According to a research report "LED Lighting Market by Installation (New, Retrofit), Product Type (A-type, T-type, Decorative, Directional), Sales Channel (Retail, Direct, E-commerce), Application (Residential, Commercial, Industrial) and Geography - Global Forecast to 2027" published by MarketsandMarkets, the global LED lighting market size is estimated to be USD 75.3 billion in 2022 and is projected to reach USD 124.7 billion by 2027, at a CAGR of 10.6% during the forecast period. Some of the key factors propelling the market growth includes increasing utilization of smart lighting systems in several applications, surging adoption of LED bulbs and luminaires to achieve goal of net-zero emissions by 2050, rising demand for LED lighting systems in residential interior designing and home decorating applications, and ongoing release of new innovative LED products due to constant technological advances.
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Luminaires segment of LED lighting market expected to grow at a higher CAGR during the forecast period
The market for the luminaires segment is expected to grow at a higher CAGR during the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, tunnel lighting, and floodlighting; stadiums; and sports complexes. Further, the increasing awareness among contractors/project managers of benefits associated with LED luminaires in terms of longer lifespan and substantial energy saving potential is further driving the growth of the luminaires segment.
The increasing awareness among contractors/project managers toward the benefits associated with LED luminaires in terms of longer lifespan and substantial energy-saving potential further drive the growth of the luminaires segment. The downlighting luminaire segment is likely to dominate the overall market for luminaires during the forecast period, whereas the decorative lighting segment is expected to witness the highest CAGR between 2022 and 2027.
Outdoor application segment likely to witness higher growth between 2022 and 2027 due to the increasing installation of energy-efficient lighting systems in street and road, tunnel, and stadiums and sports complexes
The market for the outdoor segment is expected to grow at a higher during the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, tunnel lighting, floodlighting, and stadiums and sports complexes. Outdoor projects are mostly government-funded; hence, the emphasis is more on energy-saving and cost-cutting. As several types of roads such as streets, main roads, and highways need different control strategies, many projects need multiple solutions to take full advantage of energy savings. Scheduling, occupancy, and daylight harvesting are the most prominent light control strategies used in these application areas. LED street lighting is a cost-effective and sustainable choice for city roads today.
E-commerce-based sales channels likely to be the fastest growing market for LED lighting throughout the forecast period
E-commerce-based sales channels are expected to witness the highest CAGR during the forecast period. The booming online market in recent years has impacted offline sales. Online e-commerce marketplace provides greater flexibility to buyers, and after the COVID-19 outbreak, customers prefer placing orders using an e-commerce platform. Around 5 to 7% of all customers buying lighting products rely on e-commerce or online channels at present. This share is expected to increase significantly in the coming years due to several benefits and conveniences associated with this option.
LED retrofit segment is projected to grow at a faster rate from 2022 to 2027 due to the rapid transition of users in developing countries
The LED retrofit market is projected to grow at a faster rate due to the rapid transition of users in countries such as India, Japan, China, the UAE, the US, and South Korea from sodium-vapor and incandescent lamps to LED lights. These countries have a high demand for retrofit LED lamps as there are strict phase-out regulations that ban incandescent bulbs.
Middle East, and Africa region likely to be the second fastest growing region after Asia Pacific in global LED lighting market
The RoW region which comprises of Middle East, and Africa is expected to witness the second-highest growth rate between 2022 to 2027. The increasing demand for energy-efficient lighting systems, coupled with a rising focus on infrastructural development, primarily augments the growth of the Middle Eastern LED lighting market. Furthermore, the growing concerns about greenhouse gas emissions have propelled the use of LED lighting products to reduce the carbon emissions resulting from conventional lighting sources such as fluorescent bulbs. Major Middle Eastern countries contributing significantly to the LED lighting market growth are Saudi Arabia, Israel, the UAE, and Qatar. The UAE is one of the major countries considered in the LED lighting market. Strong economic growth in Africa region is also leading to a wave of urbanization, which is expected to significantly boost the LED lighting market in this region.
A few of the key players in the LED lighting market are Signify Holding (Netherlands), Acuity Brands (US), OSRAM (Germany), Savant Systems (GE Lighting) (US), Hubbell Lighting (US), Panasonic Corporation (Japan), Zumtobel Group AG (Austria), Cree Lighting (Ideal Industries) (US), Dialight (UK), and Samsung (South Korea)
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