The product type segment of the LED lighting market is categorized into luminaires and lamps. Of these, the luminaires category accounted for the larger market share in 2019, and it is expected to keep dominating the industry during the forecast period. This can be ascribed to the high demand for LED luminaires from new construction projects, along with the growing focus of governments on the usage of LED lighting solutions in several countries, such as India, China, and the U.A.E.
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Moreover, the LED lighting market is bifurcated into indoor and outdoor, based on application. Between the two, the indoor category is projected to keep holding the larger share throughout the forecast period. This can be attributed to the growing focus on the modernization of the infrastructure and rising construction of affordable houses, which are driving the demand for LEDs for indoor applications. For example, Integrated Device Technology Inc. (IDT) declared its plans to start two intelligent street lighting projects in 2019 in Malaysia for the adoption of LED lights, to replace sodium-vapor bulbs.
Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the LED lighting market in 2019, and the regional market is also expected to witness the fastest growth in the coming years. This can be ascribed to the rising demand for LED solutions from the growing construction sector across the region. Furthermore, the surging consumer awareness on energy-efficient LEDs, due to the growing power tariff and environmental concerns, coupled with the increasing disposable income of people, is driving the market for LED lighting in the region.
Thus, the growing awareness on energy-efficient lighting solutions, declining costs of LEDs, and surging construction industry are expected to propel the demand for LED lighting solutions in the years to come.
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