LED Lighting Solutions Market

Market Study on LED Lighting Solutions: Market Surging on Back of Rising Popularity of Green Initiatives and Energy-efficient Lighting

LED Lighting Solutions Market Segmented By LED Bulbs, Bare LED Tubes, LED Fixtures, LED Downlights Product with Consulting Services, Installation Services, Maintenance & Support Services

Market Snapshot

As per the latest research done by Persistence Market Research, the LED lighting solutions market size is expected to increase from US$ 81 Bn in 2020 to US$ 210 Bn by 2031, at a CAGR of 15%. LED lighting solution sales account for almost 10% market share in the lighting market, globally.

The global market for LED lighting solutions is expected to experience significant growth over the coming years owing to growing adoption of smart lighting solutions, energy-efficient lighting, bare LED tubes, LED fixtures, LED downlights, and LED luminaires across almost every industry vertical. Introduction of advanced LED technology such as human-centric lighting, contactless lighting, LED in Li-Fi network, and solar LED lighting is set to drove overall growth of the LED lighting market.

LED Lighting Solutions Market Value (2020)

US$ 81 Bn

Projected Market Value (2031)

US$ 210 Bn

Global Market Growth Rate (2021-2031)

15% CAGR

Market Share of Top 5 LED Lighting Solution Providers

30% - 40%

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Companies

  • GE Lighting, LLC
  • SMART Global Holding
  • Sharp Corporation
  • Havells
  • Eaton Corporation (Cooper Industries PLC)
  • Samsung Electronics Co. Ltd.
  • Philips Lumileds Lighting (Signify NV)
  • Toshiba Lighting and Technology Corporation
  • Acuity Brands Lighting, Inc.
  • Hubbell Lighting, Inc.
  • OSRAM Licht AG
  • Surya
  • SYSKA
  • Seoul Semiconductor
  • Everlight

Consumption Analysis of LED Lighting Solutions from 2016-2020 Vs Market Outlook for 2021-2031

The global market for LED lighting solutions has grown at the rate of 12% over 2016-2020. Demand for LED lighting solutions has surged owing to benefits such as high durability of these lights, low price, and high energy-efficiency of LED lighting technology.

Demand for LED luminaire is expected to increase owing to factors such as rising adoption of solar LED lighting in remote areas and stringent government regulations about green technology across most countries which is driving overall demand for LED lighting systems.

Persistence Market Research identifies East Asia, followed by North America, as the leading market. Expansion in East Asia is supported by increasing demand for lighting products such as human-centric lighting and smart LEDs from the residential and commercial sector, primarily in China, Japan, and South Korea.

Over the next ten years, the global light-emitting diode lighting solutions market is set to surge at 15% CAGR.

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Green Initiatives & Energy Saving Projects Driving Demand for LEDs

Major economies such as the U.S., China, U.K., India, and many more are focusing on developing smart cities , smart homes, and smart infrastructure, for which smart LED products are prominently used. Thus, development of smart infrastructure across the globe will also drive demand for LED lighting products.

In recent years, awareness about the environment has increased owing to various factors such as carbon dioxide emissions, global warming, limited energy sources, alternatives for energy sources, and many more. As per the Climate Group, lighting accounts for nearly 5% of global carbon dioxide emissions.

Adoption of energy-efficient LED technology helps reduces millions of tons of carbon dioxide emissions per year, on an average.

  • In January 2020, the Ministry of Power, Government of India launched SLNP (the world’s largest streetlight replacement programme) and UJALA (the world’s largest domestic lighting project). Under the SLNP programme, over 10 million smart LED streetlights have been installed till date, with estimates of energy savings of 6.97 billion kWh per year.

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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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Country-wise Insights

How are Sales of LED Lighting Solutions Shaping Up in the United States?

Currently, the U.S. market accounts for large consumption of LED lighting solutions in the North America region, and the market is expected to expand at 11% CAGR through 2031.

The U.S. is witnessing significant growth in LED lighting device installation owing to government initiatives toward smart cities & homes, and the presence of smart infrastructure in the country.

For instance, in the U.S., in March 2020, as per the Northeast Group, the largest 314 cities were converted to LED lighting, and the country is set to invest US$ 8.2 Bn in street light modernization over the decade.

Why is India Set to Be a Prominent Market for LED Lighting Solutions Over the Coming Years?

Currently, the Indian market accounts for most consumption of LED lighting solutions in the APAC region, and the market size is expected expand 2X over the forecasted period. This is owing to supportive government regulations and green technology initiatives.

For instance, in July 2021, 25K smart LED street lights were installed in Karnal under the smart city project. Also, in December 2018, Neev’s flagship announced advanced smart lighting projects in Odisha (India). The project encompasses product and lighting manufacture, installation, design, and maintenance of over 78,000 smart LED street lights, along with corresponding accessories.

Such initiatives and projects are expected to create high demand for LED products over the coming years.

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Category-wise Insights

Why is Demand for LED Luminaire Rising Rapidly?

By product type, LED luminaire sales will dominate the market and are expected to increase at the highest CAGR around 18% over the forecasted time period.

LED luminaire is one of the alternatives for traditional CFL bulbs, and offer features such as cost efficiency, better light quality, energy efficiency, durability, consistency, and control. Also, LED luminaire are majorly used in the commercial as well as industrial sectors.

Why is the LED Lighting Solution Installation Services Segment Exhibiting High Demand?

On the basis of service, the installation services segment will be a dominating segment. Market size of installation services is expected to expand almost 2X by 2031.

LED lighting products are used in advanced smart projects such as smart cities, home automation, government projects, and many more. This needs skilful hands to install such smart solutions.

Also, many LED lighting solution providers offer LED lighting along with installation services. Thus, demand for LED lighting services is expected to surge over the forecasted period.

COVID-19 Crisis Impact

The COVID-19 pandemic has had a significant impact on nearly all spheres on the global economy. Due to restricted connectivity during lockdowns, supply chains, exchange, and transfer of essential goods and services and distribution of various commodities were affected. The spread of COVID-19 gripped the globe at the start of 2020.

The effect of COVID-19 has been felt on the lighting industry as well, as there was a shortage of electronic components. However, due to strict regulatory policies about energy consumption and conventional lighting across major economies, demand for LED lighting products is expected to increase rapidly over the coming years.

Competitive Landscape

Many key LED lighting solution providers are inclined at investing heavily in innovation, research, and development practices to uncover increased applications of LED lighting. With the use of technology, players are also focusing on ensuring safety, quality, and customer satisfaction for captivating an increased customer base.

  • In January 2021, Havells launched connected lighting solutions for consumers in India. These help deliver energy savings of up to 80% and promote a sustainable ecosystem.
  • In November 2019, Philips announced the launch of smart Wi-Fi LED bulbs. These work on Wi-Fi and can control Philips smart lighting using a mobile app or voice assistant.

LED Lighting Solutions Industry Report Scope

Attribute

Details

Market value in 2021

US$ 86 Bn

Market CAGR 2021 to 2031

15%

Share of top 5 players

Around 20%

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key regions covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • The Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Product Type
  • Service
  • End User
  • Application
  • Region

Key companies profiled

Report coverage

  • Market Forecasts
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

LED Lighting Solutions Industry Survey by Category

By Product Type

  • LED Bulbs
  • Bare LED Tubes
  • LED Luminaire
  • LED Down Lights
  • Others

By Services

  • Consulting Services
  • Installation Services
  • Maintenance & Support Services

By End User

  • Residential LED Lighting Solutions
  • Commercial LED Lighting Solutions
  • Industrial LED Lighting Solutions

By Application

  • Outdoor LED Lighting Solutions
  • Indoor LED Lighting Solutions
  • LED Backlighting Solutions
  • Automotive LED Lighting Solutions
  • Others

Media Release

- FAQs -

The global LED lighting solutions market is currently valued at over US$ 81 Bn.

Factors such as growing awareness about the environment and government mandates about green initiatives & energy-saving projects are driving LED lighting solution demand.

From 2016 to 2020, demand for LED lighting solutions increased at a CAGR of 12%.

Sales of LED lighting solutions and services are projected to increase at 15% CAGR and be valued at over US$ 210 Bn by 2031.

Key market trends include adoption of advanced LED solutions such as human-centric lighting, contactless lighting, Li-Fi, and smart LEDs across industry verticals.

GE Lighting, Sharp Corporation, Eaton Corporation (Cooper Industries), Smart Global Holdings, and Philips Lumileds Lighting are the top 5 LED lighting solution service providers, accounting for around 30% to 40% market share.

The U.K. and Germany together hold almost 50% share of the total European market.

The U.K., U.S., Italy, China, and Japan are major demand countries for LED lighting products and services.

The U.S., U.K., Germany, and China are key service providers of LED lighting solutions.

Total absolute opportunity for Japan is slated at US$ 290 Mn, whereas, South Korea market value will top US$ 135 Mn.

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