2021-2022 Global LED Lighting Market Prospect: general Lighting, Plant Lighting, Wisdom Lighting

Source:LEDinside Christin    Author:MiaHuang    Visit:3    Pubtime:2021-11-16 11:15:24
2021-2022 Global LED Lighting Market Prospect: general Lighting, Plant Lighting, Wisdom Lighting.
2021-08-18 13:55:05 [Editor: MiaHuang].

According to TrendForce Jibang Consulting latest "2021 Global LED Lighting Market report-Lighting Class Encapsulation and Lighting Product Trends (2H21)" report points out that LED general lighting application market fully recovers and niche market demand continues to rise, making global LED general lighting, LED plant lighting and LED smart lighting in 2021-2022 market scale ushered in varying degrees of growth.
There is a marked recovery in the demand of the general lighting market.

With the gradual popularity of vaccines in various countries and the recovery of the market economy, the demand for LED general lighting market has obviously warmed up since 1Q21. TrendForce Jibang Consulting estimates that the global LED lighting market will reach US $38.199 billion in 2021, with an annual growth rate of 9.5%.

The main growth momentum of the general lighting market comes from four major factors:

First, with the gradual popularization of vaccines in various countries, the market economy has gradually recovered, especially the rapid recovery of commercial, outdoor and engineering lighting.

Second, the price of LED lighting products increases: under the pressure of rising raw material costs, lighting brand manufacturers continue to increase product prices, with an increase of 3-15%.

Third, under the support of energy conservation and emission reduction policies of countries around the world, in order to achieve the goal of "carbon neutralization", LED energy-saving transformation projects have been gradually launched, and the permeability of LED lighting has been continuously improved. According to the analysis of TrendForce Jibang Consulting, the penetration rate of LED lighting market will increase to 57% in 2021.

Fourth, under the epidemic, accelerate the LED lighting manufacturers towards the digital intelligent dimming regulation and control of the lighting layout, the future lighting industry will also pay more attention to the product wisdom network lighting (Connected Lighting) systematization, human health lighting and other added value.
The prospect of plant lighting market is quite optimistic.

The market prospect of LED plant lighting is very optimistic. According to the latest research data of TrendForce Jibang Consulting, the global LED plant lighting market will grow by 49% a year in 2020, reaching US $1.3 billion. It is estimated that it will be US $4.7 billion in 2025, with a compound growth rate of 30% from 2020 to 2025. It is mainly divided into two major growth momentum:

1. Driven by the policy, North American LED plant lighting has been expanded and introduced into the recreational marijuana and medical marijuana growing markets.

two。. Frequent changes in extreme weather and epidemic factors have increasingly highlighted the importance of consumers for food safety and the production and supply of localized crops, thus driving agricultural growers' demand for leafy vegetables, strawberries, tomatoes and other crops.

The penetration rate of smart street lamps is increasing.

In order to alleviate their economic difficulties, governments have stepped up infrastructure construction, including North America and China, where roads are a major item of social infrastructure investment. In addition, as the penetration rate of smart street lamps increases and prices rise, TrendForce Jibang Consulting estimates that the market size of smart street lamps will grow by 18% per year in 2021. The compound growth rate (CAGR) in 2020-2025 will be 14.7%, higher than the overall average of general lighting.

Finally, from the point of view of the revenue of lighting manufacturers, although the current COVID-19 still brings a lot of uncertainty to the development of the global economy, it is in danger. Many lighting manufacturers gradually provide a healthier, intelligent and convenient lighting experience with specialized lighting solutions of "lighting products" and "digital systems", which continue to bring stable growth momentum for the revenue growth of lighting manufacturers. The revenue of lighting manufacturers is expected to grow by 5-10% in 2021. (text: LEDinside Christine)