LED market 2023

NEW YORK, Jan. 18, 2023 /PRNewswire/ -- According to Technavio, the global LED market size is estimated to grow by USD 141.52 million from 2022 to 2027. The market is estimated to grow at a CAGR of 14.68% during the forecast period. However, the growth momentum will progress. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 49%. For more Insights on market size, Request a sample report

Global LED market - Five ForcesThe global cloud data warehouse market is fragmented, and the five forces analysis covers–

Bargaining power of buyers

The threat of new entrants

Threat of rivalry

Bargaining power of suppliers

Threat of substitutes

Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global LED market – Customer Landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global LED market - Segmentation Assessment

Segment OverviewTechnavio has segmented the market based on the product (Luminaires and Lamps), and application (General lighting, Automotive lighting, Backlight, and Others).

The market share growth by the Luminaires segment will be significant during the forecast period. LED luminaires are widely used across all sectors due to their energy efficiency and longer lifespan. LED luminaires are increasingly being integrated into exit lights, floodlights, as well as high-bay and low-bay lights, which were traditionally integrated with incandescent, fluorescent, and HID luminaires.

Geography OverviewBy geography, the global led market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global led market.

APAC is estimated to contribute 49% to the growth of the global market during the forecast period. The primary reason behind the rapid growth of the APAC market is the increase in demand for LED solutions from both the residential and commercial segments. The region is becoming a hub for industries such as retail, hospitality, and healthcare. Offices established by various multinational companies are also being set up in this region. Smart infrastructure is being developed through improvements in the IT infrastructure in many countries across the region. Such factors will increase the market growth during the forecast period.

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Global LED market – Market DynamicsKey factor driving market growth

The growing adoption of energy-efficient lighting technologies is notably driving the LED market growth.

As a significant percentage of global electricity production is consumed by lighting, governments of various countries are either promoting energy-efficient lighting technologies or banning the use of inefficient incandescent bulbs. As a result, energy-efficient lighting technologies, including halogen, CFL, LFL, and LED, are being adopted.

However, according to recent trends, compared to the adoption of CFLs and LFLs, the adoption of LED products will be higher. In addition to this, the adoption of LEDs, intelligent lighting, and other energy-efficient products will be high because of the growing awareness among people globally about power and energy consumption.

This has encouraged manufacturers to make lighting products that are more energy-efficient and environment-friendly. This is expected to have a positive impact on the growth of the global LED market during the forecast period.

Leading trends influencing the market

Growing use of intelligent lighting systems is the primary trend driving the LED market growth.

The lighting industry is being driven by the digital revolution with the introduction of intelligent lighting systems and controls. There has been a rise in demand for energy-efficient and cost-efficient lighting systems.

The efficiency of lighting systems can be improved effectively by using movement detection, daylight equalization, and control technology for scheduling power management through the dimming and control of lights.

The use of artificial lighting is reduced automatically by lighting systems that are intelligent and feature LED fixtures with built-in occupancy and daylight harvesting sensors, which sense natural daylight. They also feature wireless controls to adjust the lighting settings and usage.

Major challenges hindering market growth

The high average selling price per fixture is the major challenge impeding the LED market growth.

The adoption of LED lights globally is a challenge because of the increasing average cost/selling price per fixture. Customers pay significantly higher initial costs for installing LED lighting fixtures when compared to halogen bulbs. The initial cost includes the cost of LED fixtures and labor charges.

Consumers who live in older homes face huge challenges while installing LED lighting. This happens primarily because of the old wiring and electrical systems. However, wiring is not a concern in newly built homes and buildings.

Therefore, consumers staying in older homes need to renovate their electrical systems before installing LED bulbs, which again increases the installation costs significantly.

Driver, Trend, and Challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this LED market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the LED market between 2023 and 2027

Precise estimation of the size of the LED market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the LED market industry across APAC, Europe, North America, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of LED market vendors

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LED Market Scope

Report Coverage

Details

Page number

173

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 14.68%

Market growth 2023-2027

USD 141.52 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.1

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 49%

Key countries

US, Taiwan, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Eaton Corp. Plc, Ennostar Inc., Everlight Electronics Co. Ltd., General Electric Co., Havells India Ltd., LITE ON Technology Corp., Lumileds Holding BV, Nichia Corp., Seoul Semiconductor Co. Ltd., Sharp Corp., SMART Global Holdings Inc., Toyoda Gosei Co. Ltd., WOOREE E and L, Zumtobel Group AG, Samsung Electronics Co. Ltd., and Signify NV

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global LED Market 2017 - 2021

4.2 Geography Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Application Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Luminaires - Market size and forecast 2022-2027

6.4 Lamps - Market size and forecast 2022-2027

6.5 Market opportunity by Product

7 Market Segmentation by Application

7.1 Market segments

7.2 Comparison by Application

7.3 General lighting - Market size and forecast 2022-2027

7.4 Automotive lighting - Market size and forecast 2022-2027

7.5 Backlight - Market size and forecast 2022-2027

7.6 Others - Market size and forecast 2022-2027

7.7 Market opportunity by Application

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 Taiwan - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 Germany - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Acuity Brands Inc.

12.4 ams OSRAM AG

12.5 Bridgelux Inc.

12.6 Dialight Plc

12.7 Eaton Corp. Plc

12.8 Ennostar Inc.

12.9 Everlight Electronics Co. Ltd.

12.10 General Electric Co.

12.11 Havells India Ltd.

12.12 LITE ON Technology Corp.

12.13 Lumileds Holding BV

12.14 Nichia Corp.

12.15 Samsung Electronics Co. Ltd.

12.16 Seoul Semiconductor Co. Ltd.

12.17 Sharp Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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