Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||297201|
|Published||Content info||737 Pages
Delivery time: 1-2 business days
|Published: April 1, 2021||Content info: 737 Pages||
The global market for LED Lighting is projected to recover from the current COVID-19 pandemic to reach US$78. 7billion by 2027. With the energy industry the hardest hit by the pandemic and the stringent lockdown and restrictions imposed by governments worldwide, LED lighting market will feel the shocks. Factory closures in most countries as a result of the ongoing lockdowns are disrupting production and cash flows of utilities, affecting all the players in the energy value chain including lighting component suppliers. Supply chain disruptions are pushing up prices of LED lamps and luminaries in countries reliant on component supplies from China. Increased prices are a revenue buster for companies at a time when consumer confidence is hitting rock bottom as the deadly march of the pandemic pushes the human costs of the crisis to unbelievable highs. Innovations are already receiving a setback with industry events such as Light Fair 2020 being cancelled in light of the still spreading pandemic. As governments dole out financial packages to prevent complete economic collapse, widening fiscal deficits which is evitable will impact opportunities that come from smart city initiatives. With unemployment levels already beginning to surge worldwide as economic activities come to a halt causing businesses to collapse, a COVID-19related recession is now inevitable. With unemployment comes fall in consumer confidence, erosion of household wealth and decline in discretionary spending, all of which will directly impact for sales in the consumer sector. Spending on smart homes will be hit hard and LED Lighting will feel the pain as LED technology is the foundation for smart lighting.
Light Emitting Diodes (LEDs) are semiconductor devices that convert electricity into visible light. LED is a solid-state lighting type since the light is emitted from a solid semiconductor material unlike from a vacuum or gas as is the case in traditional incandescent and fluorescent bulbs. Light emitted by LEDs is in a very narrow wavelength range and is not inherently white. Several such LEDs are clustered into a package, attached with the required optics and integrated into a casing and made to resemble a traditional incandescent light bulb. Base line growth drivers in the market which will re-emerge in the post COVID-19 period include the ever-present focus on energy efficiency as the hidden weapon against carbon emissions; rising investments in energy efficient lighting technologies against the backdrop of the development of smart cities and smart homes; regulatory and policy support for LED adoption; and LEDs suitability in smart lighting concepts. Falling cost of LED chipsets purely from a technology standpoint will helping make the technology more cost-competitive with other traditional lighting technologies such as compact fluorescent lights, metal halide, high pressure sodium lights, and incandescent lights. Benefits of LEDs over traditional lighting systems include longer durability and lifespan; high levels of energy efficiency equating to over 65% to 75% reduction in electricity consumption; improved safety as there is significantly lower heat generation as compared to compact fluorescent lights and high intensity discharge lights; small and compact form factor; high color rendering index (CRI) which is a very desirable lighting characteristic in most applications; generate directional light emissions that eliminate the need for accessory devices to redirect the light; eco-friendly as they eliminate the use of toxic mercury; resistance to a wide range of temperatures from hot to cold; ability to operate on low voltage; higher controllability such as dimming capability; zero IR and UV emissions. Future growth in the market will come from expanding applications in traffic signals, commercial and residential mood lighting, factory and warehouse lighting; healthcare and hospital lighting, among others. Europe and Asia-Pacific represent large markets worldwide. Asia-Pacific and Latin America are forecast to emerge into the fastest growing markets supported by healthy economic growth, robust industrialization and urbanization; growing awareness over the importance of energy efficiency in achieving carbon reduction targets; push for increasingly higher standards for more energy efficiency; and continuous innovations in LED technology that encourage adoption in a wide range of applications.
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