The light-emitting diode (LED) is today's most energy-efficient and rapidly evolving lighting technology. Quality LED light bulbs last longer, are more durable, and offer comparable or better light quality than other types of lighting. This has led to a disruptive change which has made any previous technology obsolete. Within a period of just a few years the LED has become the dominant artificial light source and has taken over all the conventional light sources like incandescent bulb, CFL, fluorescent lamps etc.
The global LED lighting market was valued at USD 75.81 billion in 2020, and it is expected to reach USD 160.03 billion by 2026, at a CAGR of 14.25% over the forecast period 2021 – 2026. It is estimated that savings of USD 18 billion in electricity costs can be achieved by transitioning to energy-efficient LEDs. Furthermore, more than 160 million metric tons of carbon dioxide emissions can be avoided every year.
Private and public structures including residential buildings and commercial establishments are rapidly being upgraded with LED technology. The digital capabilities of LED have helped it expand to all domains, from street lights to hospitals. Constant development within the realm is accelerating the LED penetration rate, and this market is anticipated to grow in the near future.
Lighting accounts for nearly 10% of electricity usage in households and 18–40% of commercial premises. There is a growing need for energy saving across the world, which is creating scope for the market. It is expected that the transition to energy-efficient lighting would reduce the global electricity demand for lighting by 30-40% in 2030.
Through this report, we wish to evaluate how the LED market has grown to gain dominance in the lighting sphere, tracing its movement since its discovery in the 1960s to the latest trends in the industry.
The industry has been segmented on the basis of product and installation types, applications and end-users and by region. The external factors affecting the market, namely, political, technological, social and environmental have been detailed to understand the atmosphere surrounding the industry.
Although the market is highly fragmented with local players expeditiously capturing markets, a summary of the major players along with their role in the supply chain has been compiled in the report. An analysis of the strengths, weaknesses, opportunities and threats has also been conducted to understand the lucrativeness of the industry. Finally, the report evaluates what the future for the LED lighting market looks like.