Global LED Lighting Market is Expected Surpass Valuation of USD 127.42 billion by 2028 | Growing Trends of Artificial LED Lighting in Farming
Global LED lighting market size was valued at USD 55.5 billion in 2021, and it is expected to reach a value of USD 127.42 billion by 2028, at a CAGR of 10.5% over the forecast period (2022 – 2028).
Westford, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) — LED lights are being adopted worldwide for their energy efficiency and the reduction of negative effects on the environment. In households, almost 10% of energy usage is accounted for lighting and in commercial premises, it accounts for a range between 18% to 40%. LED lights are more efficient than fluorescent lights. LED lights convert 95% of the energy into light and waste only 5% to heat, as compared to fluorescent lights which convert 95% to what and only 5% was turned into light. This subsequently leads to a reduction in greenhouse gas emissions and drives the LED lighting market.
It is expected that by 2030 87% of the lighting globally will be LED lighting. LED lights last between 30,000 to 50,000 hours as opposed to conventional lights which last between 8,0000 to 30,000 hours. LED lights are facing a demand globally as new and improved innovations make rounds in the LED lighting market.
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Top 5 Innovations in LED Lighting Market
- IoT-based “Smart” Lighting: Various innovations in the LED market. Now smart lighting can be used to create a schedule to turn on and off lights and remove any extra use of energy sources. The smart LED bulbs now come with software that can be connected to an application or any smart home assistant device. It gives the flexibility to control the lights remotely. LED bulbs are used for intelligent lighting which uses 75% less energy than traditional bulbs and last 25 times longer.
- Artificial LED lights in farming: Artificial LED lights are used in indoor farming, like horticulture where farmers can supplement natural daylight using such lights for turning up the quality of the yield and increasing the quantity. The LED grow lights used in farming can help in retaining the unique properties of crops, maintain their nutritional values, and enhance their flavors. LEDs provide the right amount of heat-light balance by helping improve the propagation of vegetables, fruits, and floriculture crops in a climate-controlled environment. LED lights are also maintaining a cooler temperature.
- LED in automobiles: Advanced Front Lighting System is the trendiest approach when it comes to the digitalization of cars. LED lights are used in the cars’ door lights, resign lights, telematics, dashboards, climate control systems, and so on. In 2021, Seoul Semiconductor Co. introduced a wafer-integrated-chip-on-PCB (WICOP) which consumes 20% less power and dissipates heat by 40% in electric vehicles. This is a significant factor which can push the LED lightning market to grow exponentially.
- Human Centric LED lighting: Architectures, designers, and builders are understanding the effects of light on humans, and human-centric lights are being adopted to help workers become more efficient and productive. The educational institution used LED-based HCL lights to keep students alert and comfortable. Healthcare uses the correct color temperature to keep the workers alert and patients comfortable in their rooms. Aircraft too used LED-based HCL which provides customization lights during their flight activities like boarding, meal times, sleep, and to alter passengers about landing and so on. This innovation has given a massive push to the growth of the LED lighting market.
- LiFi: This lighting technology gives high-speed, wireless data communication which is faster than Wifi connectivity. LEDs that are integrated with IoT can be used to provide light as well as transmit data. High-quality speed up to 30 MBPS is proved by Lifi using ultraviolet, infrared and visible, light waves. Machine-type communications will increase the use of Lifi in the upcoming years. The dominant market players like Wipro, Panasonic, and SIgnify are all investing in Lifi to provide high-speed transfer of information from an LED bulb.
SkyQuest studies such innovations in the LED lighting market to provide the latest strategies used by top players in the market. Their activities like R&D investments, M&A, collaborations, partnerships, and growth strategies are studied to provide a report which gives an insight into the market for businesses to establish a strong foothold.
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What Factors are Set to Drive the Growth of the LED Lighting Market?
The first and foremost reason that will push the growth of this market is the demand for lighting fuels and the negative impact they produce. LED lights are increasingly being adopted by underdeveloped countries to save on conventional fuels. Residential and commercial premises now have adopted LED lights. The retail giants are improving their customer experience by integrating LED lights which is also set to drive the market’s growth.
Architectural LED lights are the new trend as strategic partnerships between such light manufacturers and providers are increasing in number. LED lighting products are easily accessible and their online visibility is increasing.
With the change in safety norms and the trend of adopting environmentally friendly products, LED lights are being massively adopted all over the globe. Government investment in new public projects is opening the scope for capitalization opportunities. For instance, the Indian government has announced the development of 100 smart cities by 203 0by investing nearly USD 15 billion in the project. Such investment in small city projects as done by the governments of Singapore, China, Spain, and so on are set to propel the LED lighting market.
In the LED lighting market, Asia Pacific regions are expected to see a rise in demand and subsequently growth. The government projects and rise in urbanization are propelling the market in this country towards significant growth. The automobile segment is also anticipated to take over the growth in the market with a requirement for LEDs in headlights, rear lights, brake lights, and turn signals. The emergence of EVs will also drive the led lighting market in the future.
SkyQuest has published a report after an in-depth analysis of the LED lighting market. It has studied the recent developments, innovations, and consumer behaviors to write a report on this market conditions, and its future prospects. This report can assist businesses in making data-driven decisions based on the insight into the inner working of the market and gain a competitive edge by aligning their strategies with the recent trend.
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Top Players in the LED Lighting Market
- Phillips Lighting Holding B.V. (Netherlands)
- GE Lighting (US)
- Osram Licht AG (Germany)
- Cree Inc. (US)
- Cooper Lighting Solutions (US)
- Virtual Extension Dialight PLC (UK)
- Zumtobel Group (Austria)
- Samsung Electronics (South Korea)
- Sharp Corporation (Japan)
- Eaton Corporation (Ireland)
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