The Global LED Lighting Market size is expected to reach $115. 6 billion by 2027, rising at a market growth of 11. 6% CAGR during the forecast period. A light-emitting diode (LED) refers to a semiconductor device that releases light when an electric current is sent through it.
New York, May 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global LED Lighting Market By Product, By Application, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06075908/?utm_source=GNW
When the particles having current join together within the semiconductor material, light is generated.
The color of light is dependent on the energy needed for the electron to cross the band gap of the semiconductor. Colors such as red, green, yellow, blue, purple, white, bi-color, tri-color, and infrared can be produced by an LED. LEDs are generally installed in indoor lighting, outdoor lighting, and as a backlight source in LCD display. Presently, LEDs are among the most effective lighting sources available and would become the first technology in the next few years. Moreover, LED provides a long lifespan, durability, energy efficiency, design flexibility, economic efficiency, zero UV emissions, and low-voltage operation, etc.
COVID 19 Impact
Ventures around the globe and business capacities were severely affected by the global COVID-19 pandemic. Lockdown restrictions have negatively affected the companies, hence leading to a lower workforce and restricted companies to practice social removing around the countries. The preference for indoor and open-air general lighting is reducing from the lower purchasing power of people, and financial plans require across ventures such as retail, fabricating, and various companies as they are bringing huge financial losses. The delay in development projects is another big concern for the LED lighting market. The market is expected to recover after the pandemic and achieve optimistic income growth before the end of 2021.
Based on Product, the market is segmented into Luminaires and Lamps. Luminaires segment is further categorized into Downlights, Streetlights, Troffers and Others. Lamps segment is further bifurcated across A Lamps, T Lamps and Others. The LED lamps segment would showcase maximum CAGR in the forecast period. This is credited to the increasing adoption of LED lamps in developing countries. These LED lamps offer many benefits as compared to incandescent lamps as LED lamps are more robust, energy-efficient, and right temporal stability. Furthermore, they are also available in various designs such as reflectors, A-lamps, T-lamps, and MR-16 lamps.
Based on Application, the market is segmented into Indoor and Outdoor. In 2020, the LED lighting market was dominated by the indoor segment as it obtained the maximum revenue share. The segment would showcase a similar trend even during the forecast period owing to increased adoption of these products as a replacement for fluorescent, incandescent lamps, and High-Intensity Discharge (HID). Over the past few years, the use of LED lights in retail stores, offices, malls, hospitals, and education buildings has exponentially increased.
End User Outlook
Based on End User, the market is segmented into Commercial, Residential, Industrial and Others. In 2020, the commercial garnered the highest revenue share of the LED lighting market. The main driving factor for this segment is the increasing demand for LED troffers and downlights. Commercial end-use such as in museums, galleries, and other exhibition lighting applications use high-end lights like projectors, reflectors, and downlights. High brightness LED lights would witness higher demand in the industrial lighting segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific emerged as the dominating region of the market by procuring the highest revenue share in 2020. It will hold the leading position in the market over the forecast period. Japan, Taiwan, and China are important contributors to the growth of the regional market. The government of these countries is taking initiatives to promote the adoption of light-emitting diodes; also, there is the presence of a large number of market players in these regions. China, Indonesia, India, Vietnam, and Malaysia are the fastest developing countries in the Asia Pacific.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Acuity Brands Lighting, Inc., Signify N.V., and Hubbell, Inc. are the major forerunner in the LED Lighting Market. Companies such as Dialight PLC, LSI Industries, Inc., and Nichia Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, LSI Industries, Inc., Zumtobel Group AG, Heliospectra AB, Nichia Corporation, Seoul Semiconductor Co., Ltd., Lumileds Holding B.V., Signify N.V., Hubbell, Inc., and Acuity Brands Lighting, Inc.
Recent strategies deployed in LED Lighting Market
Partnerships, Collaborations, and Agreements:
Apr-2021: Heliospectra got a new order from G&M Family Farm in Freshwater, NL, Canada. MITRA by Heliospectra is the horticulture market’s first modular LED light. It is developed by Growers for Growers, MITRA is a perfect solution for high light crops, boosting in high-intensity light output and electrical efficiency of up to 2.8 µmol/J.
Mar-2021: Signify partnered with National Hockey League. Under this partnership, Signify became the preferred lighting partner for NHL arenas and possibly thousands of rinks in North America. In addition, Signify aims to lead to all sorts of lighting projects that include glare-resistant ice illumination, Internet of Things (IoT) systems, atmosphere, and ultraviolet C-band (UV-C) disinfection.
Jan-2021: Dialight entered into an agreement with TTI, a leading distributor of electronic components. Under this agreement, TTI became an authorized distributor of Dialight LED board and panel mount indication products.
Dec-2020: LSI Industries came into partnership with USA Pickleball, the national governing body for the sport of Pickleball in America. Under this partnership, LSI would serve the rapidly growing Pickleball market with its high-performance lighting solutions for sports and recreation facilities.
Nov-2020: Nichia came into an agreement with GE Current, a Daintree company. In this agreement, Nichia would become the first to license TriGain technology from GE Current. TriGain, a potassium fluorosilicate (PFS) phosphor is revolutionary in phosphor technology, which enhances the color rendering for LEDs via its distinct red emission, without sacrificing efficiency.
Jul-2020: Seoul Semiconductor collaborated with Fiberli. Under this collaboration, Seoul’s SunLike Series natural spectrum LEDs have been adopted for horticulture LED lighting. The SunLike Series natural spectrum LEDs are the world’s first LEDs to emit light, which closely matches the spectrum of natural sunlight
Feb-2020: Signify came into partnership with ScaleAQ, an international company within aquaculture. Together, the companies aim to enhance fish farming. ScaleAQ would resell LED lighting products from Signify’s Philips Aquaculture group with a major focus on marine-based / sea cage products.
Acquisition and Mergers:
Mar-2020: Signify acquired Cooper Lighting Solutions from Eaton. This acquisition aimed to strengthen Signify’s market position and improve the position of the company to capture growth in the North American lighting market.
Sep-2019: Acuity Brands Lighting, a subsidiary of Acuity Brands acquired The Luminaires Group, a leading provider of specification-grade luminaires for commercial, institutional, hospitality, and municipal markets. The acquisition aimed to strengthen the portfolio of Acuity Brands.
Jun-2019: Acuity Brands took over WhiteOptics, a DE-based manufacturer of advanced optical components. The acquisition aimed to support the market trends toward lower glare LED solutions, which also fulfill the stringent energy needs.
May-2018: Acuity Brands completed the acquisition of IOTA Engineering, a Tucson, AZ-based manufacturer of highly engineered emergency lighting products and power equipment for commercial and institutional applications. This acquisition focused on supporting the expansive smart building and lighting solutions strategy of Acuity.
Product Launches and Product Expansions:
Apr-2021: Heliospectra launched helioCORE 2.0. It is a newly upgraded state-of-the-art plant science software to leading commercial growers & research institutions across the globe.
Mar-2021: Lumileds introduced its new LED human-centric lighting solution, LUXEON SkyBlue. It is developed in a partnership with BIOS Lighting, under which Lumileds has developed a circadian lighting solution, which provides superior melanotic ratios at comfortable CCTs – 3000K, 3500K, and 4000K with industry-leading efficiency and uniformity at the low solution cost. The latest solution included LUXEON SkyBlue and white LUXEON 3030 HE Plus LEDs avoids the challenging technical and spectral analysis and engineering and allows a single-channel driver to complement circadian lighting.
Feb-2021: LSI Industries unveiled its new Advantage Series High Bay (AHB) luminaire. This light-industrial LED fixture is developed mainly for applications like warehouses, distribution centers, and automotive repair shops.
Jan-2021: Nichia introduced a new LED, the NF2W585AR-P8. It refers to a dual-purpose LED aimed to generate quality white light and fight bacterial pathogens. The LED is built on a robust 405-nm pump in the violet region and Nichia phosphor technology, which provides a uniform spectral power distribution (SPD) across the bulk of the human visual range.
Aug-2020: Hubbell Lighting released the SpectraSafe video security application. This application focused on deploying onto linear LED luminaires across a facility like retail, care facilities, office space, banks, and others to supplant legacy video security systems. This building block of the solid-state lighting (SSL)-a centric platform is a camera/sensor module focused on the integration into luminaires.
May-2020: Dialight introduced the latest upgrades to the Vigilant and SafeSite Area Light. The latest Universal Mounting Adapter (UMA) is sold as an accessory that enables the greatest stock flexibility ever delivered to distributors by Dialight for oil and gas, mining, manufacturing, petrochemical, and heavy industrial applications.
Feb-2020: LSI Industries introduced two latest, high-quality, commercial-grade area lighting solutions. The company’s latest SSA and SMA luminaires are quick-ship products, which provide improved features & benefits for smaller-budget projects. Both of these modern, durable, attractive fixtures are developed for applications that do not need the highly advanced optics and performance associated with LSI’s premium portfolio of Mirada area lights.
Scope of the Study
Market Segments covered in the Report:
o A Lamps
o T Lamps
By End User
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Dialight PLC
• LSI Industries, Inc.
• Zumtobel Group AG
• Heliospectra AB
• Nichia Corporation
• Seoul Semiconductor Co., Ltd.
• Lumileds Holding B.V.
• Signify N.V.
• Hubbell, Inc.
• Acuity Brands Lighting, Inc.
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