Market Research Report
LED Lighting Market Size, Share & Trends Analysis Report By End Use (Residential, Commercial, Industrial, Others), By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||640066|
|Published||Content info||140 Pages
Delivery time: 2-3 business days
|LED Lighting Market Size, Share & Trends Analysis Report By End Use (Residential, Commercial, Industrial, Others), By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), And Segment Forecasts, 2020 - 2027|
|Published: June 9, 2020||Content info: 140 Pages||
The global LED Lighting market size is expected to reach USD 127.04 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.4% over the forecast period. The LED lighting offers benefits such as energy efficiency, cost-saving, longer service life, lower heat emission, and nanosecond switching capability, fueling the product demand in the market. Advantage of directional controlled light is anticipated to further drive the demand. Technological advancements and availability of numerous design options for fixtures and lamps due to compact shape and features, such as daylighting, occupancy senor, dim-ability, and timer, are anticipated to positively influence the growth. The energy conservation policy introduced by governments across the world, providing incentives, and attractive rebates for individuals and organizations in commercial and industrial spaces has further contributed to market growth.
LED lighting is widely adopted across commercial and industrial space as the LED lights contribute towards delivering maximum visibility for an appropriate work environment. The introduction of LED in the lighting industry readily became an accepted standard for lighting for commercial and industrial buildings. Moreover, technological advancements such as connected and app-controlled lighting proved to be vital for boosting the market growth. Improvements in lighting technology have led to the emergence of flicker-free LED products, which is appropriate for uninterrupted bright light for application areas such as classrooms, hospitals, and offices, among other spaces. The demand across the residential sector is expected to bolster with the development of smart cities providing lucrative growth opportunities for prominent market players.
The pandemic due to COVID-19 has affected the industries across the world and severely impacted the business functions. The need for a lockdown has adversely impacted the businesses leading to reduced employee strength and forced companies to practice social distancing across countries. The demand for indoor and outdoor general lighting is declining owing to the reduced spending capacity of individuals and budget constrain across industries such as retail, manufacturing, and other businesses as they are incurring losses. The delay in construction projects is another concern for LED lighting vendors, which has led to a decline in the performance for the first quarter of the year 2020. The market is expected to recover post-pandemic and achieve positive revenue growth by the end of 2021.