TrendForce 2022 Global LED Lighting Market Analysis

According to TrendForce’s latest market research report 2022 Global LED Lighting Market Analysis-1H22, the lighting industry has increasingly emphasized the light quality of products, and HCL for health. Moreover, the rising trends of luminaire digitalization and light- and color tuning in LED lighting products have stimulated smart LED penetration. Nowadays, new technological applications and potential demand have contributed to growth in the lighting market. TrendForce projects the global LED lighting market scale to reach USD 72.10 billion in 2022 (+11.7%YoY) and hit USD 93.47 billion in 2026.

• 2022 LED Lighting Market Trend and Outlook

Regarding analysis on the market by product type, the demand for lamps and luminaires will grow in 2022. In the long run, however, that for LED lamps will slow down mainly due to decreased replacement demand and consumers’ increasing preference for luminaire products. The 2020-2022 CAGR for lamps and luminaires will be 8.5% and 12.0%, respectively.

Regarding product applications, in the coming years, lighting products will be engineered with various sensors and communication sensors, plus increased connected lighting penetration rate. Moreover, the demand for energy-saving LED modification will soar as the global community is striving for net-zero emissions. Therefore, applications for commercial, residential, outdoor, and industrial lighting will create opportunities for further market growth.

• Global Lighting Market Policy and Regulation Analysis

TrendForce indicated that LED-related policies and regulations have become stricter following lighting technology innovation and changes in market demand.

CRI & R9: Quality of color reproduction is a crucial consideration for LED lighting applications. particularly those of commercial (retail, art exhibition, and photography), special (healthcare and printing), and high-end residential lighting products. Regionally speaking, the EU has been promoting the ErP new energy label, imposing much stricter requirements of the CRI and energy efficiency. In North America, DLC V5.1 will focus on three areas, namely light quality (performance and health), light controllability, and luminous efficacy. In China, policies proposed in 2022 will emphasize health impact of educational lighting products, where luminaires requesting assessment of blue light hazard to the retina are regulated by the strictest safety standard. Therefore, the demand for low blue light lighting will give rise to stable development for the human-centric lighting market.

• 2020-2021(E) LED Lighting Suppliers Revenues Performance

As TrendForce’s latest analysis reveals, lighting market demand gradually recovered globally in 2021, along with increased prices of lighting products and their development trends of all-in-one luminaires and system smartification, thus lighting manufacturers are expected to see an increase of 3%-13% in revenues for 2021. Most of them, to identify customers’ needs and habits, have applied connected control technologies to create healthy, safe, and humanized lighting experiences, which will serve as a driving force behind the revenue growth.

Source: TrendForce