LED Lighting Market Research Report, Upcoming Trends, Demand, Regional Analysis and Forecast 2022-2027 – Blackswan Real Estate – Blackswan Real Estate
According to IMARC Group’s latest report, titled “LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 68.8 Billion in 2021. A light-emitting diode (LED) is an electroluminescence device that emits light by combining electrons and holes within the semiconductor materials. It has become one of the most energy-efficient and rapidly developing lighting technology. The lights offer several advantages over traditional lighting solutions, such as reliability and higher efficiency. They consume less energy to illuminate the area and are extensively utilized in decorative lights, remote-control circuits, and fluorescent light applications.
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The escalating consumer demand for energy-efficient lighting systems and the increasing environmental consciousness represent the key factors driving the LED lighting market growth. Additionally, the increasing awareness regarding the cost-effectiveness of LED lighting, the increasing penetration of LED lighting across the residential sector, and stringent regulatory policies regarding sustainable energy consumption are factors boosting the market growth. Apart from this, the significant boost in the infrastructural activities, rapidly expanding automotive industry, and declining prices of LED products are creating a positive outlook for the market. Looking forward, IMARC Group expects the LED lighting market to reach US$ 121.2 Billion by 2027, exhibiting at a CAGR of 10% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Samsung Electronics
- Everlight Electronics
- LG Innotek
Global LED Lighting Market Drivers:
- As LED lights contain zero toxic elements and are eco-friendly in nature, their demand is being influenced by initiatives and policies by the governments of several countries introduced for environmental protection and energy conservation.
- Currently, the price of electricity in several developing countries is rising due to the growing demand-supply gap. On account of this, consumers are shifting towards energy-efficient lighting sources such as LED lights.
- LED lights are now widely being used in automotive, general lighting, mobile devices, signal and signage, healthcare, forensic, academics and street lighting, which is providing a boost to the growth of the market.
- In order to widen their consumer-base, manufacturers are not only coming up with different LED lighting products, but are also investing in marketing through newspapers, televisions, etc. This is increasing product awareness among the consumers which, in turn, is strengthening the growth of the market.
Breakup by Application:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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