What are Key Factors Causing Boom of LED Lighting Market?

Surging awareness about energy-efficient lighting solutions has led to the largescale installation of low-maintenance LED lights. Moreover, longer operational life and lower carbon emissions of these lights, as compared to conventional lights, have increased their deployment in streets, parking lots, stadiums, and tunnels. These advantages have encouraged local authorities to replace their current lighting systems with LED lighting solutions. This will, therefore, boost the LED lighting market at a CAGR of 12.9% during 2020–2030. The market has the potential to reach $262.8 billion by 2030 from $67.6 billion in 2019.

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In recent years, the smart LED lighting solutions have gained popularity than the traditional systems, as they offer higher energy efficiency than the conventional LED lights. The high-energy efficiency of smart solutions help in energy savings, which decreases the cost burden on residential as well as commercial users. Other properties of smart LEDs include ability to change color, automatic on/off, and motion activation technology. The color changing ability of these lights help in creating an ambient indoor experience according to the preference and mood of people.

With the burgeoning demand for new and improved lighting solutions, electrical and electronics companies are extensively focusing on the launch of various advanced products, to gain a competitive edge. For instance, in May 2020, OSRAM Licht AG introduced the Synios S 2222 family of lights that is suitable for an array of applications like architectural lighting, lighting for electronic devices, and ambient lighting for trains and aircrafts. Similarly, Signify N.V., in June 2020, announced the launch of new version of Philips Hue products to improve its portfolio.

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Geographically, the Asia-Pacific (APAC) region observed the highest installation of LED lights during 2014–2019. It is due to the extensive deployment for such lights in the residential and commercial sectors of India, China, and South Korea. Moreover, surge in infrastructure development and construction activities in the region, on account of the booming population, propelled the adoption of LED lighting solutions. Additionally, magnifying consumer awareness regarding energy-efficient lighting solutions, owing to the increase in environmental concerns and power tariff, has led to the high installation of LEDs in APAC.

Thus, the growing awareness regarding energy-efficient lighting systems will increase the focus on adoption of LED lighting solutions, globally.

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