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The global LED lighting market size was valued at USD 55.5 billion in 2021 and is expected to expand at a compound annual growth rateof 10.5% from 2022 to 2030. Increasing construction activities along with stringent government regulations to lower the adoption of inefficient lighting technologies, are the major factors expected to drive the market.
In 2020, the COVID-19 pandemic negatively impacted the global market. Strict lockdowns and temporary suspensions of construction sites resulted in a decline in demand for LED lighting. However, in the second quarter of 2021, construction activities witnessed growth with the introduction of new as well as redesigning projects, thus leading to the gradual recovery of the LED lighting market.
The LED lamp segment is anticipated to register the highest compound annual growth rate over the forecast period owing to the increasing adoption of LED lamps in the residential sector. LED lamps are available in various designs and provide benefits such as better energy efficiency and high stability compared to other solutions such as incandescent lamps and CFL. Likewise, the government's approach toward rising LED awareness among consumers to lower/manage energy usage are factors expected to support the target market growth.
The demand for efficient lighting solutions in supermarkets, malls and retail stores is increasing. LED lighting solutions save more light, emit less heat, and are cost-effective than other lighting solutions.The outdoor segment is expected to witness moderate growth over the forecast period. This can be attributed to increasing infrastructure development projects related to airports, highways, and public places. In addition, increasing government initiatives to attain net-zero emission by lowering energy consumption is expected to increase demand for LEDs lights for outdoor applications.