Chicago, Oct. 07, 2022 (GLOBE NEWSWIRE) -- According to a research report "LED Lighting Market by Installation (New, Retrofit), Product Type (A-type, T-type, Decorative, Directional), Sales Channel (Retail, Direct, E-commerce), Application (Residential, Commercial, Industrial) and Geography - Global Forecast to 2027", published by MarketsandMarkets™. Major players operating in the LED lighting market have witnessed consistent revenue growth from 2016 to 2020.
Market Leaders - Top LED Lighting Companies
Signify Holding (Netherlands), Acuity Brands (US), OSRAM (Germany), Savant Systems (GE Lighting) (US), Hubbell Lighting (US), Panasonic Corporation (Japan), Zumtobel Group AG (Austria), Cree Lighting (Ideal Industries) (US), Dialight (UK), and Samsung (South Korea).
Expected Market - $124.7 Billion by 2027
Projected to grow from - $75.3 Billion in 2022
At a CAGR – 10.6%
Year of Considered – 2018-2027
Base Year – 2021
Forecast Period – 2022-2027
Segments Covered - Product Type, Installation, Sales Channel, Application, and Geography
Geographic regions covered - North America, APAC, Europe, and RoW
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Browse in-depth TOC on "LED Lighting Market"
135 – Tables
64 – Figures
247 – Pages
Signify N.V. is one of the leading providers of lighting solutions. As its portfolio comprises a wide range of diversified commercial products, the company has been leading the market. It has a strong brand name and a wide distribution network across the world. The company believes in both organic and inorganic growth. The company is also focused on product launches and innovations to expand its product portfolio and gain access to new technologies and new markets.The company’s growth strategy is focused on understanding the ever-changing requirements of customers and creating awareness of its products to increase their acceptance by new customers. The company has centralized its worldwide sales and strategic marketing functions. It has a diversified customer base, which reduces the company’s exposure to individual end markets and distinguishes it from its competitors.
Acuity Brands is one of the top players in the LED lighting market. The company has a robust portfolio of lighting solutions with well-recognized brands. It is actively involved in partnerships and acquisitions to strengthen its product portfolio and expand its geographic footprint. As part of its business strategy, the company has overgone integrating several business verticals to achieve greater operational efficiency.
The company is focused on adopting organic growth strategies. It is actively involved in updating the latest versions of its successful products to satisfy the evolving needs of its customers. Acuity Brands’ recent strategic acquisition of OSRAM North American Digital Business is expected to further enhance its portfolio of LED drivers and related technologies.
ams OSRAM has been present in the LED lighting business for a long time and is a recognized brand across the world. The company has a major presence worldwide with a strong sales and distribution network. It focuses on collaborations to maintain its position in the market. The company has a balanced revenue mix in all geographies and does not rely on one client or region for revenue generation. With the integration of OSRAM and ams brand, the combined entity (ams OSRAM) is now a worldwide leader in sensor solutions and photonics technology.
After the acquisition by ams group, the company’s key focus strategy has been to divest its unprofitable business unit. ams group is selling off many divisions of OSRAM as the management is focusing on its core business operations. For example, the management sold off the independent and dedicated AMLS (Automotive Lighting Systems GmbH) company to Plastic Omnium. Further, in June 2021, the company successfully sold its North America-based Digital Systems (DS) business unit to Acuity brands.
Hubbell Lighting, Inc. is an American company that designs, manufactures, and sells electrical and electronic products for non-residential and residential construction and industrial and utility applications. Hubbell was founded by Harvey Hubbell as a proprietorship in 1888 and was incorporated in Connecticut in 1905. Hubbell Lighting was acquired by GE Current in February 2022. The combined business of GE Current and Hubbel Lighting offers an extensive product portfolio of lamps, fixtures and controls uniquely tailored to commercial and industrial (C&I), signage, roadway, horticulture, and transportation markets.
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How goal of net-zero emissions by 2050 will have positive impact on LED lighting market ?
Global warming has created a huge need for conserving energy, especially for lighting, which represents roughly 15% of the world’s electricity annual consumption and 5% of global greenhouse gas (GHG) emissions.
The LED lighting segment has overtaken fluorescent purchases for residential and commercial applications, and the LED technology share is expected to increase in the coming years. To remain in line with the goal of net-zero emissions by 2050, the sales of LED bulbs and lighting fixtures need to reach 100% by 2025 globally. This is expected to further accelerate the adoption of LED lighting technology in the coming years, acting as one of the key growth drivers for the LED lighting market.
How US–China trade conflict and ongoing Russia–Ukraine war will be impacting LED lighting market in Short-to-medium-term ?
The US and China are hubs for giant manufacturers of lighting products, including lamps, luminaires, and fixtures. The US–China trade conflict impacted the import and export scenarios across the world. A sharp drop in imports from China drove the decline, with tariffs in place on about USD 370 billion in US-bound Chinese goods.
This has a significant impact on the lighting industry, including LED-based lighting products. Social and political tension created by the ongoing war between Russia and Ukraine is further expected to impact trades and businesses worldwide. In its Trade Forecast 2022–2023, the World Trade Organization (WTO) estimates that prospects for the global economy have darkened since the war started on February 24. WTO economists have downgraded their expectations for 2022 growth in merchandise trade volumes—the import and export of goods—from 4.7% to 3%. Sharply rising commodity prices have been the most immediate economic impact of the Russia–Ukraine conflict. This will act as a restraining factor in the short-to-medium term for the LED lighting market.
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