LED Lighting Market Size, Share, Industry Analysis, Demand Forecast, Revenue, Opportunities, Growth Prospects and Impact of COVID – Business – Inter Press Service
LED Lighting Market Research Report- Forecast till 2027
The LED lighting market is projected to reach a value of USD 1,51,951.1 million by 2027 and will attain a CAGR of 18.7% during the forecast period by 2027.
Lighting is the basic requirement in everyday life. It shows a significant impact on the life and the productivity of workforces. Artificial lighting is necessary in every place, allowing people to work in their homes, workplaces, buildings, and industries. Lighting is considered the least expensive product for implementing such solutions. LED lights and luminaires are rising in popularity in general lighting applications worldwide. The demand for the product is accelerating the LED technology to improve in terms of performance and to become cost-effective. The conventional light sources are to be replaced with more efficient and high-performing LED technology due to their efficiency. Therefore, the increased demand for energy-efficient lighting systems is driving the growth of the LED Lighting Market.
The LED Lighting Market is noticing a significant growth rate due to the factors such as a focus on LED standardization, a rise in demand for energy-efficient lighting systems, and increased development of advanced lighting systems. These driving factors will drive the market at the global level.
In the pandemic period, despite the uncertainties in growth, the semiconductors manufacturers, especially the LED makers, are continuing the operations and working process based on long-term strategies. The semiconductor manufacturers collaborate with the partners and specific markets to maintain consistent business stability. The market will progress at a significate growth due to the rising opportunities targeted by the industrial players.
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The global LED lighting market has been segmented on the basis of installation type, product type, distribution channel, and end-use application.
Based on installation type, has been segmented into new installation and retrofit. The retrofit segment accounted for the larger market share 2020, with a market value of USD 31,963.6 million; it is expected to register a CAGR of 18.1% during the forecast period. The new installation segment was valued at USD 21,245.5 million; it is projected to register the higher CAGR of 19.4%. Because retrofit lamps just require the replacement of old bulbs with LED or smart LED bulbs, they are easier to install than new lamps. While they may appear to be similar to older lights, most users nowadays choose newer installations that are more customizable and tailored to the user’s preferences in terms of ambience and luminance. In older residential properties, retrofit is used, but new construction in retail, shopping malls, and industrial environments need custom installations.
Based on product type, the LED lighting market has been segmented into luminaries and lamps. The lamps segment is further segmented into bulb lamps, spot lamps, A-lamps, and T-lamps. The bulb lamps segment accounted for the largest market share in 2020, with a market value of USD 9,340.6 million; it is expected to register the highest CAGR of 19.7% during the forecast period. An LED light is essentially an electric bulb that may be used in an adaptor or luminary on its own. It uses several LEDs, each of which has higher energy efficiency, a brighter brightness, and a longer lifespan. As LED chips offer higher brightness, several manufacturers employ them in their lamps. LED lamps are available in a variety of shapes, sizes, bases, and colours. Most LEDs produced recently are intelligent and can be easily customized using a smartphone …….