Led Lighting Solutions Market Newer Segments of Application and Forecast Till 2033

Persistence Market Research’s analysis of the LED lighting solutions market predicts that from 2021 to 2031, market demand will grow at a robust CAGR of 15%. According to the research, the market is currently valued at US$ 81 billion. According to the report, the use of LED lighting solutions has grown as a result of LED lights’ great energy efficiency for industrial, commercial, and residential applications, low cost, and high level of durability.

LED lighting devices are around 90% more efficient at producing light than conventional light sources. LED lighting fixtures have a long lifespan, use less energy, and have a service life of 50,000 hours or more. The commercial lighting sector is being penetrated by the falling costs of LED lights, which can be utilised in workplaces, commercial buildings, restaurants, shops, schools, and hospitals.

  • In April 2021, SYSKA announced a cheap LED bulb meant for rural areas. The company plans to sell 10 million LED bulbs at Rs 10/piece across India.
LED Lighting Solutions Market
LED Lighting Solutions Market

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Such development are driving demand for LEDs products. Adoption of LED solutions instead of incandescent and CFLs helps reduce electricity demand and increase efficiency, which is expected to drive market growth over the coming years.

Key Takeaways from Market Study

  • By product type, the LED luminaire segment is anticipated to account for a leading share in the global market during the forecast period. The LED lighting solutions segment is estimated to expand at a robust CAGR of 14% through 2031.
  • Installation services will be a dominating segment and rise at a CAGR of nearly around 21% from 2021 to 2031.
  • East Asia is expected to lead the market, followed by North America. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market over the decade.
  • The market in India is expected to progress at a CAGR of almost 18% through 2031.
  • In GCC countries, sales are expected to increase at a CAGR of close to 17% over the next ten years.

“Increasing initiatives toward green energy & energy-efficient projects by governments and emergence of smart cities across the globe have led to a spur in the demand for LED lighting solutions,” says a Persistence Market Research analyst.

Technology Trends Such as Human-Centric Lighting & Contactless Lighting Fueling Demand for LED Solutions 

In recent years, the corporate sector has grown at a significant rate and employees work around 8-10 hours a day. Thus, organizations are focusing on designing workplaces considering human ergonomics. Human-centric lighting helps create a work environment that balances the human body’s internal biological environment.

  • For instance, in June 2019, Wipro launched the Human Centric Lighting (HCL) solution (inSync). This new solution can imitate sunlight inside the workplace and works in harmony with the Earth’s natural lighting cycle. It improves employees’ concentration, mood, well-being, and productivity.

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Contactless lighting also helps boost the smart lighting ecosystem. Light fidelity (Li-fi) is mobile wireless technology that transfers data with the help of light instead of radio frequencies. It helps in power cost reduction, increases efficiency, and consumption of the Li-Fi network. Therefore, increasing use of LEDs in applications such as human-centric lighting, contactless lighting, Li-Fi, and many more are driving demand for LED lighting solutions.

Key Players :

  • GE Lighting, LLC
  • SMART Global Holding
  • Sharp Corporation
  • Havells
  • Eaton Corporation (Cooper Industries PLC)
  • Samsung Electronics Co. Ltd.
  • Philips Lumileds Lighting (Signify NV)
  • Toshiba Lighting and Technology Corporation
  • Acuity Brands Lighting, Inc.
  • Hubbell Lighting, Inc.
  • OSRAM Licht AG
  • Surya
  • Seoul Semiconductor
  • Everlight

More Valuable Insights on Offer

Persistence Market Research’s report on the LED lighting solutions industry research is segmented into five major sections – product type (LED bulbs, bare LED tubes, LED luminaire, LED down lights, and others), service (consulting services, installation services, and maintenance & support services), end user (residential, commercial, and industrial), application (outdoor, indoor, backlighting, automotive, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.

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Key Segments of LED Lighting Solutions Market Industry Research

By Product Type:

  • LED Bulbs
  • Bare LED Tubes
  • LED Luminaire
  • LED Down Lights
  • Others

By Services:

  • Consulting Services
  • Installation Services
  • Maintenance & Support Services

By End User:

  • Residential LED Lighting Solutions
  • Commercial LED Lighting Solutions
  • Industrial LED Lighting Solutions

By Industry:

  • Outdoor LED Lighting Solutions
  • Indoor LED Lighting Solutions
  • LED Backlighting Solutions
  • Automotive LED Lighting Solutions
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

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