Asia-Pacific (APAC) LED lighting market-converted

Asia-Pacific LED Lighting Market Set
to Exhibit Over 10.0% CAGR
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The Asia-Pacific (APAC) LED lighting market reached a value of
$27.5 billion in 2018 and it is predicted to generate a revenue of
$58.0 billion by 2024. In addition to this, the market is predicted to
progress at a CAGR of 13.0% between 2019 and 2024. The major
factors fueling the expansion of the market are the rapid
development of smart cities, the rising enactment of favorable
government initiatives regarding energy conservation and energy
efficiency in this region.
The governments of many APAC countries are implementing policies
for promoting energy efficiency in the region. For instance, many
government projects such as the Unnat Jyoti by Affordable LEDs for
All (UJALA) enacted by the government in 2015, have already been
launched in India for promoting energy efficiency in the country.
Furthermore, the government began the Street Light National
Programme (SLNP) in 2015 for promoting energy efficiency in the
country.
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This program was aimed at replacing 35 million conventional lights in
the country with LED lights. Apart from the Indian government, the
Chinese and the Australian governments are also implementing
policies for promoting the usage of energy-efficient LED street lights
in the country. Depending on product type, the market is divided into
luminaires and lamps. Between the two, the luminaires category held
higher share in the market in the years gone by.
This was because of the huge requirement for LED lighting fixtures,
on account of the construction of commercial buildings and
residential houses in the region. Furthermore, the Asia-Pacific LED
lighting market is classified into retrofit and new installation, on the
basis of installation type. Of these, the new installation category
registered higher growth in the market during the past few years,
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due to the implementation of several government initiatives
regarding the usage of LED lights, especially in China and India.
When indoor LED lighting application is taken into consideration, the
APAC LED lighting market is categorized into commercial, industrial,
and residential. Out of these, the commercial category held the
highest share in the market during the past few years, as per the
observations of P&S Intelligence, a market research company based
in India. This category includes retail, offices, hospitality and
tourism, government, hospitals, banking, financial services, and
insurance (BFSI), transportation, and education.
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The growth of this category is caused because of the enactment of
favorable government initiatives regarding the usage of LED lights in
commercial spaces, especially in India, China, Australia, and Japan.
Depending on industrial LED lighting, the market is classified into
automotive, chemicals and pharmaceuticals, energy and utilities,
food and beverage, oil and gas, telecom, textile, mining, and
electronics and semiconductors. Amongst these, the energy and
utilities category will demonstrate the fastest growth in the market in
the forthcoming years.
Hence, it can be said with full confidence that the market will register
huge growth in the coming years, mainly because of the rising
implementation of favorable government policies regarding energyefficiency
and energy conservation and the rapid development of
smart cities in various countries of the region.
Market Size Breakdown by Segment
Market Segmentation by Product Type
• Luminaires
• Lamps
Market Segmentation by Installation Type
• New Installation
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• Retrofit
o A-Lamps
o Reflectors
o T-Lamps
o Other Lamps (Self-Ballasted LED Lamps, Parabolic
Aluminized Reflector (PAR), Multifaceted Reflector (MR)
and Bulged Reflector (BR) lamps)
Market Segmentation by Application
• Indoor
o Commercial
• Offices
• Retail
• Hospitality and tourism
• Hospitals
• Government
• Banking, financial services and insurance (BFSI)
• Education
• Transportation
• Others (Entertainment, and Museum)
o Residential
o
Industrial
• Automotive
• Food and beverage
• Electronics and semiconductors
• Energy and utilities
• Chemicals and pharmaceuticals
• Oil and gas
• Others (telecom, mining, and textile)
• Outdoor
o Road network
o Transportation
o Parks
o Parking spaces
o Stadiums/sports complex
o Others (agriculture, architectural and religious
institutions)
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Market Segmentation by Country
• China LED Lighting Market
o By product type
o By installation type
o By application
• Japan LED Lighting Market
o By product type
o By installation type
o By application
• India LED Lighting Market
o By product type
o By installation type
o By application
• South Korea LED Lighting Market
o By product type
o By installation type
o By application
• Australia LED Lighting Market
o By product type
o By installation type
o By application
• Rest of APAC LED Lighting Market
o By product type
o By installation type
o By application
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