Asia-Pacific LED Lighting Market Set to Exhibit Over 10.0% CAGR The Asia-Pacific (APAC) LED lighting market reached a value of $27.5 billion in 2018 and it is predicted to generate a revenue of $58.0 billion by 2024. In addition to this, the market is predicted to progress at a CAGR of 13.0% between 2019 and 2024. The major factors fueling the expansion of the market are the rapid development of smart cities, the rising enactment of favorable government initiatives regarding energy conservation and energy efficiency in this region. The governments of many APAC countries are implementing policies for promoting energy efficiency in the region. For instance, many government projects such as the Unnat Jyoti by Affordable LEDs for All (UJALA) enacted by the government in 2015, have already been launched in India for promoting energy efficiency in the country. Furthermore, the government began the Street Light National Programme (SLNP) in 2015 for promoting energy efficiency in the country. This program was aimed at replacing 35 million conventional lights in the country with LED lights. Apart from the Indian government, the Chinese and the Australian governments are also implementing policies for promoting the usage of energy-efficient LED street lights in the country. Depending on product type, the market is divided into luminaires and lamps. Between the two, the luminaires category held higher share in the market in the years gone by. This was because of the huge requirement for LED lighting fixtures, on account of the construction of commercial buildings and residential houses in the region. Furthermore, the Asia-Pacific LED lighting market is classified into retrofit and new installation, on the basis of installation type. Of these, the new installation category registered higher growth in the market during the past few years, due to the implementation of several government initiatives regarding the usage of LED lights, especially in China and India. When indoor LED lighting application is taken into consideration, the APAC LED lighting market is categorized into commercial, industrial, and residential. Out of these, the commercial category held the highest share in the market during the past few years, as per the observations of P&S Intelligence, a market research company based in India. This category includes retail, offices, hospitality and tourism, government, hospitals, banking, financial services, and insurance (BFSI), transportation, and education. The growth of this category is caused because of the enactment of favorable government initiatives regarding the usage of LED lights in commercial spaces, especially in India, China, Australia, and Japan. Depending on industrial LED lighting, the market is classified into automotive, chemicals and pharmaceuticals, energy and utilities, food and beverage, oil and gas, telecom, textile, mining, and electronics and semiconductors. Amongst these, the energy and utilities category will demonstrate the fastest growth in the market in the forthcoming years. Hence, it can be said with full confidence that the market will register huge growth in the coming years, mainly because of the rising implementation of favorable government policies regarding energy-efficiency and energy conservation and the rapid development of smart cities in various countries of the region. Read More: https://www.psmarketresearch.com/market-analysis/apac-led-lighting-market

LED Lighting Market Is Driven by The Outdoor Lighting Category The LED lighting market was valued at USD 68,954.7 million in 2022, and it is projected to propel at a rate of 10.5%, to reach USD 152,842 million by 2030 as stated by a report by P&S Intelligence. The increasing number of initiatives by the government toward the adoption of LED lights, mounting sales of horticulture lighting, and the growing demand for energy-efficient solutions are driving the industry's growth. One of the key trends observed in the industry is the increasing popularity of smart solutions, mainly in China and Japan, due to their ability to control lighting anytime, from anywhere using smartphones, and their high energy efficiency. Another main factor for the growth of the LED lighting market is the decreasing prices of these lights. Due to technological advancements, the cost of production has reduced significantly while the efficiency and lifespan have improved remarkably in recent years. The highest revenue was generated by the luminaire category, with more than USD 40 billion in 2022. This is credited to the growing demand for luminaires, mostly from newly built commercial and residential buildings. The fastest growth is projected in the retrofit installation category, propelling at a rate of more than 10%, during 2023–2030. This is because of the growing replacement of incandescent lamps and sodium-vapor lamps with LEDs in India, South Korea, Japan, China, the U.S., and the U.A.E. With approximately 60% share, outdoor lighting dominated the industry in 2022. This has a lot to do with the development of motorways, public spaces, and airports. Additionally, it is expected that the production of outdoor lighting will be driven by the increasing government initiatives to achieve net-zero emissions by reducing energy use. Moreover, the demand for street lighting will witness a significant growth rate in the long run. This is mainly because of the growing focus on developing smart cities, with the use of streetlights that would help in reducing maintenance costs, saving energy, limiting carbon emissions, and controlling light intensity. The demand for Light-emitting diode drivers and solutions has significantly increased in Indonesia, India, and China in recent years, due to the government's focus on infrastructure development. APAC is the largest user for LEDs, with approximately 50% share in 2022. This is mainly because of the growing demand for these from the residential sector, mainly in South Korea, India, and China. The demand is on the rise due to the rising disposable income, and housing infra growth. Also, the North American industry is expected to witness moderate growth in the long run, because of government support and initiatives toward energy efficiency. Due to the rising demand for energy-efficient solutions, decreasing prices of LEDs, and favorable government initiatives, the LED lighting industry will grow significantly in the coming years. Read More: https://www.psmarketresearch.com/market-analysis/led-lighting-market