A number of factors such as the growing focus on modernization of infrastructure, declining prices of light-emitting diodes (LEDs), and increasing adoption of energy-efficient lighting solutions are expected to boost the LED lighting market growth at a CAGR of 10.7% during 2020–2030. According to P&S Intelligence, the market size is expected to reach $152,442.3 million by 2030 from $55,201.9 million in 2020. Moreover, the market is witnessing a trend of surging adoption of smart LED lighting solutions.
The primary factor improving the LED lighting market growth prospects is the rapid development of infrastructure. As governments of various nations are focusing on the transformation of infrastructure, the need for LED lighting solutions has considerably amplified in recent years. Furthermore, the governments are investing heavily in smart city projects. For example, the Indian government has declared its plans to modernize 100 cities across the nation into smart cities by 2030 and approved about $15 billion for this project, which will drive the demand for LED lights. Likewise, Barcelona, Spain, has installed more than 3,000 LED-based smart streetlights.
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The product type segment of the LED lighting market is categorized into luminaire and lamp. Of these, the luminaire category accounted for a larger market share in 2020, and it is expected to keep dominating the industry during the forecast period as well, with a higher CAGR. This can be ascribed to the high demand for LED luminaires from new construction projects in the construction industry, along with the growing focus of governments on the implementation of LED solutions, in several countries such as India, China, and the U.A.E.
Moreover, based on installation type, the LED lighting market is bifurcated into new and retrofit. Between the two, the retrofit category is projected to witness faster growth during the forecast period. This can be attributed to the surging replacement of sodium-vapor and incandescent lamps with LEDs in various nations, including the U.S., China, India, the U.A.E., Japan, and South Korea. Basically, with the phasing out of sodium-vapor and incandescent lamps in these economies, the need for LED lamps for retrofitting is rising, which, in turn, is boosting the market growth in this category.
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Geographically, the Asia-Pacific LED lighting market held the largest share in 2020. This is ascribed to the rising demand for LED solutions from the growing construction sector across the region and the increasing awareness for energy-efficient LEDs among governments and consumers due to the surging power tariff and environmental concerns. This is supported by the replacement of conventional lights, including incandescent lights, sodium-vapor lamps, and compact fluorescent lamps (CFL), with LEDs in commercial, residential, and industrial settings. Moreover, increasing disposable income of people, rising infrastructure and industries, and growing population are driving the regional market.
Thus, the growing awareness of energy-efficient lighting solutions, declining costs of LEDs, and surging development of infrastructure are expected to propel the demand for LED lighting solutions in the years to come.
Market Size Breakdown by Segments
By Product Type
- Luminaire
- Lamp
By Installation Type
- New
- Retrofit
- A-lamp
- T-lamp
- Reflector
- Others
By Application
- Indoor
- Residential
- Commercial
- Industrial
- Outdoor
- Highways
- Streets
- Stadiums
- Parking lots
- Tunnels
- Others
By Region
- North America LED Lighting Market
- By product type
- By installation type
- By application
- By country – U.S. and Canada
- Europe LED Lighting Market
- By product type
- By installation type
- By application
- By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
- Asia-Pacific LED Lighting Market
- By product type
- By installation type
- By application
- By country – Japan, China, India, South Korea, and Rest of APAC
- Latin America LED Lighting Market
- By product type
- By installation type
- By application
- By country – Brazil, Mexico, and Rest of LATAM
- Middle East and Africa LED Lighting Market
- By product type
- By installation type
- By application
- By country – South Africa, U.A.E., Saudi Arabia, and Rest of MEA
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Asia-Pacific LED Lighting Market - The Asia-Pacific LED lighting market is classified into retrofit and new installation, on the basis of installation type. Of these, the new installation category registered higher growth in the market during the past few years, due to the implementation of several government initiatives regarding the usage of LED lights, especially in China and India.
Outdoor Lighting Market - Geographically, Asia-Pacific (APAC) accounted for the largest share in the outdoor lighting market in 2020. This is mainly ascribed to the increasing number of smart city projects and growing government initiatives for the replacement of street halogen lights with LED lights in the region.
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