Global LED Lighting Market Projected to Reach $128.15 Billion by 2030
LED lighting finds extensive applications across residential and commercial settings, outdoor spaces, automotive lighting, and decorative installations. LEDs come in various shapes and sizes, from traditional bulb designs to tube lights, spotlights, and floodlights. This lighting technology is anticipated to lead the global energy efficiency and rapid development market.
LEDs consume 75% less power and have a lifespan of 25 times longer than incandescent bulbs, making them highly efficient and cost-effective. Replacing older lighting systems with LED alternatives has proven beneficial, and there is a growing demand for new outdoor LED lighting installations. Due to its advanced features, LED can outpace conventional lighting technologies like compact fluorescent lamps (CFLs) and cold cathode fluorescent lamps (CCFLs).
Besides being a cost-effective lighting solution, LEDs find applications in backlighting for large-screen and non-backlight displays (OLEDs). Although the initial cost of LED lighting is relatively high, its longer lifespan significantly lowers overall costs than CFLs. Increased consumer awareness about the advantages of LED lamps' extended life expectancy drives adoption, particularly in products like LED lamps and ceiling lights. Growth in display backlighting, declining LED lamp costs, extended lifespan, and high efficacy drive the global led market's growth.
Rising construction activities in developing and developed nations and government regulations promoting energy-efficient lighting are primary led lighting market growth. LEDs are known for their long lifespan, absence of flicker, and intense illumination while consuming less energy. Manufacturers also incorporate features like Wi-Fi, occupancy sensors, and day-lighting to attract customers and boost product sales, further fueling market growth.
The increasing adoption of LED bulbs and luminaires aligns to achieve net-zero emissions by 2050. A global shift from inefficient incandescent and fluorescent lighting, which posed environmental and health risks, is evident. Climate scientists and governments support LED bulbs to combat escalating electricity consumption, where lighting accounts for 20% and contributes 6% of the world's carbon emissions. Without LEDs, global energy consumption for illumination could surge by 60% by 2030. Currently, more than half of the lights sold worldwide are LEDs, putting the lighting industry on track to meet its net-zero targets by 2030.
Short-to-medium-term market prospects encounter hurdles amid the U.S.-China trade conflict and the ongoing Russia-Ukraine war. Major lighting producers in the U.S. and China are central to global import-export dynamics. Tariffs on around USD 370 Billion Chinese exports to the U.S. have substantially curtailed imports, impacting LED lighting products. The prolonged Russia-Ukraine conflict will also affect global trade, presenting extra challenges to the LED lighting market's revenue growth.
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