Showing posts with label LED Lighting Market Trends. Show all posts
Showing posts with label LED Lighting Market Trends. Show all posts

The Rise of LED Lighting in the Asia-Pacific Region

The last decade has seen Asia-Pacific region jumpstart its lighting systems, with LED being proclaimed as a lamp of innovation and environmental sustainability. This indeed lighting revolution is not about just brighter light, it revels energy-saving, nature-friendly and cost-effective lightings. Let's have a look at this attractive sector about LED and discuss how it is plotting the direction of the future in Asia-Pacific.

Energy Efficiency and Sustainability:

LED lighting is the champion of energy efficiency (after its low-energy competitors - incandescent and fluorescent bulbs). LED light bulbs utilize markedly less power the while giving the same or even higher brightness thus resulting to a drop in the energy bills as well as to lower levels of carbon footprints. In this field, the roots of multilateralism bring a great deal of importance to the Asia-Pacific region where countries tend to transform their economies towards sustainable development and protection from climate change.

Longevity and Durability:

One of the other important features of the lighting LED system is the ability of them to stay for more long time and be able to handle tougher environments. Light Emitting Diode bulbs are far more long-lasting than the commonly used ones, with an expected lifespan at least 25 times longer. This longer life cycle not only brings the cost of visible maintenance indoors but also reduces the environmental impact associated with the replacement and disposal of non-functional bulbs, which is a step towards a cleaner and greener environment.

Versatility and Innovation:

Only the LED technology can be described as versatile, actually. It enables lighting designers to come up with lighting systems that can solve just about any application problem. From the home and business lighting to landscape lighting and architectural lighting, LEDs can be fully customizable to serve needs ranging across all lighting requirements. In addition, LED technology is continuously being developed at a level that allows light-tuning, smart lighting systems, and IoT integration which makes one able to manipulate lighting environments leading to more user experience and control.

Cost-Effectiveness:

In some cases, LED lighting required slightly higher costs upfront than it did for the traditional lighting options, but the market has responded with decreasing prices of LED bulbs and fixtures, making them very affordable for users. One more important point to make is the long-term cost affordability of LED lighting due to lower energy consumption and maintenance expenditure, which is another reason for LED to increase in popularity across the Asia-Pacific region.

Environmental Benefits:

The use of LED lamps has contributed a great deal to the conservation of nature through environmental conservation activities. The LEDs have the capability of lower electricity consumption and emissions of greenhouse gases and thus, they have a crucial role to play in the mitigation of climate change and protection of natural resources. Additionally, these lamps do not have harmful substances like mercury in their composition. Therefore, this lighting equipment pose no threat to human health or the environment.

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APAC Is Leading the LED Lighting Market

The global LED lighting market was valued at USD 68,954.7 million in 2022, and this number is expected to reach USD 152,842.0 million by 2030, advancing at a CAGR of 10.5% during 2022–2030, as per P&S Intelligence.

The increasing need for energy-effective solutions along with the development in infrastructure, the snowballing government initiatives regarding the acceptance of LED lights, and the mounting sales of horticulture lighting are major reasons driving the sales of such lights.

LED Lighting Industry Revenue Estimation Forecast to 2030

 

The declining cost of lights is an additional key reason for the market growth. The reduced cost has led to their advanced usage for numerous applications, such as industrial, residential, and commercial lighting. Because of the enhancements in technologies, the cost of production is significantly reduced while the effectiveness and lifespan of LED lights have enhanced remarkably in the past few years. Because of this, there has been a notable drop in the cost of lights. 

 

In 2022, the luminaire category held the highest revenue in the market of above USD 40 billion. This is credited to the extensive demand for luminaires, mainly from newly built commercial and residential buildings. Additionally, with increasing government initiatives regarding their adoption, the manufacturing of such luminaires is estimated to surge in the future. These lights are installed on tunnels, high bays, troffers, tracks, streets, and others.

 

The retrofit installation category is projected to experience higher growth, advancing at a rate of 10%, in the coming years. This can be ascribed to the increasing replacement of sodium-vapor lamps and incandescent bulbs with LEDs in several countries, including India, South Korea, China, South Korea, and the U.S. Furthermore, with the phasing out of incandescent bulbs in such countries, the demand for lamps for retrofit deployment is growing, which enhanced the sales in this category.

 

APAC is leading the LED lighting market, accounting for the largest revenue share, of approximately 50%, in 2022. This is credited to the snowballing demand for LEDs from the housing sector, principally in countries like India, South Korea, and China, due to increasing per capita income, the presence of a large number of businesses functioning in such countries, and the development in the construction of residential establishments.

 

Furthermore, because of the growing population, promising infrastructure growth activities in emerging economies, and increasing government initiatives with a concentration on energy effectiveness, the demand for industrial and commercial applications is rising, hence driving the manufacturing of LEDs in the region.

 

Hence, the increasing need for energy-effective solutions along with the development in infrastructure, the snowballing government initiatives regarding the acceptance of LED lights, and the mounting sales of horticulture lighting are major factors that will drive the LED lighting market in the future. 

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Surging Infrastructure Development Driving LED Lighting Market Growth

The global LED lighting market revenue stood at $55,201.9 million in 2020, and it will surge to $152,442.3 million by 2030, exhibiting a CAGR of 10.7% from 2020 to 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the surging use of energy-efficient lighting solutions, falling costs of LED lights, and soaring infrastructure development activities across the world.

The luminaires category contributed higher revenue to the market in 2020, due to the surging adoption of these lights in industrial and commercial spaces and the implementation of favorable government policies. These lighting devices are easier to deploy, allow optic designers to use less light for illuminating an area and provide more light per every unit of power consumed than lamps. When installation type is taken into consideration, the market is classified into retrofit and new.


Of these, the retrofit category is predicted to demonstrate faster growth throughout the forecast period, owing to the rising requirement for replacing sodium-vapor and incandescent lamps with LEDs in several countries, such as the U.A.E, India, the U.S., South Korea, China, and Japan. Globally, Asia-Pacific (APAC) dominated the LED lighting market in the past, primarily because of the launch of supportive government initiatives in China, South Korea, and India regarding the deployment of energy-efficient lights.

This is attributed to the rising demand for replacing conventional lighting systems, such as compact fluorescent lamps (CFL), sodium-vapor lamps, and incandescent lights, with LEDs in commercial, industrial, and residential settings. Furthermore, the rising urbanization rate and growing focus on construction and infrastructure development are pushing up the demand for LEDs, owing to their greater energy-efficiency than conventional lights, in the APAC region. To meet the soaring requirement for LED lights, the players operating in the LED lighting market are focusing on product launches.

Hence, it can be safely said that the market will register rapid expansion in the coming years, primarily because of the increasing infrastructure development activities and burgeoning requirement for energy-efficient lights.
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