The Worldwide LED Lighting Industry is Projected to Reach $124.7 Billion by 2027 – GlobeNewswire
Dublin, July 05, 2022 (GLOBE NEWSWIRE) — The “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” report has been added to ResearchAndMarkets.com’s offering.
The 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 booming lighting industry contributes most to the rising demand for energy-efficient products and modifications in the existing lighting products using LED technology. Moreover, technological innovations and rising environmental concerns have further accelerated the growth of LED lighting market. Competitive manufacturing costs, high economic growth rate, and large-scale industrial constructions in residential and commercial segments are some of the other major factors driving the growth of the LED lighting market.
Decorative luminaire to register highest growth between 2022 to 2027
Decorative luminaires are expected to record the highest CAGR during the forecast period. The easy availability of decorative lights with a variety of color combinations in attractive shapes and sizes for interior decoration, coupled with the growing use of highly energy-efficient products to reduce energy bills, is the major factor propelling the growth of the market. Bullet, candle, flare, globe, and any other decorative lamp shapes, integrated chandeliers, single-head pendants, wall sconces, lanterns, and cove luminaire products fall under the category of decorative lighting. Commercial and hospitality applications contribute most to the increasing demand for decorative lighting.
Lamps segment to account for a larger share of the LED lighting market in 2022
A-type and T-type lamps have high penetration in residential applications, which, in turn, leads to a larger market size of the overall lamps category compared to luminaires. The enormous rise in the use of LED lighting solutions has changed every aspect of modern life.
The modern technology equipped with LED lamps enables improved efficiency with low maintenance costs. The warm light from the LED lamps allows for complete brightness without energy loss. Compared to the lifespan of average incandescent bulbs, the lifespan of an LED light is far superior. A-type LED lamps are also referred to as plug-and-play. These lamps directly replace traditional lamps such as compact fluorescent (CFL) and linear fluorescent. A-type lamps are considered the classic type of light bulb that has been used for general-purpose lighting for over 100 years.
The streets and roads application segment likely to dominate the outdoor LED lighting market from 2022 to 2027
According to market estimates, The streets and roads segment is expected to account for the largest market share throughout the forecast period due to rapid urbanization and government efforts to reduce energy consumption with the adoption of LED lighting solutions. Streets and roadways are continuously illuminated; hence, there is a high requirement for energy. Therefore, switching to LED lighting is a better choice. Streets and roadways are expected to provide lucrative opportunities to LED lighting market players.
Asia Pacific followed by Middle East, and Africa region likely to witness higher growth rate from 2022 to 2027
The LED lighting market has enormous potential in the Asia Pacific region, and it is anticipated that consumers would accept these systems as an integral part of digitalized households. Increasing construction activities in Asia Pacific contribute significantly to the growth of the LED lighting market in the region.
The thriving electrical and electronics industry in Asia Pacific also supports the growth of the LED …….