The global LED lighting market is projected to witness substantial growth in the coming years due to rising demand for technologically advanced electronic devices. Light emitting diode (LED) is a semiconductor device that produces light when current flows through it. The device offers various advantages, such as high energy efficiency, longer shelf-life, high reliability, and compact size.
Shifting consumer preference for advanced lighting technologies over conventional incandescent bulbs owing to less heat losses and low operational cost can augment market growth. Advent of standard deviation color matching (SDCM) system to help consumer determine color difference with ease can impel product demand. Advantages like diversity of colors, frequent on/off cycling, and shock resistance offered by LEDs can drive the market in the coming years. In addition, supportive initiatives by governments across the globe to create smart cities can stimulate product demand. Moreover, increasing R&D investments by manufacturing companies to develop innovative products at lower prices can spur market growth.
Advent of alternative technologies like laser based lights can hamper growth of the market in the coming years. Product limitations, including voltage sensitivity, costly maintenance, and thermal properties, can obstruct market growth. However, constant efforts by manufacturers to develop products offering low maintenance costs while improving light quality can create lucrative opportunities for the market.
The market can be segmented on the basis of product, design, and application. Based on product, the market can be categorized into high brightness LED, basic LED, and OLED. In terms of design, the market can be bifurcated into luminaries and lamps. On the basis of application, the market can be divided into indoor and outdoor.
Asia Pacific is anticipated to witness significant market growth in the coming years owing to increasing construction activities. New residential and commercial buildings are likely to impel product demand in developing countries, such as India, China, and Japan. Supportive initiatives by the Indian government to promote use of product can also boost sales, thereby fueling regional market growth. Domestic efficiency lighting program (DELP) and street light national program (SLNP) are the two major programs initiated by the Indian government to spread awareness among consumers. In addition, the Indian government is planning to invest a huge amount to transform 100 smart cities in the country by 2030. These factors can stimulate regional market growth in the coming years. Launch of technologically advanced products by local manufacturing companies can gain traction among consumers. For instance, Syska launched its new smart table lamp equipped with Wi-Fi and Amazon’s Alexa. Consumers can use voice commands to control the device. The lamp offers three different color temperatures, including day light, warm white, and cool white. Consumer can purchase the device online from Flipkart and Amazon.in.
Europe is likely to bode well in the coming years due to increasing use of stylish and modern lighting systems in commercial buildings. Rising product demand in hospitals, restaurants, and corporate offices can contribute significantly to market growth. Such facilities are likely to install energy efficient technologies to reduce operating cost and enhance consumer experience. Increasing focus of hotel and restaurant owners to provide luxurious interiors at their facilities in order to gain traction among consumers can augment regional market growth. For instance, NH Hotel Group is likely to open first nhow hotel in United Kingdom. The property will offer an LED fireplace, creating a relaxing ambience for the visitors. In addition, the central pillar will feature a pixelated LED to generate ever-changing moving images.
Some of the leading companies operating in the LED lighting market are General Electric Company, Philips Lighting N.V., Zumtobel Group, Osram Licht AG, and Syska LED Lights Private Limited.
