New York City, NY -- (SBWIRE) -- 08/21/2020 -- As per a research conducted by P&S Intelligence, the global light-emitting diode (LED) lighting market is predicted to reach a value of $262.8 billion by 2030, and is projected to progress at a 12.9% CAGR during the time period 2020–2030. The market is being driven by the reducing prices of LEDs and increasing adoption of energy-efficient solutions across the globe. On the basis of application, the market is divided into outdoor and indoor.
Between the two, the indoor division is predicted to grow at a faster pace in the years to come, which can be attributed to the rising requirement for LED lighting solutions for residential applications in countries including the U.A.E., the U.S., India, and China. The construction industry in these countries is registering significant growth, owing to the increasing focus on smart city projects, majorly in Asia-Pacific (APAC) and European regions.
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When type is taken into consideration, the LED lighting market is categorized into lamps and luminaires, between which, the luminaires category accounted for the largest share of the market in 2019, and it is further predicted to hold the major share of the market in the coming years. This is due to the rising construction projects in both residential and commercial sectors and growing focus of the government on encouraging the adoption of LED lighting solutions, particularly in the U.A.E., India, and China.
Geographically, the APAC region dominated the LED lighting market in 2019 and is expected to account for the major share of the market in the years to come as well. The major reason for this is the rising demand for these lighting solutions from the residential sector in South Korea, China, and India. In addition to this, growing disposable income of people and swift urbanization in the region are also resulting in the growing adoption of energy-efficient lighting solutions, including LED lights.
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Companies in the LED lighting market are engaging in acquisitions and mergers for improving their presence in the domain. For example, Cooper Lighting Solutions from Eaton Corporation plc was acquired by Signify N.V. in March 2020 for $1.4 billion. The latter company is aiming to strengthen its position in the North American lighting domain. The company is predicted to attain more than 50% of its sales in the professional category, which increase its revenue base to $7.2 billion from $5.5 billion.
Some other key players operating in the LED lighting market include General Electric Company, Hubbell Incorporated, Samsung Electronics Co. Ltd., OSRAM Licht AG, Cree Inc., Acuity Brands Inc., Wipro Enterprises (P) Ltd., Syska LED Lights Private Limited, and Zumtobel Group AG.
The research includes detailed analysis of;
Based on Product Type
-Luminaire
-Lamp
Based on Installation Type
-New
-Retrofit
A-lamp
T-lamp
Reflector
Based on Application
- Indoor
Residential
Commercial
Industrial
- Outdoor
Highways
Streets
Stadiums
Parking lots
Tunnels
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The growing demand for energy-efficient lighting solutions and the rising focus on smart lighting systems are the key factors positively impacting the ambient lighting market growth. In view of this, the market is expected to generate revenue worth $156.5 billion by 2030, advancing at a CAGR of 9.2% during the forecast period (2020–2030)
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