According to the new market research report "LED Lighting Market by Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), Product Type (Lamps and Luminaires), and Geography - Global Forecast to 2025", is expected to grow from USD 42.9 billion in 2016 to USD 127.3 billion in 2025 —growing at a CAGR of 12.9%. Modernization and development of infrastructure such as smart cities, need for energy efficient lighting system, penetration of LED as a light source in general lighting, and the reduction in prices of LEDs will boost the LED lighting market during the forecast period.
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Luminaires will grow at a higher CAGR in the LED lighting market during the forecast period
Luminaires refer to light modules or light engines and drivers which are combined with additional optics, heat sinks, and protective cases to form a complete lighting system. The fixture helps to optimize the optics and operates as a heat sink. The segment is expected to exhibit high demand in coming years due to increasing demand from such as commercial, industrial, architectural, and highways & roadways applications.
Retrofit installation to have higher CAGR for LED lighting market during the forecast period
Retrofit lamps refer to those LED lamps that are used to partially replace existing lighting fixtures with LED lamps and nonintegrated luminaires and controls (such as LED drivers), to replace the traditional light sources. LED provides significant energy saving, fast illumination, and a high degree of working life which can be more than 25 times longer than incandescent lamps. Increasing replacement of incandescent lamps with energy-efficient light sources such as LED lamps is the major factor contributing to the growth of the market for retrofit installation. The old generation lamps are being slowly phased out and the fixtures are being retrofitted with LED lamps as they offer a longer working life and also consume less energy.
Indoor lighting to have the larger market share of the LED lighting market during the forecast period
The LED lighting market for the indoor lighting application has been segmented into residential, commercial, industrial, and others such as government and public buildings. LED lighting for residential buildings is expected to have a huge potential in the future. Replacing existing lights with more energy-efficient lighting sources (such as LEDs) is one of the ways to reduce this massive pool of energy use. The large market size and high growth rate of indoor lighting application is attributed to the increasing infrastructural activities across the world, mainly focused on residential lighting.
Asia Pacific to be the largest market for LED lighting market during the forecast period
The LED lighting market has a huge potential in the APAC region, and it is expected that the lighting systems would be accepted by consumers as an integral part of a digitalized household. Despite the recent slowdown in the real estate market in China, the market for LED lighting is expected to grow at a high rate, mainly because of the increasing government expenditure on public infrastructure and continuous growth in commercial and industrial building constructions. The increased construction activities in Asia-Pacific are contributing significantly to the growth of the LED lighting market in the region.
The LED lighting ecosystem comprises hardware component manufacturers, prototype designers, and original equipment manufacturers (OEMs) such as Phillips Lighting Holding BV (Signify NV) (Netherlands), General Electric Company (US), OSRAM Licht AG (Germany), Cree, Inc. (US), Eaton Corporation (Ireland), Virtual Extension (Israel), Dialight plc (UK), Zumtobel Group AG (Austria), Samsung (South Korea), and Sharp Corporation (Japan).
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