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.
The LED lighting market is highly fragmented, with the presence of giant companies and small and startup companies. Major players operating in the LED lighting market have witnessed consistent revenue growth from 2016 to 2020. The companies achieved their positions by launching new and innovative products. Various companies are deploying different strategies to excel in the LED lighting market. They are trying to broaden their revenue stream by adopting inorganic business strategies such as acquisitions, collaborations, contracts, and agreements, which have helped companies enhance their products and expand their geographic reach.
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Signify N.V. is one of the leading providers of lighting solutions. As its portfolio comprises a wide range of diversified commercial products, the company has been leading the market. It has a strong brand name and a wide distribution network across the world. The company believes in both organic and inorganic growth. The company is also focused on product launches and innovations to expand its product portfolio and gain access to new technologies and new markets.The company’s growth strategy is focused on understanding the ever-changing requirements of customers and creating awareness of its products to increase their acceptance by new customers. The company has centralized its worldwide sales and strategic marketing functions. It has a diversified customer base, which reduces the company’s exposure to individual end markets and distinguishes it from its competitors.
Acuity Brands is one of the top players in the LED lighting market. The company has a robust portfolio of lighting solutions with well-recognized brands. It is actively involved in partnerships and acquisitions to strengthen its product portfolio and expand its geographic footprint. As part of its business strategy, the company has overgone integrating several business verticals to achieve greater operational efficiency.
The company is focused on adopting organic growth strategies. It is actively involved in updating the latest versions of its successful products to satisfy the evolving needs of its customers. Acuity Brands’ recent strategic acquisition of OSRAM North American Digital Business is expected to further enhance its portfolio of LED drivers and related technologies.
ams OSRAM has been present in the LED lighting business for a long time and is a recognized brand across the world. The company has a major presence worldwide with a strong sales and distribution network. It focuses on collaborations to maintain its position in the market. The company has a balanced revenue mix in all geographies and does not rely on one client or region for revenue generation. With the integration of OSRAM and ams brand, the combined entity (ams OSRAM) is now a worldwide leader in sensor solutions and photonics technology.
After the acquisition by ams group, the company’s key focus strategy has been to divest its unprofitable business unit. ams group is selling off many divisions of OSRAM as the management is focusing on its core business operations. For example, the management sold off the independent and dedicated AMLS (Automotive Lighting Systems GmbH) company to Plastic Omnium. Further, in June 2021, the company successfully sold its North America-based Digital Systems (DS) business unit to Acuity brands.
Hubbell Lighting, Inc. is an American company that designs, manufactures, and sells electrical and electronic products for non-residential and residential construction and industrial and utility applications. Hubbell was founded by Harvey Hubbell as a proprietorship in 1888 and was incorporated in Connecticut in 1905. Hubbell Lighting was acquired by GE Current in February 2022. The combined business of GE Current and Hubbel Lighting offers an extensive product portfolio of lamps, fixtures and controls uniquely tailored to commercial and industrial (C&I), signage, roadway, horticulture, and transportation markets.
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
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