Market Overview
With the advancement of smart tech cities, there is a need for eco-friendly and energy-efficient lighting. The market for LED lighting has increased significantly with the reduction in the use of traditional candescant bulbs. Old light fixtures are being replaced by innovative mood lightings that can instantly change the ambience of any room with motion sensing and modern apps. The LED lighting market has experienced a significant boom because of its convenient functionality, longer service life and lower power consumption.
These lamps are very cost-effective because they produce less heat than conventional lamps. They can also be battery powered and hence have lesser flicker issues and effortless installation even in tiny spaces. These LED lights give clear visibility as they produce daytime light as output.
It has been estimated that this segment of LED lighting will light up the industrial movement by USD 92.40 billion in 2022. CAGR is projected to increase from 13.66% to 21.23% between 2016 and 2022, respectively.
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Market Segmentation
The LED lighting market is segmented into various industries, including aerospace, residential and commercial indoor/outdoor lighting, electronic instruments, architectural structures, military, traffic installations, automotive, medical field, broadcasting and entertainment industries.
It offers clear visibility in emergencies. Bovie LED lighting is getting popular with hospital facilities, especially in emergency theatres, since it doesn’t cast a shadow. Even with the light placed over the head, the surgery can be performed without casting a shadow on the surgeon's shoulder.
Large business production units and offices that work 24x7 require energy-efficient lighting solutions. This is currently achieved by installing small LED systems, thus ensuring lower energy consumption. Major stadiums, too, have shifted towards high powered lighting via LED management while hoisting day/night games. With its zero-emission technology, it is also considered safe for educational institutes.
In the defense market segment, LED modern manufacturers use lighting for military tanks. LED headlights can resist rough terrain, flying debris, imitate sunlight at night and mark territories with high field vision. It is also used as a headlamp on soldiers' helmets as night vision protective equipment and for advanced foot combat.
Bringing the revolution in aerospace, LED lights are considered safer with high mercury content containing conventional lighting. It is soothing on the eyes and therefore does not cause darkness even in a high elevation range. LED lights also have less potential for in-flight fires and produce less heat. They are aesthetically appealing and low on maintenance, thus, making them the number one choice for lighting up cabin spaces.
Regional Classification
The major chunk of the LED lighting industry lies in the Asia Pacific region with developing economic growth. Europe stands second to meet the demands of smart cities and homes filled with LED smart lights designed to control the ambience and the environment. The Middle East and Africa are expected to invest in future intelligent lighting projects by 2022.
The key companies famous for smart LED lighting are Cree Inc – US, Philips Lighting Holding B.V. – Netherlands, Cooper Industries Inc – Ireland, General Electric Company – US, and OSRAM Licht AG – Germany.
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LED Lighting Market, By Installation Type (Retrofit Installation), By Product (Luminaries), By Application (Indoor Lighting) - Forecast 2027
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