The global LED lighting market is set to exhibit 14% CAGR from 2017 to 2023, asserts Market Research Future (MRFR) in its report. MRFR’s report on the LED lighting market focuses on evolution of LEDs, government steps towards energy conservation, and demands of customers for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
The global LED lighting market is driven by regulations passed by governments for ban on inefficient lighting systems. This has pushed the way for installation of new LED lights or retrofitting of LEDs. This is caused by dipping prices of LED lights and its large lifespan and lumen intensity compared to CFL counterparts. Availability of smart lighting solutions and changes in energy policies can create opportunities for LED lighting market.
Incentives and rebates offered by governments for replacement of traditional lamps with LED lights can bode well for the market. Large number of urban populace dwelling in cities coupled with control of lights through centralized screens can drive market demand. Development of smart homes can offer a unique sales opportunity to the market.
But high investment costs for LED lights and alternatives to LEDs can hamper market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the LED lighting market with a dip in demand and lack of interest among customers. Delays in rollout of renewable energy schemes and construction projects had caused a blow to market growth. But the market may regain its demand owing to emerging studies supporting the potential of LED lights in inactivating various viruses including the COVID-19 variant.
Read more@ https://www.marketresearchfuture.com/reports/led-lighting-market-2860
Luminaires to Exhibit Strong Growth
The luminaires segment is set to exhibit a strong growth rate during the forecast period owing to its wide use in industrial and commercial applications. Installation of street lights, troffers, high bays, and track lights can drive segment growth.
Indoor Lighting to be Leading Application
The indoor lighting is set to be the leading market application owing to increased numbers of installations of LED lights in malls, offices, hospitals, and educational institutes.
APAC to Register Strong Growth Rate in Global Market
Asia-Pacific (APAC) is anticipated to showcase a strong growth rate during the forecast period owing to rapid pace of industrialization and development of commercial buildings. Government support for various regulations for enhancing existing lighting infrastructure as well as modernization plans by states of countries can bode well for the market. Inclination toward domestic production and production-linked schemes introduced by the Indian government to promote local manufacture of LED lights can boost market growth. This is evident with the application of nearly 52 companies in India applying for bids to invest in the country and gain incentives amounting to USD 815 million.
Zumtobel Group (Austria), Acuity Brands Lighting, Inc. (US), Osram Licht AG (Germany), Cree, Inc. (US), Emerson Electric (US), General Electric (US), Hubbell Lighting, Inc. (US), Legrand (France), Philips Lighting Holding B.V. (Netherlands), and TOYODA GOSEI Co., Ltd (Japan) are key players in the global LED lighting market.
Zumtobel Group has entered into a product collaboration with NICHIA for providing natural lighting solutions.