LED lighting enters the peak period of replacement

The latest analysis of the "2023 Global LED Lighting Market Analysis" pointed out that multiple factors have caused the global LED lighting market to fall back to 61.4 billion US dollars last year, an annual decrease of 5%. Reached 63.8 billion US dollars, an annual increase of 4%.

TrendForce subdivides the global LED lighting market category. Last year, the scale of the horticultural lighting market declined sharply to US$1.3 billion, an annual decrease of 20%. However, the scale of the smart lighting market grew to US$6.9 billion, an annual increase of 12.9%. Under the boom, the demand for LED energy saving is increasing day by day, the replacement speed of traditional lighting products is accelerating, and the penetration rate of LED lighting continues to increase. Most manufacturers' LED penetration rate has reached more than 85%.

TrendForce pointed out that as Europe, the United States, and Japan continue to carry out energy-saving transformation projects, this year LED will enter the peak replacement period, and users' effective demand for high-quality lighting, human health lighting, and smart lighting will also enter into rapid development stage, and the Chinese market has entered a stage of full opening after the epidemic, the global LED lighting market demand is expected to recover.

However, considering that lighting products are still in the stage of destocking in the first half of this year, although market demand may continue to be subject to the impact of high inflation, traditional lighting products will be phased out at an accelerated rate due to the strong advocacy of governments in various countries. Under a comprehensive analysis, TrendForce estimates that the global LED lighting market will grow by 4% annually to US$63.8 billion in 2023.