According to Trend Force’s latest report “2022 Global LED Lighting Market Analysis Report – 2H22”, according to Trend Force’s research, in the first half of 2022, the world will fall into high inflation and economic downturn, the conflict between Russia and Ukraine has led to high energy costs, real estate The downturn in the cycle and repeated epidemics have seriously affected the market demand for home and commercial lighting. However, in Europe and the United States and other regions, the reopening of the economy, frequent commercial activities stimulated a rebound in consumption, and the demand for energy-saving renovation projects in Europe and Japan made up for the decline in the commercial lighting market. In addition, economic activity in Southeast Asia performed well, offsetting a severe decline in market demand in China.
In the second half of 2022, with the successive introduction of stimulus policies, market demand will improve in the fourth quarter. Based on a comprehensive analysis, under the background of high inflation, the prices of LED lighting products are firm, and Trend Force has revised down the global LED lighting market size in 2022 to US$64.61 billion (+0.5%). (Note: Since 2H21, the market size of LED lighting covers both brand and white-label markets).
Looking forward to the future, 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-induced health lighting and intelligence. Therefore, Trend Force estimates that the global LED lighting industry in 2026 The market size is 78.36 billion US dollars, and the compound growth rate from 2021 to 2026 is 3.9% (Note: From 2H21, the lighting market scale covers the brand and white-label market) 。
LED Smart Street Light Market
In the first half of 2022, despite the slowdown in the construction of LED street lamps due to the epidemic and the conflict between Russia and Ukraine, with the release of favorable policies in the second half of the year, under the low base period, there will be an opportunity to grow by 7% to 840 million throughout the year. dollars. In the future construction and development of smart cities, it is expected that a new round of renovations will begin in 2023. Reaching the most important functions and needs through smart control is the key factor to promote the growth of smart street lights. Growth is expected to reach 15.5%.
In terms of communication protocols, according to the latest data from Trend Force, in 2021, the adoption rate of PLC will account for about 76.6%, followed by ZigBee, accounting for about 13.3%. NB-IoT has just reached maturity in application and is growing rapidly. Due to its advantages of wide coverage through network infrastructure, low power consumption and low construction cost, there is a development trend to replace ZigBee, which currently accounts for the control of smart street lights. 7.0% market share. In addition, the application proportion of 4G transmission communication technology in smart street lamps has gradually increased.
LED Plant Lighting Market
In the past two years, the LED plant lighting market has experienced rapid growth in response to the North American cannabis market. However, from the second half of 2021, due to the supply chain obstruction and North America’s crackdown on illegal cannabis cultivation, market demand has begun to weaken. In 2022, affected by the slowdown in the legalization of cannabis in North America and the sharp decline in the Chinese market, the growth rate 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 the price of lighting products is stable. , the estimated market size is 1.79 billion US dollars, with an annual growth of 6.6%.
Looking into the future, in the context of food safety and global climate change, smart agriculture is increasingly on the agenda of various governments, and the legalization of cannabis continues to advance, and the market demand for LED plant lighting will maintain a steady growth trend in the future, Trend Force estimates. In 2026, the market size will reach 2.89 billion US dollars, and the compound growth rate from 2021 to 2026 will be 11.5%.
Lighting Manufacturers’ Revenue
According to the latest statistical data analysis of Trend Force, the top 30 lighting manufacturers are expected to grow by an average of 1%-3% in total lighting revenue in 2022. It is worth noting that the increase in merger and acquisition activities of leading companies, coupled with the optimization of product mix, is expected to It is estimated that the total lighting revenue growth of the top 10 lighting manufacturers is higher than 3%. In 2022, the conflict between Russia and Ukraine will lead to high energy costs, and the increasing demand for LED energy saving will speed up the replacement of traditional lighting products.
Many lighting manufacturers gradually provide customers with a healthier, smarter and more convenient lighting experience with professional solutions of “lighting products” + “digital systems”, and at the same time pay attention to the niche application market with high gross profit margin, which will be the driving force for lighting manufacturers. Continued driver of revenue growth.