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According to the latest report from LED inside, a division of the market research firm TrendForce, 2018 Light LED and LED Lighting Market Outlook, LED lighting market scale will achieve USD 32.72 billion in 2018 and will reach USD 33.3 billion in 2019 when lighting that can be replaced enter the period of saturation, while industrial, architectural and landscape, outdoor and special commercial lighting will keep on developing.
According to LED inside survey on global installed LED lighting market, the quantity of installed LED lighting products replacing traditional lights increased rapidly. The LED lighting penetration in 2017 is 22% and it is expected to reach 63% in 2022. CAGR of installed LED lighting products will be 26% during 2017 to 2022.
The lighting LED market value increased more than 10% in 2017, and is expected to grow about 7.8% in 2018, reaching USD 7.16 billion. But it will suffer decrease and enter recession period after 2020. The retrofit lamps like bulb and tube have been saturated, while the industrial lighting products including high/low bay and the commercial lighting products like troffer, panel light and filament lamp still achieve CAGR of 30%. The overall CAGR of lighting LED will reach 4% during 2016-2021.
Quality of light is still the one of the market attentions. High-CRI LED refers to the LED products with CRI higher than 90, mostly applied to high-end commercial lighting market like museum lighting, retail lighting and food lighting which has strict requirement on quality of light. High-CRI LED takes up small market share at present, and its global market scale in 2017 is around USD 330 million. As the market demand increases in next few years and the package technology improves, the revenue is expected to achieve rapid growth.
The global smart lighting rapidly develops in 2017, and its market scale approximates to USD 4.6 billion, increased 95% , as the technology & products mature and the product concepts become popular, the market scale is expected to reach USD 13.4 billion in 2020. Industrial and commercial lighting are the largest application fields of smart lighting, due to its digitalization, smart lighting will bring more new business model and value growth point for these two fields.