The global LED lighting market is estimated to reach 38.199 billion U.S. dollars this year

According to TrendForce’s latest "2021 Global LED Lighting Market Report-Lighting-Level Packaging and Lighting Product Trends (2H21)" report, the overall recovery of the LED general lighting application market and the continuous increase in niche market demand have made the global LED general lighting, The market scale of LED plant lighting and LED smart lighting will usher in varying degrees of growth in 2021-2022. TrendForce said that as vaccines become more popular in various countries, the market economy has begun to recover. Since 1Q21, the LED general lighting market demand has obviously recovered. It is estimated that the global LED lighting market will reach 38.199 billion US dollars in 2021, with an annual growth rate of 9.5 %.

TrendForce believes that the main growth momentum of the general lighting market comes from four factors:

1. With the gradual popularization of vaccines in various countries, the market economy has gradually recovered, especially in commercial, outdoor, and engineering lighting.

2. The price of LED lighting products has risen: With the pressure of rising raw material costs, lighting brand manufacturers continue to increase product prices by 3-15%.

3. With the support of energy-saving and emission-reduction policies in various countries around the world, in order to achieve the goal of "carbon neutrality", LED energy-saving renovation projects have been gradually launched, and the penetration rate of LED lighting has continued to increase. According to TrendForce's analysis, the LED lighting market penetration rate will increase to 57% in 2021.

4. Under the epidemic situation, LED lighting manufacturers are accelerating their deployment towards digital intelligent dimming and regulation of lamps. The future lighting industry will also pay more attention to the systemization of connected lighting products and the added value brought by human health lighting. .

It is reported that the market prospect of LED plant lighting is quite optimistic. According to the latest research data from TrendForce, the global LED plant lighting market will grow 49% annually to reach 1.3 billion U.S. dollars in 2020. It is estimated to be 4.7 billion U.S. dollars in 2025. The compound growth rate in 2025 is 30%. Mainly divided into two major growth drivers:

1. Driven by the policy, LED plant lighting in North America has been expanded to enter the recreational cannabis and medical cannabis cultivation markets.

2. Frequent extreme weather changes and epidemic factors have increasingly highlighted the importance of consumers for food safety and localized crop production and supply, thus driving agricultural growers' market demand for leafy vegetables, strawberries, tomatoes and other crops.