According to TrendForce's latest report "2022 Global LED Lighting Market Analysis-2H22", according to TrendForce's research, in the first half of 2022, the world will fall into high inflation and economic downturn, the conflict between Russia and Ukraine will lead to high energy costs, the real estate cycle The downturn and repeated epidemics have seriously affected the demand for home and commercial lighting markets.
However, the reopening of the economy in Europe and the United States and other regions, frequent commercial activities have stimulated a rebound in consumption, and the demand for energy-saving renovation projects in Europe and Japan has made up for the decline in the commercial lighting market. In addition, economic activities in Southeast Asia performed well, which offset the severe decline in market demand in China.
In the second half of 2022, with the successive introduction of stimulus policies, market demand will improve by the fourth quarter. Based on a comprehensive analysis, in the context of high inflation, the price of LED lighting products is firm. TrendForce has revised down the global LED lighting market size in 2022 to US$64.96 billion (+0.5%YoY). (Note: Since 2H21, the scale of the LED lighting market covers 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 efficacy, high color rendering, R9 value and color tolerance), human health lighting and intelligence. Therefore, TrendForce predicts that the global LED lighting industry will The market size is US$78.36 billion, with a compound growth rate of 3.9% in 2021-2026 (note: from 2H21 onwards, the lighting market size covers brand and white-label markets).
LED smart street lamp market
In the first half of 2022, although LED street lamp construction projects slowed down due to the impact of the epidemic and the conflict between Russia and Ukraine, in the second half of the year, with the release of favorable policies, under the low base period, there is a chance to grow by 7% to 840 million for the whole year. dollars. The construction and development of smart cities in the future is expected to start a new round of renovation in 2023. The key factor to promote the growth of smart street lights is to achieve the most important functions and needs through smart control. The growth rate is expected to reach 15.5%.
In terms of communication protocols, according to the latest data from TrendForce, in 2021, PLC will account for 76.6%, followed by ZigBee at 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, it has a development trend of replacing ZigBee. 7.0% market share. In addition, the application proportion of 4G transmission communication technology in smart street lamps is also gradually increasing.
LED Plant Lighting Market
In the past two years, the LED plant lighting market has experienced rapid growth driven by the North American marijuana market. However, from the second half of 2021, due to the impact of supply chain disruptions and the crackdown on illegal marijuana cultivation in North America, market demand began to weaken. In 2022, due to the slowdown in the legalization of marijuana in North America and the sharp drop in the market in China, the growth rate of the plant lighting market will continue to slow down. However, in response to the increasing demand for replacement of LED equipment in greenhouses in Europe and the stable price of lighting products , the estimated market size is 1.79 billion US dollars, with an annual growth rate of 6.6%.
Looking forward to the future, against the background of food safety and global climate change, smart agriculture is increasingly being put on the agenda of governments around the world, coupled with the continued advancement of marijuana legalization, the future demand for LED plant lighting will maintain a steady growth trend, TrendForce forecasts The market size will reach US$2.89 billion in 2026, and the compound growth rate from 2021 to 2026 will be 11.5%.
Revenue of Lighting Manufacturers
According to the analysis of the latest statistical data from TrendForce, it is estimated that the total lighting revenue of the top 30 lighting manufacturers will grow by an average of 1%-3% in 2022. It is estimated that the total lighting revenue of the top 10 lighting manufacturers will grow by more than 3%. The conflict between Russia and Ukraine in 2022 will lead to high energy costs, and the increasing demand for LED energy saving will accelerate the replacement of traditional lighting products. It is estimated that the top 20 lighting manufacturers' LED lighting revenue will grow by an average of 2%-5%.
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Post time: May-05-2023