The Latest Led Lighting Industry Statistics Explained
The global LED lighting market size valued at USD 54.00 billion in 2019.
The statistic “The global LED lighting market size valued at USD 54.00 billion in 2019” provides information on the total monetary value of the market for LED lighting products worldwide in the year 2019. This figure represents the collective revenue generated from the sale of LED lighting products, including light bulbs, fixtures, and other related equipment, across various industries and regions on a global scale. A market size of USD 54.00 billion indicates the significant demand and adoption of LED lighting technology, reflecting its growing popularity due to benefits such as energy efficiency, long lifespan, and environmental sustainability. This statistic is valuable for understanding the size and potential growth of the LED lighting industry, as well as for making informed decisions related to investments, market strategies, and future developments in the field of lighting technologies.
The LED lighting industry is projected to reach USD 115.58 billion by 2027.
The statistic that the LED lighting industry is projected to reach USD 115.58 billion by 2027 indicates the expected growth and substantial market size of the industry over the next few years. This figure represents the estimated total market value of LED lighting products and services by 2027, showcasing the increasing demand for energy-efficient and cost-effective lighting solutions globally. Factors driving this growth may include the shift towards sustainable practices, government regulations promoting energy efficiency, and technological advancements in the LED sector. The projection suggests significant opportunities for businesses operating in the LED lighting industry to capitalize on this growth trend and expand their market presence.
North America dominates the LED lighting market with a share of 31.9% in 2019.
The statistic indicates that North America had the largest market share in the LED lighting industry in 2019, accounting for 31.9% of the market. This dominance suggests that North America is a significant player in the global LED lighting market, likely due to factors such as technological advancements, consumer demand for energy-efficient lighting solutions, and supportive government policies. Companies in North America may have a competitive edge in LED lighting technology and innovation, leading to a strong market presence in the region. This statistic highlights the regional dynamics within the LED lighting industry and underscores North America’s importance as a key market for LED lighting products.
The global LED lighting penetration rate in the general illumination market was 61.0% in 2020.
The statistic that the global LED lighting penetration rate in the general illumination market was 61.0% in 2020 indicates the proportion of LED lighting products used in comparison to all lighting products for general illumination purposes worldwide during that year. A penetration rate of 61.0% signifies that LED lighting has become a dominant technology in the general lighting market, with over half of all lighting products being LEDs. This statistic reflects the increasing adoption and acceptance of LED lighting due to its energy efficiency, longer lifespan, and decreasing costs, illustrating a significant shift away from traditional lighting technologies such as incandescent and fluorescent bulbs.
The energy consumed by LED lighting in the U.S. was just 75 terawatt-hours in 2018.
The statistic indicates that in 2018, the total amount of energy consumed by LED lighting in the United States was 75 terawatt-hours. This number reflects the efficiency of LED lighting technology, as LED lights consume significantly less energy compared to traditional lighting sources such as incandescent or fluorescent bulbs. The lower energy consumption of LED lighting not only helps reduce electricity bills for consumers and businesses but also contributes to environmental sustainability by lowering greenhouse gas emissions associated with electricity generation. The 75 terawatt-hours figure demonstrates the widespread adoption of energy-efficient LED lighting in the U.S. and its positive impact on energy conservation and environmental protection efforts.
The global smart/connected street lights market is expected to reach around 1 billion units by 2025.
The statistic indicates that the global smart/connected street lights market is set to experience significant growth, with an expected reach of around 1 billion units by the year 2025. This projection suggests a substantial increase in the adoption of smart and connected technologies in the street lighting sector over the next few years. Smart street lights offer advantages such as energy efficiency, remote monitoring, and automated controls, making them an attractive option for municipalities and organizations looking to modernize their lighting infrastructure. The forecasted growth in this market indicates a strong trend towards the implementation of smart city initiatives and sustainable urban development practices worldwide.
The global commercial smart lighting market was valued at USD 6.5 billion in 2020.
The statistic stating that the global commercial smart lighting market was valued at USD 6.5 billion in 2020 is an indication of the total monetary worth of smart lighting products and services in the commercial sector worldwide during that year. This figure suggests a significant market size and reflects the growing adoption of smart lighting technologies in commercial spaces due to factors such as energy efficiency, cost savings, and advanced functionality offered by these systems. The value of the market provides insights into the scale of investment and economic activity in the smart lighting industry, highlighting its relevance and potential for further growth and development in subsequent years.
The Asia-Pacific region is projected to be the fastest-growing market for LED lighting from 2020 to 2025.
The statistic “The Asia-Pacific region is projected to be the fastest-growing market for LED lighting from 2020 to 2025” indicates that the demand for LED lighting products in the Asia-Pacific region is expected to experience significant growth over the specified period. This projection suggests that the adoption of LED technology for illumination purposes is likely to increase at a higher rate in countries within the Asia-Pacific region compared to other regions globally. Factors contributing to this growth could include technological advancements in LED lighting, increasing environmental awareness, government initiatives promoting energy-efficient lighting solutions, and growing urbanization and infrastructure development in the region. As a result, businesses operating in the LED lighting industry may focus on expanding their presence and offerings within the Asia-Pacific market to capitalize on this anticipated growth opportunity.
The LED lighting market in the U.S. is expected to reach more than USD 11 billion by 2024.
The statistic that the LED lighting market in the U.S. is projected to exceed USD 11 billion by 2024 indicates a significant growth trend in the industry. This forecast suggests that there will be an increasing demand for LED lighting products in the U.S. market in the coming years, likely driven by factors such as energy efficiency, cost savings, and environmental concerns. The market size reaching over USD 11 billion highlights the scale and potential economic impact of the LED lighting sector, pointing towards a lucrative opportunity for businesses operating in this space and emphasizing the shift towards more sustainable and efficient lighting solutions in the U.S.
The replacement of conventional lighting systems with LED lights is expected to save about 348 TWh of electricity by 2027.
The statistic suggests that by replacing traditional lighting systems with LED lights, an estimated 348 terawatt-hours (TWh) of electricity can be saved by the year 2027. This indicates a significant reduction in energy consumption, leading to environmental benefits such as lower greenhouse gas emissions and reduced electricity costs. LED lights are known for being highly energy-efficient compared to conventional lighting sources, making them an attractive option for governments, businesses, and households looking to decrease their energy usage and carbon footprint. The projected savings highlight the potential impact of transitioning to LED lighting technology on a large scale, demonstrating the importance of sustainable energy solutions in addressing climate change and promoting energy efficiency.
LED lights are six-seven times more energy efficient and can last up to 25 times longer than incandescent lighting.
The statistic that LED lights are six-seven times more energy efficient and can last up to 25 times longer than incandescent lighting highlights the significant advantages of opting for LED lighting over traditional incandescent bulbs. The energy efficiency of LED lights means they consume considerably less electricity to produce the same amount of light, resulting in lower energy bills and reduced environmental impact. Additionally, the longer lifespan of LED lights not only reduces the frequency of replacement and maintenance costs but also contributes to sustainability by decreasing overall waste generation. This statistic underscores the superior performance and benefits of LED lighting technology as a more sustainable and cost-effective lighting solution compared to incandescent bulbs.
The global LED market generated in terms of volume was 32.3 billion units in 2018.
The statistic indicates that the total number of Light Emitting Diode (LED) units produced worldwide in 2018 amounted to 32.3 billion. This data quantifies the scale of LED technology adoption and manufacturing on a global scale, highlighting the widespread use and demand for LEDs across various industries and applications. The volume metric provides insight into the significant market size and growth potential of the LED industry, reflecting the shift towards energy-efficient lighting solutions and the increasing acceptance of LED technology for both residential and commercial purposes globally.
Residential application is expected to grow at a 9.8% CAGR from 2020 to 2027.
The statistic “Residential application is expected to grow at a 9.8% CAGR from 2020 to 2027” indicates that the demand for residential properties is projected to increase at a Compound Annual Growth Rate (CAGR) of 9.8% over the specified period. This growth rate represents the annualized rate at which the residential real estate market is anticipated to expand, providing insight into the future trajectory of the sector. It suggests a positive outlook for residential property development and investment, with an expectation of sustained growth and opportunities for market expansion in the coming years.
The Luminaires segment held nearly 59% of the LED lighting market share in 2019.
The statistic indicates that in 2019, the Luminaires segment accounted for nearly 59% of the LED lighting market share. This suggests that the Luminaires segment, which includes light fixtures and lighting control systems, was the dominant player in the LED lighting market during that year. This high market share could be attributed to factors such as the widespread adoption of LED lighting in various applications, the quality and innovation of luminaires products, and potentially competitive pricing strategies. Companies within the Luminaires segment likely had a significant impact on shaping market trends and driving growth within the LED lighting industry in 2019.
A 27.1% rate of growth is expected for the global LED lighting market in Europe from 2020 to 2027.
The statistic indicates that the global LED lighting market in Europe is projected to experience a substantial growth rate of 27.1% from the year 2020 to 2027. This growth rate signifies a rapid expansion in the adoption and demand for LED lighting technologies within the European region over the specified timeframe. The expected growth suggests a significant increase in the market size and penetration of LED lighting solutions across various sectors such as residential, commercial, industrial, and outdoor lighting applications. Factors such as energy efficiency benefits, cost savings, technological advancements, and environmental concerns are likely driving this anticipated growth in the LED lighting market in Europe.
Industrial LED products are projected to show the fastest growth over the next few years, with a predicted CAGR of 16.2% from 2020 to 2027.
The statistic indicates that the industrial LED products industry is expected to experience significant growth over the next few years, with a projected compound annual growth rate (CAGR) of 16.2% from 2020 to 2027. This CAGR represents the average annual growth rate of the industry during this period. A CAGR of 16.2% suggests that the industrial LED products market is forecasted to expand rapidly, outperforming other sectors. This growth may be driven by factors such as increasing demand for energy-efficient lighting solutions in industrial settings, technological advancements in LED technology, and regulatory initiatives promoting sustainability. Overall, the statistic points towards a promising outlook for the industrial LED products market and indicates opportunities for companies operating in this sector to capitalize on the anticipated growth.
The global LED lighting market is highly competitive, with the leading four companies making up just 41.2% of the total market in 2019.
This statistic indicates that the global LED lighting market is fragmented and competitive, with no single dominant player holding a significant market share. The market is instead characterized by a relatively even distribution of market power among several companies. The fact that the leading four companies collectively account for just 41.2% of the market in 2019 suggests that there is a diverse range of players competing for market share. This level of competition can lead to innovation, lower prices, and increased customer choice as companies strive to differentiate themselves and capture market share in the rapidly growing LED lighting industry.
Conclusion
Through examining the latest statistics in the LED lighting industry, it is evident that there is a clear shift towards energy-efficient and sustainable lighting solutions. The industry is experiencing significant growth and innovation, driven by increasing demand for eco-friendly products and technological advancements. As more consumers and businesses prioritize energy conservation and cost savings, the LED lighting market is expected to continue its upward trajectory in the coming years.
References
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