Global market growth overview

The global LED Lighting market size valued at USD54.00 billion in 2019 and projected to expand at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027. The LED price reduced sharply and the change of the global energy policy is driving the LED market growth.

LED is high effciency, reliable and long useful life, widely applicable for indoor and outdoor led lighting applications, which is the best light sources to replace incandescent lamp. Government support for the regulation making, rebate, retrofit, etc have driven the whole industry develop faster and better.

Unfortunately COVID-19 pandemic has hit the LED Lighting market severely by disrupting the supply chain, delaying the manufacturing and affecting the market. Architectural, retail, manufacture and other industries slow growth have decreased the demand of lighting products. Besides, the raw materials price rise will further affect the lighting products.

Product and Application Analysis

LED Luminaires become the biggest segment and accounted for 56% share of the global revenue in 2019. Luminaries are widely applicable for commercial and industry lighting applications, like LED streetlights, highbay lights, downlights, track lights, troffers and pendants. They are of higher cost than typical LED lamps; thus, luminaires account for a more significant market share than LED lamps.

The commercial segment led the market and accounted for over 52% share of the global revenue in 2019. High brightness LED luminaires for industrial and outdoor lighting applications are in high demand, like airports, corporate campuses, industrial, government, and healthcare infrastructure, highways and roadways, and public places.

Regional Analysis

The Asia Pacific accounted for over 42% share of global revenue in 2019 and is likely to continue the dominance in terms of both usage and manufacturing over the forecast period. Taiwan, India, Japan and China are the key contributors to the regional growth owing to the governments’ policy support and a large amount of market players. Especially in developing countries, like China, India and Indonesia, the prosperous construction industry led to the great demand for indoor and outdoor lighting products, like LED Streetlights for roads, Tunnel light for Tunnels, Flood light for buildings, Highbay light for industrial, etc.

As the construction activity is interrupted due to pandemic, the delay in construction projects would negatively impact the demand and affect the vendor performance during the year 2020.

The market is highly competitive, we Xindeco devote ourselves to R&D continual development and market strategic deployment, and the most advantaged product is high efficiency LED Streetlights certified by SASO, CB, ENEC, CE, INMETRO, LM-79, TM-21, LM-82, ISTMT, Vibration, Salt spray, etc, which is the best solution for roadway lighting.

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