TrendForce: 2023 Global LED Lighting Market Report Newly Released

According to TrendForce's latest report "Global LED Lighting Market Analysis 2023-1H23", multiple factors have led to the global LED lighting market size falling back to US$61.4 billion in 2022, a year-on-year decrease of 5%.

Looking forward to 2023, with the continuous advancement of energy-saving renovation projects in Europe, the United States and Japan, LED will enter the peak period of replacement, and users' effective demand for high-quality lighting, human-centered health lighting and intelligent lighting will also enter a stage of rapid development. Coupled with the full liberalization of the Chinese market, global LED lighting market demand is expected to recover.

However, considering that terminal lighting products are still in the rapid destocking stage in the first half of this year, and demand may continue to be affected by high inflation, based on a comprehensive analysis, it is estimated that the global LED lighting market will grow by 4% to US$63.8 billion in 2023 (Note: starting from 2H21, the lighting market will cover the brand and white-label markets).

LED Smart Lighting Market

In 2022, in response to energy-saving market demand, there will be an increasing demand for LED lighting products that can achieve dimming and color matching and be equipped with intelligent control systems, especially in the outdoor and industrial lighting fields. The latest data from TrendForce shows that the global smart lighting market will be US$6.9 billion in 2022, growing by 12.9%.

Looking forward to 2023, it is expected that consumer market demand will improve and the smart home lighting market will rebound. On the one hand, typical commercial lighting products such as spotlights, downlights and light strips are gradually penetrating into the field of smart home lighting. On the other hand, the implementation of new standard protocols such as Matter and the entry of new players are expected to drive the market size to rapidly grow to US$2.4 billion in 2023.

LED plant lighting market

According to research by TrendForce, a series of factors will cause the LED plant lighting market size to drop significantly to US$1.3 billion in 2022, a year-on-year decrease of 20%.

Looking to the future, food safety makes Factors such as increased demand for localized production, easing supply chain cost pressure, climate change and reduction of arable land, global cannabis policies, and the emergence of new crops are driving the development of controlled environment agriculture (CEA). LED penetration continues to increase. In addition, lighting manufacturers provide additional added value such as production Products equipped with sensors and networking services, TrendForce estimates that the LED plant lighting market will be US$1.44 billion in 2023, growing by 7.1%, and will reach US$2.44 billion in 2027, with a compound growth rate of 12.8% from 2022 to 2027.

2022-2023 Lighting Manufacturer News

The Russia-Ukraine conflict in 2022 has led to rising energy costs, and the demand for LED energy-saving is increasing, which has accelerated the replacement of traditional lighting products, and the penetration rate of LED lighting continues to increase. According to TrendForce Consulting’s observation, the LED penetration rate of most manufacturers has reached more than 85%.

In the long-term outlook, the demand for energy conservation is still a policy strongly advocated by governments around the world. Traditional lighting products are being eliminated by the market at an accelerated pace, and most manufacturers Seek digital transformation of lighting products and provide customers with a healthier, smarter and more convenient lighting experience with professional solutions. (Text: TrendForce Analyst Liu Lingling)

TrendForce 2023 Global LED Lighting Market Analysis-1H23

Publication date: February 10, 2023; July 31, 2023
Language: Traditional Chinese / English
Format: PDF and EXCEL
Number of pages: 100 (each time)

Chapter 1 Global Lighting Market Trends

• TrendForce LED Lighting Market Size - Research Methodology
• TrendForce LED Lighting Market Product Definition
• TrendForce LED Lighting Market Product Definition - Light Source Type
• TrendForce LED Lighting Market Product Definition - Lamps
• Smart lighting drives the second growth curve of the LED lighting industry
• 2022-2027 Global LED Lighting Market Scale Estimation - Product Category
• 2022-2027 Global LED lighting market size estimate - amount vs. regional
• 2022-2027 global LED lighting market size estimate - product type
• 2022-2027 global LED lighting market size - application
• 2022 global LED lighting product market size - amount basis: region vs. product
• 2023 global LED lighting product market size - amount Basis: Regional vs. Product Category
• 2027 Global LED Lighting Product Market Scale - Amount Basis: Regional Category vs. Product Category

Chapter 2 LED Smart Lighting Market Development Trend

• 2022-2027 Global Smart Lighting Market Scale
• 2022-2027 Global Smart Lighting Market Scale - Application
• 2022-2027 Global Smart Commercial Lighting Market Scale - Region
• Demand Analysis of Main Application Scenarios of Smart Lighting
• Analysis of Smart Lighting Product Specifications - Commercial Lighting
• Analysis of Smart Lighting Product Specifications - Home Lighting

Chapter 3 LED Plant lighting supply and demand market trends

3.1 LED plant lighting demand market
• 2022-2027 LED plant lighting market size - LED lamps
• 2022-2027 LED plant lighting market size - amount vs. application
• 2022-2023 LED plant lighting market size - amount vs. region
• Progress of legalization of cannabis in North America

3.2 Basic overview of LED plant lighting Situation
• Main drivers of LED plant lighting market growth
• Crop distribution in major plant lighting markets
• Common crop indoor planting spectrum and lamp type selection
• Plant cultivation case analysis-cannabis
• Plant cultivation case analysis-strawberry
• Deep UV LED plant lighting solution analysis-1
• Deep UV LED plant lighting solution analysis-2
• Deep UV LED plant lighting solution analysis-3
• LED Technical requirements for plant lighting application scenarios
• Analysis of main lamp types of LED plant lighting
• LED plant lighting product specifications and price analysis-greenhouse
• LED plant lighting product specifications and price analysis-vertical farm

3.3 LED plant lighting supply market
• 2022-2027 Agricultural lighting LED market size-LED packaging
• 2022-2027 Agricultural lighting LE D Market Size - Power Category
• Analysis of horticulture lighting LED specifications of major manufacturers
• Plant lighting supply chain list

Chapter 4 Revenue and Product Trends of Lighting Manufacturers

• List of global representative lighting manufacturers
• 2021-2022(E) Top 20 lighting manufacturers: Total lighting revenue estimates
• 2021-2022(E) Top 20 lighting manufacturers: LED lighting revenue estimates
• Manufacturer revenue and product dynamics analysis
Signify
Zumtobel
Fagerhult
Glamox Group
Acuity Brands
GE Current
Hubbell
Panasonic
Endo Lighting
IWASAKI
• 2021-2022(E) Top 10 Chinese lighting manufacturers: lighting and LED lighting revenue estimates
• Chinese manufacturers’ revenue and product trends Analysis
MLS/LEDVANCE
Op Lighting
NVC Lighting
Sunshine Lighting

Chapter 5 Lighting Level Packaging Market P.80

• 2022-2027 Lighting Level Packaging Market Scale - Application Category
• 2022-2027 Lighting Level Packaging Market Scale - Packaging Category
• 2022-2027 Lighting Level Packaging Market Scale - Power Category

Chapter 6 Analysis of Lighting Market Policies and Regulations

• Policies and Regulations for the Lighting Market - Summary
• Light Quality - CRI vs. R9
• Europe - Illumination (LUX) vs. Glare Index Requirements (UGR)
• 2022-2025 Traditional Light Source Fluorescent Lamp Regulation Ban Policy
• Europe - ErP New Energy Label
• Europe - EU Green New Deal
• North America - DLC Requirements for General Lighting
• North America - DLC requirements for general outdoor lighting
• North America - DLC requirements for plant lighting
• China - Low Blue Light (RG0)
• Policy - Other Regions
• Analysis of the Impact of Policies and Regulations on the General Lighting Market
• Light Quality - CRI vs. R9
• Europe - Illumination (LUX) vs. Glare Index Requirements (UGR)
• Europe - ErP New Energy Label
• Europe - EU Green Deal
• North America - DLC required under General License Ming
• North America - DLC Requirements for Horticulture Lighting
• China - Low Blue Light (RG0)
• Policy - Other Regions