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The LED luminaires segment dominated the market in 2020 and accounted for over 55% of the global revenue share. Based on product, the market has been segmented into lamps and luminaires. Luminaires are widely used in commercial and industrial segments. New installations predominantly drive the demand for LED luminaires. The segment includes lights used in streetlights, high bays, downlights, track lights, troffers, and suspended pendants for various applications. LED luminaires deliver more light per output power.
They are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. The U.S. Environment Protection Agency (EPA) predicts that LED would dominate light bulb technology in the coming years, provided the awareness and promotion of LED bulbs by manufacturers, distributors, and retailers are strong. LED manufacturers upgrading their products or adding new lighting solutions to their portfolios had to cancel offline events owing to Covid-19. However, they were able to launch their offerings through online conferences.
The LED lamps segment is anticipated to register the highest CAGR over the forecast period owing to their increasing adoption in developing countries. These lamps have various advantages over incandescent lamps, including robustness, energy efficiency, and right temporal stability.
The commercial segment dominated the market in 2020 and accounted for more than 52% of the global revenue share. The demand for LED troffers and downlights is driving the commercial segment. The high-end lighting for commercial end-use mainly includes galleries, museums, and other exhibition lighting applications that primarily use reflectors, projectors, and downlights. High brightness LED lights are anticipated to witness major demand from the industrial lighting segment. These lights must comply with industrial lighting standards and regulations defined by various governments. For instance, in the U.S., Occupational Safety and Health Administration (OSHA) sets standards for lighting in the workplace. Some of the mandates under the OSHA standards include covering light fixtures with protective plates, installing fixtures at least 7 feet above the work surface, and covering exposed parts of lighting and wire fittings.
The residential application includes portable plug-in fixtures, such as table lamps, pendants, and floor lamps, as well as permanently installed fixtures, such as under recessed sconces and cabinet lights. The residential segment has witnessed high growth in the last few years as the adoption of LED A-type lamps has increased exponentially owing to reduced product prices and increased subsidy programs by various governments and agencies. However, the demand in the residential sector was negatively impacted during the pandemic as some of the vendors announced a rise in the prices due to the increased expenses of product manufacturing.
The indoor segment led the market and accounted for over 68% share of the global market in 2020. The segment is expected to retain its dominant position throughout the forecast period due to high product adoption as an alternative to fluorescent, High-Intensity Discharge (HID), and incandescent lamps. The use of LED lights in offices, retail stores and malls, hospitals, and education buildings has increased over the past few years.
Outdoor applications include airports, corporate campuses, industrial, government, and healthcare infrastructure; highways and roadways; and public places, such as signage and traffic signals. The product demand in outdoor applications can be profoundly affected by public policy interventions and municipality support.
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