Global LED Luminaires Market Analysis By Product (Lamps (A-Lamps, T-Lamps, Others), Luminaires (Streetlights, Downlights, Troffers, Others)), By Application (Indoor, Outdoor), By End-user (Commercial, Residential, Industrial, Others) & Forecast
- PUBLISHED ON
- 4/28/2023
- NO OF PAGES
- 260
- CATEGORY
- Electronics & Communication
The global LED Luminaires market was valued at USD 71.24 billion in 2022 and expected to grow at a CAGR of 11.6% during the forecast period.
Energy efficiency: LED luminaires are highly energy-efficient, consuming up to 80% less energy than traditional lighting sources. This means lower energy bills and reduced carbon emissions.
Long lifespan: LED luminaires have a much longer lifespan than traditional lighting sources, lasting up to 50,000 hours or more. This means fewer replacements and reduced maintenance costs.
Durability: LED luminaires are highly durable, with no filament or glass components that can break or shatter. This makes them ideal for use in harsh environments such as outdoor and industrial settings.
Design flexibility: LED technology allows for more design flexibility than traditional lighting sources, with smaller form factors and the ability to produce different colors and color temperatures.
Instant on: LED luminaires provide instant-on lighting with no warm-up time, making them ideal for applications such as security lighting and emergency lighting.
Dimmable: LED luminaires can be easily dimmed, allowing for greater control over lighting levels and reducing energy consumption when full brightness is not required.
Environmentally friendly: LED technology does not contain hazardous materials such as mercury, making it an environmentally friendly lighting option.
Overall, LED luminaires offer a range of advantages over traditional lighting sources, making them a popular choice for a wide range of applications including residential, commercial, industrial, and outdoor lighting.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 71.24 Billion |
Market Forecast in 2032 | USD 102.34 Billion |
CAGR % 2023-2031 | 11.6% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Product, By Application, By End-user |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Acuity Brands Lighting Inc., Cree Lighting, Dialight, Digital Lumens Inc., Hubbell, LSI Industries Inc., LumiGrow, Panasonic Corporation, Siteco GmbH, Signify Holding, Semiconductor Co. Ltd., Zumtobel Group Ag, Others |
Covid-19 Impact:
Positive impact: The pandemic has led to an increased demand for LED luminaires for use in healthcare facilities, as well as for residential and commercial lighting as people spend more time at home. Additionally, the need for increased energy efficiency and cost savings has also driven demand for LED lighting.
Negative impact: The pandemic has disrupted supply chains and caused delays in manufacturing and delivery of LED luminaires. This has led to increased costs and reduced availability of some products. Additionally, the economic slowdown caused by the pandemic has reduced demand for lighting in some sectors, such as hospitality and retail.
Shift to online sales: The pandemic has accelerated the trend towards online sales, including for LED luminaires. This has led to increased competition and pressure on pricing, particularly for lower-priced products.
Investment in automation and digitization: To adapt to the challenges presented by the pandemic, some LED luminaire manufacturers have invested in automation and digitization to improve efficiency and reduce costs. This trend is expected to continue beyond the pandemic.
Overall, while the pandemic has caused some disruption to the LED luminaires industry, the long-term outlook remains positive. The need for energy efficiency and cost savings, combined with ongoing technological advancements, is expected to continue driving demand for LED lighting.
Market Dynamics:
Drivers:
LED luminaires have become increasingly popular over the years due to their numerous advantages over traditional lighting sources. Here are some of the key driving factors for LED luminaires:
Energy efficiency: LED luminaires are highly energy-efficient, consuming up to 80% less energy than traditional lighting sources. This is a major driving factor for LED luminaires as energy efficiency is a growing concern worldwide, and LED lighting offers significant energy savings and cost reductions.
Long lifespan: LED luminaires have a much longer lifespan than traditional lighting sources, lasting up to 50,000 hours or more. This means fewer replacements and reduced maintenance costs, which is a significant advantage for both residential and commercial customers.
Environmental sustainability: LED luminaires are environmentally sustainable as they do not contain hazardous materials such as mercury, and their energy efficiency reduces carbon emissions. This is becoming an increasingly important factor for many consumers and businesses who are looking to reduce their environmental impact.
Design flexibility: LED technology allows for more design flexibility than traditional lighting sources, with smaller form factors and the ability to produce different colors and color temperatures. This flexibility in design allows for more creative and customized lighting solutions.
Improved technology: LED technology has been rapidly advancing, leading to improved performance, increased efficiency, and reduced costs. This has made LED lighting a more attractive option for a wider range of applications, further driving demand.
Overall, the energy efficiency, long lifespan, environmental sustainability, design flexibility, and improved technology of LED luminaires are key driving factors that are expected to continue to propel the growth of the LED lighting market in the future.
Restraints:
Higher upfront cost: While LED luminaires are highly energy-efficient and have a longer lifespan than traditional lighting sources, their initial cost is typically higher. This may deter some customers from adopting LED lighting, especially if they are on a tight budget.
Limited color rendering: While LED technology has come a long way in recent years, some LED luminaires still have limited color rendering capabilities. This means that they may not accurately reproduce certain colors, which could be a disadvantage for some applications such as art galleries or retail displays.
Temperature sensitivity: LED luminaires can be sensitive to high temperatures, which can reduce their lifespan and performance. This means that they may not be suitable for use in certain applications or environments, such as high-temperature industrial settings.
Complexity of dimming: While LED luminaires are dimmable, the process can be more complex than with traditional lighting sources. This may require additional components and expertise, which could be a restraining factor for some customers.
Lack of standardization: There is currently a lack of standardization in the LED lighting industry, which can lead to confusion and inconsistency in terms of product quality, performance, and specifications. This may make it difficult for customers to make informed purchasing decisions.
Overall, while there are some restraining factors for LED luminaires, their advantages are still compelling, and their adoption is expected to continue to grow as the technology continues to improve and costs decrease.
Regional Analysis:
North America: The North American LED luminaires market is driven by the increasing adoption of energy-efficient lighting solutions and government initiatives to promote the use of LED lighting. The US is the largest market for LED luminaires in North America, with a growing focus on smart lighting solutions.
Europe: The European LED luminaires market is driven by the EU's goal to reduce carbon emissions and promote sustainable lighting solutions. Germany is the largest market for LED luminaires in Europe, with a growing demand for industrial and commercial applications.
Asia-Pacific: The Asia-Pacific LED luminaires market is driven by increasing infrastructure development, urbanization, and government initiatives to promote energy-efficient lighting solutions. China is the largest market for LED luminaires in the region, with a focus on commercial and residential lighting solutions.
Latin America: The Latin American LED luminaires market is driven by the increasing demand for energy-efficient lighting solutions and government initiatives to promote sustainable lighting. Brazil is the largest market for LED luminaires in the region, with a focus on commercial and residential lighting solutions.
Middle East & Africa: The Middle East & Africa LED luminaires market is driven by the increasing demand for energy-efficient lighting solutions and government initiatives to promote sustainable lighting. The UAE is the largest market for LED luminaires in the region, with a focus on commercial and infrastructure lighting solutions.
Overall, the LED luminaires market is growing in all regions, driven by increasing demand for energy-efficient and sustainable lighting solutions. The Asia-Pacific region is expected to dominate the market, with China being the largest market, due to its large population and rapid infrastructure development.
Competitive Landscape:
The global LED Luminaires market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence.
• Acuity Brands Lighting Inc.
• Cree Lighting
• Dialight
• Digital Lumens Inc.
• Hubbell
• LSI Industries Inc.
• LumiGrow
• Panasonic Corporation
• Siteco GmbH
• Signify Holding
• Semiconductor Co. Ltd.
• Zumtobel Group Ag
• Others
Segments
By Product
• Lamps
o A-Lamps
o T-Lamps
o Others
• Luminaires
o Streetlights
o Downlights
o Troffers
o Others
By Application
• Indoor
• Outdoor
By End-user
• Commercial
• Residential
• Industrial
• Others
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
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The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
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 Company Share Analysis from 2018-2022
 Company Analysis by Revenue and Sales
 Company Production Capacity, Gross Margin
 Company Share Analysis by Application/End Use
 Company Share Analysis by Product/Specification
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