According to a new report Global LED Lighting Market, published by KBV research, 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.
In 2020, the LED luminaires acquired the maximum revenue share of the market. On the basis of product, the market is classified into lamps and luminaires. Luminaires find its potential application in both commercial and industrial segments. The demand for LED luminaires is mainly driven by new installations. The lights used in streetlights, track lights, troffers, high bays, downlights, and suspended pendants are included in this segment. LED luminaires give more light per output power compared to other LED lights.
The residential application comprises portable plug-in fixtures like pendants, table lamps, and floor lamps. It also includes permanently installed fixtures like cabinet lights and recessed sconces. The residential segment has seen significant growth in recent years due to the booming adoption of LED A-type lamps because of a drop in product costs and increased subsidy on these lights by several governments and agencies. Though, the covid-19 pandemic has a negative impact on the demand for LED lights in the residential sector as few vendors increased the costs as expenses of product manufacturing have increased.
Asia Pacific is a significant supplier of LED chips and packages. As the manufacturing facilities are available in China, South Korea, Taiwan, and Japan, it is playing a crucial role in the valuing and pricing of LED luminaires. As European debt crisis has a negative impact on the demand for LEDs since the production of these lights needs huge capital investments. Europe and North America have seen an increasing demand for LED lighting in the past few years.
Full Report: https://www.kbvresearch.com/led-lighting-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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