Home » LED News, Trends, Applications » Driven by smart and niche lighting, LED lighting market to grow to US$ 32.72 bn in 2018

Driven by smart and niche lighting, LED lighting market to grow to US$ 32.72 bn in 2018

Driven by smart and niche lighting, LED lighting market to grow to US$ 32.72 bn in 2018

By BizLED Bureau

Nov 8, 2017: An LEDinside report states that LED lighting market will achieve US$ 32.72 billion in 2018 and will reach US$ 33.3 billion in 2019 when replaceable lighting would enter a period of saturation, but industrial, architectural and outdoor and commercial lighting will continue to witness growth.

According to the reporft titled ‘2018 Light LED and LED Lighting Market Outlook’, LED lighting market value is likely to be 7.16 billion in 2018. The number of installed LED lighting products globally has increased sgnificantly. LED lighting penetration in 2017 is 22%, and it is expected to reach 63% in 2022, at a CAGR of 26% during 2017 to 2022.

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The reports states that LED lighting market value increased more than 10% YoY in 2017, and is likely to grow about 7.8% in 2018, reaching US$ 7.16 billion. However, the market will suffer downfall and enter recession period after 2020, as the retrofit lamps like bulbs and tubes would reach a saturation point. Commercial lighting products like troffer, panel light and filament lamp still achieve CAGR of 30%. The overall CAGR of lighting LED will reach 4% during 2016-2021.

Driving forces

The global smart lighting market has rapidly grown in 2017, and its market scale reaches US$ 4.6 billion, increased 95% YoY. As the technology and products mature, the market scale is expected to reach US4 13.4 billion in 2020.

Four niche lighting market segments—horticulture lighting, healthcare lighting, fishing lighting and marine lighting, and harbor lighting would push the market further. Horticulture lighting in particular will grow rapidly in the US and China, which is pushed by the demand for plant factory construction and greenhouse lighting.

The economic development of emerging countries would promote infrastructure construction and enhance urbanization, leading to more demand for LED lighting. Besides, the energy-saving policies including energy subsidies, tax incentives announced by national and local governments, would contribute to the promotion of LED lighting.

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