The lighting industry pays more and more attention to the light quality of products (such as high color rendering, R9 value and color tolerance) and human-induced health lighting. under the new technology application and potential demand, the lighting market will grow again. TrendForce estimates that the global LED lighting market will reach 72.10 billion US dollars (+11.7% YoY) in 2022, and will grow steadily in 2026 to $93.47 billion.
2022 LED Lighting Market Outlook
From the perspective of LED lighting product categories, the market demand for light sources and lamps and lanterns will show growth in 2022, but in the long run, the market demand for LED light source products will slow down, mainly due to the decline in replacement demand and consumers' increasing preference for lamps and lanterns type product. The CAGR of light source type and lamp type products in 2020-2022 is 8. 5% and 12. 0% respectively.
From the perspective of the application market of LED lighting products, lighting products are equipped with various sensors and communication modules, and the penetration rate of intelligent lighting (Connected Lighting) has increased. In order to achieve the goal of "carbon neutrality" in the world, the demand for LED energy-saving renovation projects has increased, and the future commercial, home, outdoor and industrial lighting application markets will usher in new growth opportunities.
Global LED Smart Lighting Market Analysis
The smart lighting market mainly benefits from the decrease in the cost of overall smart lighting solutions and the increasing demand for smart lighting systems by end consumers, driving the growth of the IoT lighting market, especially in the smart home lighting market. In addition, the government's investment in smart building lighting, the development of smart urbanization and the development of future industrial automation will also drive the market demand for smart lighting to increase. TrendForce estimates that the global smart lighting market will reach USD 8.19 billion in 2022, growing by 21.5%.
Analysis of Policies and Regulations in the Global Lighting Market
TrendForce analysis pointed out that with the innovation of lighting technology and changes in market demand, LED-related policies and regulations have become increasingly strict in recent years.
CRI&R9, color quality has become an important consideration for LED lighting applications, especially in commercial lighting (retail, art exhibition and photography), special lighting (medical and printing) and high-end home lighting products; from the perspective of regional markets, the EU actively promotes ErP new energy label, color rendering index and energy efficiency requirements have been greatly improved; North America, DLCV5.1 will focus on three areas, including light quality (performance and health), light controllability and energy efficiency; China, 2022 Pay more attention to educational and healthy lighting. For lamps that are not exempt from retinal blue light hazard assessment, the highest safety level is adopted. It is believed that the demand for low blue light lighting will steadily drive the development of the human-induced lighting market.
Global LED Plant Lighting Market Analysis
Although the 2H21 LED plant lighting market is not developing as expected, the terminal application market is slowing down, and the market is generally weak. In addition to the shipping schedule and the shortage of power ICs, it is also affected by the general environment, including negative political factors, especially for shipping ships. The period will have a greater impact on the terminal lighting manufacturers, and the freight cost will rise. However, the rapid growth of the North American medical and recreational cannabis market has accelerated the application of LED plant lighting. Coupled with the increasing frequency of extreme global climate change, indoor farming is investing in new construction to shorten the food supply chain to address food safety. In addition, with the development of smart agriculture, the demand for lighting by farmers is increasing. The above factors make the LED penetration rate continue to increase. According to the latest research data from TrendForce, the global LED plant lighting market will grow by 10.4% to reach US$1.85 billion in 2022, with a compound growth rate of 13.0% from 2021 to 2026.
2020-2021(E) Revenue Performance of LED Lighting Manufacturers
According to the latest data analysis by TrendForce, the global lighting market demand will gradually recover in 2021. With the rising prices of lighting products and the increasing trend of integrated lamps and smart systemization of lighting products, the revenue of lighting manufacturers in 2021 is expected to show 3%-13 %increase. Many lighting manufacturers have a clearer understanding of the needs and habits of consumers. Based on the purpose of safety and health, they have added intelligent control technology to create a healthy lighting experience with humanized needs. This will be a continuous driving force for the growth of lighting manufacturers' revenue.