The LED lighting market is expected to grow 5.1% this year

The new crown pneumonia has brought many uncertainties to various industries. Governments of various countries have implemented different levels of fiscal stimulus and monetary easing policies. The downstream LED lighting demand is expected to benefit. According to TrendForce’s latest lighting market report, the global LED lighting market size is estimated this year There will be a chance to grow 5.1%.

The LED lighting market is expected to grow 5.1% this year

LED lighting is moving towards digital intelligent dimming and control of lamps, towards intelligent systemization, human health lighting, and market demand for segmented applications. TrendForce estimates that the market size will reach 44.3 billion US dollars in 2025.

Under the influence of the epidemic last year, the smart lighting market performed significantly better than the general LED lighting market. The cost adjustment of major smart lighting products and the increasing demand for smart lighting systems from end consumers have driven the momentum of the networked lighting market.

The growth of smart home lighting in the high-end residential market has driven the market demand for smart lighting in this sector, and the epidemic has accelerated the penetration rate of smart lighting products. The market with the highest growth rate last year had an annual growth rate of 27%.

The process of legalization of cannabis cultivation in North America is accelerating, and the investment and construction of indoor farming agriculture is heating up again, driving the replacement of lighting equipment and increasing demand for new additions. The cost of lighting LED products has decreased significantly, including the unit price of red LED and medium and high-power bulbs, which makes the overall lighting construction cost reduce.