2022 Global LED Lighting Market Analysis Report Released
According to the latest report of TrendForce Jibang Consulting, "2022 Global LED Lighting Market Analysis Report-2H22", according to TrendForce Jibang Consulting, in the first half of 2022, the global economy will fall into a downward trend of high inflation, the conflict between Russia and Ukraine will lead to high energy costs, the downward trend of real estate cycle and repeated epidemics, which will seriously affect the demand of home and commercial lighting markets, but Europe, America and other regions will reopen their economies, Commercial activities frequently stimulate consumption to rebound, and the demand for energy-saving transformation projects in Europe and Japan make up for the decline of the commercial lighting market. In addition, the economic activities in Southeast Asia performed well, offsetting the serious decline in market demand in China.
In the second half of 2022, with the introduction of stimulus policies, market demand will improve in the fourth quarter. Based on comprehensive analysis, in the context of high inflation, the price of LED lighting products is firm. TrendForce Jibang Consulting will reduce the overall global LED lighting market size to 64.96 billion dollars (+0.5% YoY) in 2022. (Note: Since 2H21, the market scale of LED lighting has covered brand and white brand markets.).
Looking ahead, the future lighting industry will pay more attention to the light quality of products (such as high luminous efficiency, high color rendering, R9 value and color tolerance), human factor health lighting and intelligence. Therefore, TrendForce Jibang Consulting estimates that the global LED lighting market size will be 78.36 billion dollars in 2026, and the composite growth rate will be 3.9% from 2021-2026 (Note: since 2H21, the lighting market size will cover the brand and white brand markets).
2022 Global LED Lighting Market Analysis Report Released
LED smart street lamp market
In the first half of 2022, although the LED street lamp construction project slowed down due to the epidemic situation and the conflict between Russia and Ukraine, with the release of favorable policies in the second half of 2022, under the low base period, there will be an opportunity to grow by 7% to 840 million dollars in the whole year. In the future, it is expected that a new round of smart city construction and development will start in 2023. Achieving the most important function and demand through smart control is the key factor to promote the growth of smart street lamps. With the increase of LED smart penetration, the annual composite growth rate is expected to reach 15.5% from 2021 to 2026.
In terms of communication protocol, according to the latest data of TrendForce Jibang Consulting, in 2021, the proportion of PLC will account for 76.6%, followed by ZigBee, accounting for 13.3%. However, NB IoT has just reached maturity in application and is growing rapidly. Due to its wide coverage through network infrastructure, it has the development trend of replacing ZigBee with low power consumption and low construction cost, and currently accounts for 7.0% of the market share of intelligent street lamp control. In addition, the application proportion of 4G transmission communication technology in intelligent street lamps has gradually increased.
LED plant lighting market
In the past two years, the LED plant lighting market has witnessed rapid growth driven by the North American cannabis market. However, since the second half of 2021, the market demand has begun to weaken due to the blocked supply chain and the fight against illegal cannabis cultivation in North America. In 2022, affected by the slowdown in the legalization of cannabis in North America and the sharp drop in the Chinese market, the growth of the plant lighting market will continue to slow down. However, in response to the increased demand for LED equipment replacement in greenhouses in Europe, and under the stable price of lighting products, the estimated market size is 1.79 billion US dollars, with an annual growth of 6.6%.
Looking to the future, in the context of food safety and global climate change, smart agriculture is increasingly being put on the agenda of governments of all countries. In addition, the legalization of marijuana continues to promote, and the future LED plant lighting market demand will maintain a steady growth trend. TrendForce Jibang Consulting estimates that the market size will reach 2.89 billion dollars in 2026, and the compound growth rate will be 11.5% from 2021 to 2026.
