LED lighting Market Forecast 2024-2030

LED Lighting Market?Overview

The LED Lighting?market size?is forecast to reach?USD 128 billion by 2030, after growing at a?CAGR 7.5%?during the forecast period?2024-2030.?The shift towards energy efficient lighting across commercial, industrial & residential spaces along with the blooming adoption of smart homes are analyzed as the key factors driving the LED lighting market.?Additionally, the higher longevity and durability of the products as compared to conventional lighting is also playing a key role in the shift of customer preference towards these products. Apart of this, technological advancements such as adoption of GaN substrate-based LED lights which features exceptional product life, higher energy efficiency and superior illumination compared to traditional substrate-based LED lights, is also analyzed to play a key role in driving the market growth during 2024-2030

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Report Coverage

The report?“LED Lighting Market– Forecast (2024-2030)”,?by?IndustryARC, covers an in-depth analysis of the following segments of LED lighting.

By Product Type: Lamps, Luminaries

By LED Type:?Surface mounted device (SMD) LED, Chip on Board (COB LED), Others

By Application:?Indoor, Outdoor

By Wattage: Upto 5W, 6 to 8W, 9 to 15W, 16 to 20W, 21 to 24W, 25 to 28W, >28W

By Luminous Efficacy: <125 lm/W, 125 to 175 lm/W, 175 to 205 lm/W, >205 lm/W

By CRI: <80, 80 to 90, >90

By End User:?Automotive,?Residential,?Hospitals, Hospitality, Transport, Industrial, Commercial offices, Retail,?Public Infrastructures, Others

By Geography:??North America, South America, Europe, APAC, and RoW.

Key Takeaways

• North America region is analyzed to acquire a significant share of the market after APAC region.
• In August 2023,?Signify opened its biggest LED lighting manufacturing site in the world in Jiujiang, Jiangxi Province, China. High-end branded LED lighting products, including those under the Philips brand, will be produced at Signify's new facility in Zhejiang Klite Lighting Holdings Co., Ltd. ("Klite") for both the Chinese and international markets.
• The need for more energy-efficient lighting has also been significantly impacted by government laws. British residents will be asked to choose LED lights over traditional light fixtures under the UK government's Green Home Grant Scheme. Following the UK government's 2021 ban on incandescent lightbulbs, halogen lightbulbs were gradually phased out as well. The goal of the law is to reduce annual carbon emissions by 1.26 million tonnes. With incandescent and halogen light bulbs being phased out completely, a lot of people will switch to LED lighting solutions.

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By Product Type- Segment Analysis

Lamps?dominated the LED lighting market in 2023 with a share of 52% of the global market. ?LED lighting lamps produce light up to 90% more efficiently than incandescent light bulbs.?Lamps find applications in automotive residential, hospitals, hospitality, and so on. With the growing expansions in the hospital sector, the demand for hospital lighting is set to grow significantly. Hella presented a comprehensive solution for intricate lighting systems in 2023. The company’s two business divisions Lighting and Electronics are working closely and have combined their product technologies into a flexible and modular product system. Headlight modules, electric control units, and sensors can be assembled according to the modular principle. These developments are analyzed to escalate the demand for LED lighting lamps during the forecast period 2024-2030.

By LED Type- Segment Analysis

COB LED occupied a dominant position in LED lighting in 2024 however, SMD LED is estimated to witness the highest growth of CAGR 8.2% during 2024-2030. SMD LEDs used in lighting tubes are known for their high energy efficiency. They consume significantly less energy compared to traditional lighting technologies, leading to lower electricity bills and reduced energy consumption. The potential impact of the widespread use of LED lighting on energy savings in the US is significant. The U.S. Department of Energy estimates that by 2035, LED technology will be used in the majority of lighting installations and that the yearly energy savings from LED lighting might reach 569 TWh, which is equivalent to the energy output of more than 92 1,000 MW power plants. According to the EIA, the percentage of homes that use LEDs as their primary source of lighting rose from 4% in 2015 to 54% in 2023.

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By Application-Segment Analysis

The?Indoor?segment accounted for the largest share of 55% in the global LED lighting market in 2023.?As stated by the Ujala Agency in India, as of 2021, LED sales reached a critical milestone, achieving a record number of sales of more than 1 billion units, including lamps such as bulbs, tubes, modules and so on and luminaires. This has been massively surpassed by 2023 with 2.4 billion units being sold. The deployment of LEDs in homes and businesses is progressing, and sales of LEDs have surpassed those of fluorescent lamps. Adding to this, around 90% of lighting products are analyzed to be LED lighting by 2030. In May 2022, A new SMD downlight for indoor shops was unveiled by Syska LED. The Syska LED Recessed SMD Downlight is an excellent indoor lighting option that can be utilized in a variety of settings, including offices, showrooms, homes, malls, and stores.

By End User - Segment Analysis

The residential segment held the largest share of 58% of the global LED lighting market in 2023. Growing urbanization in developing nations like China, India, and Brazil is anticipated to propel the need for residential LED lighting in the approaching years due to rising income levels and shifting consumer preferences. Furthermore, driving the industry is the availability of attractive and reasonably priced lights. The central government of India plans to construct 20 million affordable homes in urban areas nationwide by 2022 as part of the massive Pradhan Mantri Awas Yojana (PMAY) scheme of the Union Ministry of Housing and Urban Affairs. This ambitious plan is expected to significantly boost the residential sector, according to IBEF. Based on updated data from the US Department of Home and Urban Development and the US Census Bureau, privately-owned home starts reached 1,769,000 in February 2022, 6.8% more than the revised estimate of 1,657,000 in January. Compared to 1,447,000 home starts in February 2021, there was a 22.3% rise in February 2022. Therefore, it is anticipated that the market for residential LED lighting will rise owing to the growing construction of new buildings.

By Geography - Segment Analysis

The North American region is poised to hold a significant share of the LED lighting market and is estimated to witness steady growth of CAGR 6.5% during the forecast period 2024-2030. ?The U.S. is one of the largest producers of oil and natural gas in the world and is at the forefront of LED adoption in industries that are supported by the introduction of reforms such as the Energy Star program which is related to lighting applications to industry standards and test procedures.?According to the US Department of Energy, the potential impact of widespread use of LED lighting on energy savings in the US is significant. It is projected that most lighting installations will be LED-powered by 2035, and the yearly energy savings from LED lighting might surpass 569 TWh, which is the equivalent of more than 92 power plants of output 1,000 MW. Stringent government regulations regarding automobiles and auto parts are regulated through the National Highway Traffic Safety Administration (NHTSA) and the U.S. Environmental Protection Agency (EPA). Such regulations are related to improving vehicle safety standards as well as reducing vehicle emissions. Such factors have been creating high deployments of electric vehicles in the country that use LED lights and in turn, boosting its market growth.

Drivers – LED lighting

• Attractive Features Like As Eco-Friendliness, Energy Efficiency, And High Durability Are Expected To Propel The Worldwide LED Lighting Market Forward:

LED lighting has several advantages, including flexible technology, low maintenance, a variety of colors, long-term endurance, and more. As a result of these characteristics, LED lighting is becoming more popular in a variety of applications. For example, the typical estimated lifespan of an LED light bulb is 50,000 hours, compared to 10,000 hours and 1,200 hours for fluorescent and incandescent light bulbs, respectively. Furthermore, an average LED lamp uses 50% less energy than a fluorescent lamp and 80% less energy than an incandescent lamp. The increased popularity of LED lights in commercial and domestic applications is due to improved LED product performance. As a result, the worldwide LED lighting?market is expanding.

LED prices have dropped, allowing them to be used in a wide range of applications, including residential, commercial, and industrial. This dramatic reduction in LED prices can be ascribed to technological developments, which have resulted in increased life expectancy and operating efficiency, propelling the LED lighting market. Furthermore, energy consumption in lighting applications is predicted to decrease with the development of energy-efficient lighting systems. The energy consumed by lighting in the United States, for example, is expected to decline by 40–60% by 2030 as compared to 2015, according to cautious estimates from the US Department of Energy.

• Adoption of Smart Lighting to propel the market growth

With a rising number of businesses embracing smart lighting solutions, smart lighting has become a prominent trend in the market. These lighting solutions can detect people's movement and the number of people in the nearby area and alter the light accordingly. These smart lighting systems, when combined with LEDs, save roughly 30% on electricity. Furthermore, as part of ongoing "Smart City" programs, governments in a number of nations are aggressively promoting the use of smart street lighting. In India, for example, Naya Raipur (the new capital of Chhattisgarh) has erected one of the world's most advanced linked lighting systems that can be remotely monitored in 2022.?

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Challenges – LED lighting

• High Cost Is A Constraint To The Market:

Unlike traditional light sources such as incandescent bulbs, LEDs lack efficient self-cooling mechanisms, necessitating additional heatsinks or cooling methods to prevent overheating. While materials with high thermal conductivity are commonly used to disperse heat, they come with a considerable cost and weight premium. Transportation and material expenses contribute to the overall price escalation of both light sources and their fixtures. Moreover, LED drivers are often designed as general-purpose circuitry, increasing the overall cost. The fluctuating cost of white light LEDs adds complexity, requiring designers to exercise caution when selecting LEDs for specific lighting applications.

Market Landscape

In 2023, the top ten players in the LED lighting market accounted for 40% share of the global market. Major players in the LED lighting market are?

• Signify N.V. (Philips)
• Nichia Corp
• Osram AG
• Acuity Brands Inc
• Cree Lighting
• Hubbell Inc.
• Zumtobel Group
• Lumileds
• Advanced Lighting Technologies (ADLT)
• Panasonic Corp

Developments:

???AMS OSRAM revealed the development of its ALIYOS? LED-on-foil technology, which opens up all-new possibilities for design freedom and creativity in automotive lighting in September 2023.

???A new Light Centre by Zumtobel Group opens its doors in 2023 at the esteemed Business Design Centre in Islington, London. The recently opened Light Centre will act as an alluring venue, presenting the business's most recent and cutting-edge lighting solutions and products, and providing clients with an exceptional chance to interact directly with the well-known Thorn and Zumtobel brands.

???Toyoda Gosei Co., Ltd. created an LED light unit in April 2023 that uses shadow to display designs on car interiors. This item will be fitted to Toyota Motor's next Lexus RZ battery-electric car.

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