Global LED Lighting Industry to Reach $262.8 Billion Value by 2030: P&S Intelligence
P&S Intelligence finds, the LED lighting market is currently witnessing the negative effects of the COVID-19 pandemic. In several countries, a lockdown has been imposed and major commercial and industrial facilities have been forced to down their shutters. As a result, not only has the supply of lights and their various components been affected, but even the construction projects are temporarily stuck in a limbo, thereby leading to a considerably lower demand for LED lights, than the pre-COVID era.
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The indoor bifurcation, under segmentation by application, is expected to continue holding the larger share in the LED lighting market during the next decade. This is ascribed to the large number of residential buildings being constructed in India, the U.S., the U.A.E., and China. For instance, under the Pradhan Mantri Awas Yojana (PMAY) initiative, initially launched in 2015, the Indian government, in 2018, approved the construction of 321,567 affordable houses. Additionally, in Asia-Pacific (APAC) and Europe, several programs have been launched for the creation of smart cities. Since energy efficiency is one of the primary ideas behind such infrastructure, the construction of smart cities would further drive the installation of LED lights in indoor settings.
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Till 2019, Asia-Pacific (APAC) contributed the highest revenue to the LED lighting market, and the situation is expected to be the same during the next 10 years. Due to the growing residential construction sector and increasing disposable income of the regional inhabitants, especially those living in India, China, and South Korea, the usage of LED lights in residential settings is rising. Similarly, the demand for such products is surging in the commercial and industrial sectors, owing to the booming population, high industrialization and urbanization rates, and rising focus on electricity conservation.
Mergers and acquisitions have been the most numerous of all the strategic moves in the LED lighting market in recent years, as such strategies are allowing companies to augment their revenue by a considerable margin, at the same time, reducing the degree of competition and number of competitors.
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For instance, in July 2019, Signify N.V. announced that it intends to purchase a 51% stake in Zhejiang Klite Lighting Holdings Co. Ltd. The move to acquire the stake in this Chinese cost-efficient LED lamp and luminaire provider has helped Signify N.V. widen its connected lighting solution portfolio.
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High Power LED Market
The major factors stimulating the high power LED market growth include rising adoption of energy-efficient lighting solutions and increasing government support for the adoption of LED lights, globally. Globally, the Asia-Pacific (APAC) region is expected to account for a substantial share in the high power LED market during the forecast period.
Ambient Lighting Market
The growing demand for energy-efficient lighting solutions and the rising focus on smart lighting systems are the key factors positively impacting the ambient lighting market growth. The COVID-19 pandemic has caused disruption in the supply chain of electric components, thus affecting original equipment manufacturers (OEMs) globally.
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