LED Indoor Lighting Market Growth Strategies, Trends, Forecast Till 2027

[supriya Kokate]

The LED Indoor Lighting Market is expected to grow from USD 3.79 Billion in 2018 to USD 10.55 Billion by 2026, at a CAGR of 12.52%. The high use of light emitting diodes as an alternative to florescent, HID and incandescent lighting has paved the way for large - scale lighting of indoor light emitting diodes.
The main factors driving the smart indoor lighting market are energy saving concerns and the factors responsible for the growth of the smart indoor lighting market are its advantages, such as low maintenance costs, longer stamina and low power consumption. Another is the falling prices of LED components.
Commercial and industrial buildings are one of the most common applications for intelligent lighting. Lighting accounts for 20% to 50% of global energy consumption. Lighting in commercial and industrial buildings accounts for 40 percent of total energy spending.

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The significant players in the market are Digital Lumens, Inc. (United States), Acuity Brands Lighting, Inc. (United States), Philips Lighting (Netherlands), General Electric Company (United States), OSRAM Licht AG (Germany), Honeywell International (United States), Cooper Industries, Inc. (Ireland), Legrand (France), Schneider Electric SE (France), among others.
Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the market on the basis of solutions, services, deployment model and regional analysis.
Light Source (Revenue, USD Million; 2016–2026)
• Fluorescent Lamps
• Light Emitting Diodes
• High Intensity Discharge Lamps
Application (Revenue, USD Million; 2016–2026)
• Residential
• Commercial
• Industrial
• Others
Region (Revenue, USD Million; 2016–2026)
• North America
• Europe
• APAC
• Latin America
• Middle East & Africa
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Further key findings from the report suggest
• The LED Indoor Lighting Market is expected to grow from USD 3.79 Billion in 2018 to USD 10.55 Billion by 2026, at a CAGR of 12.52%. The high use of light emitting diodes as an alternative to florescent, HID and incandescent lighting has paved the way for large - scale lighting of indoor light emitting diodes.
• On the basis of Application, the largest market share in 2018 was in the commercial sub - segment. In recent years, the use of LED lights in offices, retail stores and malls, hospitals, educational buildings and others has increased significantly.
• Among Light Source, the Light Emitting Diodes (LED) is expected to grow at the highest CAGR of 16.71% during the forecast period. Light emitting diodes are highly efficient, reliable and have a longer life span, which is expected to increase demand in different applications, including indoor and outdoor solutions. Compared to incandescent lights, these lights are cost-effective and provide about 50,000 hours of lighting with a small amount of energy consumed.
• Asia-Pacific held the largest share of the LED Indoor lighting market in 2018 and is expected to maintain its dominance in the market during the forecast period, while Europe's is expected to be the second largest market in 2026. Europe has a relatively high living standard of population. People in this region have the financial means necessary to invest in intelligent homes equipped with several innovative LED lighting systems. The high market growth in APAC can be attributed to ongoing projects to modernize infrastructure in developing economies such as China and India, where governments have approved the construction of several intelligent cities.
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Key Features of the LED Indoor Lighting Market Report:
• Detailed assessment and exhaustive understanding of the LED Indoor Lighting market
• Significant insights into manufacturing processes, major barriers, and risks
• 8-year forecast estimation to offer information about the market size and market share on the global and regional levels
• Evaluation of the key drivers, restraints, growth opportunities, threats, limitations, barriers, and other key elements
• Identification of growth prospects and potential for the LED Indoor Lighting industry
• Comprehensive analysis of the key market players and their strategies
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