TrendForce: 2021 Global LED Lighting Market Outlook
According to the latest TrendForce’s report ‘2021 Global LED Lighting Market Outlook: Light LED and LED Lighting Market Trend (1H21)’, the global LED lighting market is more optimistic than previous estimates, it is estimated with an opportunity to grow 5.1% in 2021.
In the short term, due to the rapid spread of COVID-19 around the world, the demand and consumption of LED lighting has been suppressed to some extent. In the medium and long term, there still exist uncertainties to each industry under the impact of pandemic. However, in order to alleviate the negative effects on economic growth, governments around the world take actions to spur economic by fiscal stimulus and monetary easing policies. It is expected to recovery extensively. Thus, the lighting industry will benefit from government policies as downstream LED lighting demand is highly correlated with macroeconomic development.
LED lighting products are the necessities for people’s production and living, thus the rigid demand market still exists. During the epidemic, the demand for residential lighting market has not decreased but increased, which demonstrates this of essential characteristic.
2021 Lighting Market’s Development Opportunities and Challenges
The market drivers of the future lighting industry will mainly come from: higher energy efficiency, lower cost, lighter weight, smaller size, easier-to install lighting devices, and more convenient intelligent control.
In terms of health and safety, at the same time, the next generation of lighting products must have higher quality and quality (reflected by contrast and brightness), more comfortable and so on.
In the end, though observing performance of lighting manufacturers, due to the dual impact from the US-China conflicts and the COVID-19 epidemic, they will face more severe market challenges in 2020. By observing their revenue and product performance, TrendForce found that most of them continue to strengthen the development in professional lighting and smart lighting markets. With the demand for smart lighting products increased, the revenue reduction for some players, who have developed this market in an earlier stage, greatly narrowed in 2020.
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