According to TrendForce’s latest market research report 2022 Global LED Lighting Market Analysis-1H22, the lighting industry has increasingly emphasized the light quality of products (e.g., CRI, R9 value, and SDCM), and HCL for health. Moreover, the rising trends of luminaire digitalization and light- and color tuning in LED lighting products have stimulated smart LED penetration. Nowadays, new technological applications and potential demand have contributed to growth in the lighting market. TrendForce projects the global LED lighting market scale to reach USD 72.10 billion in 2022 (+11.7%YoY) and hit USD 93.47 billion in 2026.
2022 LED Lighting Market Trend and Outlook
Regarding analysis on the market by product type, the demand for lamps and luminaires will grow in 2022. In the long run, however, that for LED lamps will slow down mainly due to decreased replacement demand and consumers’ increasing preference for luminaire products. The 2020-2022 CAGR for lamps and luminaires will be 8.5% and 12.0%, respectively.
Regarding product applications, in the coming years, lighting products will be engineered with various sensors and communication sensors, plus increased connected lighting penetration rate. Moreover, the demand for energy-saving LED modification will soar as the global community is striving for net-zero emissions. Therefore, applications for commercial, residential, outdoor, and industrial lighting will create opportunities for further market growth.
Global Connected LED Lighting Market Trend
Mainly benefiting from the decrease in the cost of integrated connected lighting solutions and the increasing demand for connected lighting systems by end consumers, driving the growth of IoT lighting market, particularly in connected residential lighting market. In addition, that of the government’s investment in smart building lighting, smart city development and industrial automation also promotes the demand of connected lighting market. TrendForce estimates that the global connected LED lighting market scale will grow by 21.5% to USD 8.19 billion in 2022.