contributing to the growing product awareness among consumers. Moreover, governments of numerous countries are undertaking initiatives to promote the use of energy-efficient technologies and ban inefficient lighting solutions, which is expected to create a positive outlook for the market. The rapid expansion of smart city projects that utilize LED lights as an indispensable component of housing plans is acting as another major growth-inducing factor. Looking forward, the market is anticipated to exhibit a CAGR of 10% during 2022-2027.

Market Summary:

  • Based on the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, homes, and industrial. Among these, retrofit exhibits a clear dominance in the market.
  • On the geographical front, China holds the leading position in the market, accounting for majority of the total global market. Other major regions include India, Europe, Japan, Brazil, Russia and the United States.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include NICHIA CORPORATION, OSRAM GmbH, Samsung Electronics Co. Ltd., EVERLIGHT ELECTRONICS CO., LTD., and LG Innotek.

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