According to TrendForce's latest report "2023 Global LED Lighting Market Analysis - 1H23", multiple factors will cause the global LED lighting market to fall back to US$61.4 billion in 2022, a year-on-year decrease of 5%.

Looking forward to 2023, with the continuous advancement of energy-saving renovation projects in Europe, the United States and Japan, LED will enter the peak period of replacement, and users' effective demand for high-quality lighting, human health lighting and smart lighting will also enter a stage of rapid development, superimposing China's The market is fully liberalized, and the global LED lighting market demand is expected to recover.

However, considering that lighting products at the end of the first half of this year are still in the stage of rapid destocking, and demand may continue to be affected by high inflation, based on comprehensive analysis, it is estimated that the global LED lighting market will grow by 4% to US$63.8 billion in 2023 ( Note: From 2H21 onwards, the lighting market size covers both branded and white-branded markets).

2023 Global LED Lighting Market Report Newly Published

LED Smart Lighting Market

In 2022, in response to the energy-saving market demand, the demand for LED lighting products that can achieve dimming and color adjustment and equipped with intelligent control systems will increase, especially in the field of outdoor and industrial lighting. The latest data from TrendForce shows that the global smart lighting market in 2022 will be 69.9% billion U.S. dollars, an increase of 12.9%.

Looking forward to 2023, it is expected that the demand in the consumer market will improve, and the smart home lighting market will rebound. On the one hand, typical representative products of commercial lighting in the past, such as spotlights, downlights and light belt products, are gradually penetrating into the field of smart home lighting. On the other hand, the implementation of new standard protocols such as Matter and the entry of new players are expected to drive the rapid growth of the market size to $2.4 billion in 2023.

LED Plant Lighting Market

According to TrendForce Research, a series of factors will cause the LED plant lighting market to drop sharply to US$1.3 billion in 2022, a year-on-year decrease of 20%.

Looking ahead, factors such as increased demand for localized production due to food safety, ease of supply chain cost pressures, climate change and reduction of arable land, global cannabis policies, and the emergence of new crops are driving the development of Controlled Environment Agriculture (CEA), The penetration rate of LED continues to increase. In addition, lighting manufacturers provide additional value-added products such as sensors and networking services. TrendForce predicts that the market size of LED plant lighting will be US$1.44 billion in 2023, an increase of 7.1%, and will reach US$2.44 billion in 2027. , the compound growth rate in 2022-2027 is 11.5%.

2022-2023 Trends of Lighting Manufacturers

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, and the penetration rate of LED lighting will continue to increase. According to TrendForce, the penetration rate of LED lighting for most manufacturers has reached more than 85%. .

Looking forward to the long term, the demand for energy saving is still a policy strongly advocated by the governments of various countries. Traditional lighting products are being eliminated from the market at an accelerated rate. Most manufacturers seek digital transformation of lighting products and provide customers with healthier, smarter and more convenient lighting experiences with professional solutions. (Text: TrendForce analyst Liu Lingli)