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Global LED Lighting Industry to Reach $262.8 Billion Value by 2030
Due to the advancements in technology, the cost of light-emitting diodes (LEDs) has come down, while their operational efficiency and life have increased. As a result, the global LED lighting market is on the path to reaching $262.8 billion by 2030, from merely $67.6 billion in 2019, at a monumental CAGR of 12.9% between 2020 and 2030. For instance, a 60-Watt (W) LED bulb, which could be bought for $50 in January 2011, was available for $10 in July 2018. This is propelling the demand for such products in commercial, residential, and industrial settings around the world.To get more news about Led lighting hardware, you can visit tenral.com official website.
P&S Intelligence finds, the LED lighting market is currently witnessing the negative effects of the COVID-19 pandemic. In several countries, a lockdown has been imposed and major commercial and industrial facilities have been forced to down their shutters. As a result, not only has the supply of lights and their various components been affected, but even the construction projects are temporarily stuck in a limbo, thereby leading to a considerably lower demand for LED lights, than the pre-COVID era.
The indoor bifurcation, under segmentation by application, is expected to continue holding the larger share in the LED lighting market during the next decade. This is ascribed to the large number of residential buildings being constructed in India, the U.S., the U.A.E., and China. For instance, under the Pradhan Mantri Awas Yojana (PMAY) initiative, initially launched in 2015, the Indian government, in 2018, approved the construction of 321,567 affordable houses. Additionally, in Asia-Pacific (APAC) and Europe, several programs have been launched for the creation of smart cities. Since energy efficiency is one of the primary ideas behind such infrastructure, the construction of smart cities would further drive the installation of LED lights in indoor settings.
Till 2019, Asia-Pacific (APAC) contributed the highest revenue to the LED lighting market, and the situation is expected to be the same during the next 10 years. Due to the growing residential construction sector and increasing disposable income of the regional inhabitants, especially those living in India, China, and South Korea, the usage of LED lights in residential settings is rising. Similarly, the demand for such products is surging in the commercial and industrial sectors, owing to the booming population, high industrialization and urbanization rates, and rising focus on electricity conservation.
Mergers and acquisitions have been the most numerous of all the strategic moves in the LED lighting market in recent years, as such strategies are allowing companies to augment their revenue by a considerable margin, at the same time, reducing the degree of competition and number of competitors. |
