LED Displays, Lighting and Fixtures Market - Forecast(2021 - 2026)

There is a growing concern about the global electricity consumption. According to the 2018 Energy Statistics Pocketbook by United Nations, the global electric energy consumption was 24,321.6 TWh in 2015, which was approximately 12% more than that in 2010.[1] Additionally, global electricity demand is predicted to increase in the coming decades. However, the energy sources in the world are depleting, and the world is in need for energy conservation, be it electricity or fossil fuels. Now, a lot of electricity consumption attributes to lighting, displays, and fixture, and the fact that it can be significantly minimized by using LED products is flourishing the LED displays, lighting and fixtures market which already had a global market size of an impressive $58.64 billion as of 2018. Furthermore, the demand for these products is estimated to grow with a profitable CAGR of 12.21% during the forecast period 2019-2025. 

The expansion of real estate and proliferating industrialization are well-known phenomena in countries of North America. These factors are collectively leading to rising demand for LED products in North America which bears a substantial LED displays, lighting and fixtures market share of 27.75% through 2025.  

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LED Displays, Lighting and Fixtures Market Outlook:

LEDs are basically light emitting diodes that are often used in stage lights, and do not require an external reflector. These lights illuminate brightly and homogenously, have wider beam aperture, and impart an aesthetic appeal to ambiance. LED products have diverse applications in advertising, lighted wallpapers, general lighting, automotive headlamps, traffic signals, and even in medical devices. Digital signage has been replacing the billboards in many countries for a long time. Now, digital signage boards are prevalent and are majorly comprised of LEDs.

The growing usage of LED lightings in the residential sector for domestic purposes is creating a sustainable LED displays, lighting and fixtures marketplace which the existing market players and emerging vendors are leveraging. The application CAGR of LED displays, lighting and fixtures in the residential sector is projected to be 29.48% through to 2025.

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LED Displays, Lighting and Fixtures Market Growth Drivers:

· The Growing Population and Its Positive Impact on Real Estate –

In 2017, the total population of the world was valued to be 7.5 billion by the United Nations according to the report by the United Nations. Furthermore, the organization estimates that the population mark will cross 8.5 billion by 2030.[2] This is leading to remarkable development in real estate sector. Rising real estate sector will boost demand of lighting systems, and nowadays, builders and residents are preferring LED lights over conventional incandescent lights. Real estate industry is going to play a vital role in sustainable development goals (SDGs) of the United Nations (UN), and the industry is expected to expand. This anticipated growth of the real estate sector will create a substantial customer base for LED displays, lighting and fixtures market.

· Government Initiatives Driving the Demand Growth –

In their sustainable development targets, the United Nations have particularly mentioned the need for controlling electricity consumption. This has influenced governments across the globe that are taking power-saving initiatives which encourages the usage of LED lights; a major reason for the LED displays, lighting and fixtures market growth. 

·  Application of LED Products–

Retail shops and offices in the commercial sector need lighting, displays, and fixtures for regular operations. LED products are less energy consuming products thus helping business to work economically, subsequently improving the profitability by a considerable margin, hence, rising demand of LED products from businesses are boosting the LED displays, lighting and fixtures market revenue.

LED Displays, Lighting and Fixtures Market Trends:

·     In January 2018, Ring, the market leader of home security acquired Mr. Beams – a prominent LED lighting technology company and created a new venture called Ring Beams which will provide an end-to-end solution in outdoor security light domain.

·   In January 2018, Sharp Corporation and Universal Display Corporation ventured into an updated OLED evaluation agreement. It is a collaborative partnership with a mission to gain leading position in LED displays, lighting and fixtures market.

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