With the gradual popularization of vaccines in various countries, the market economy began to recover. Since 1q21, the market demand for LED general lighting has significantly warmed up. TrendForce Jibang Consulting Groups estimates that the global LED lighting market will reach US $38.199 billion in 2021, with an annual growth of 9.5%.
The thriving development is related to four essentials listed below :
☑ Growing vaccination : the market economy has recovered one after another, thanks to progress on vaccine research, especially the rapid return of commercial, outdoor and engineering lighting.
☑ Increasing price of LED lighting products : under the pressure of rising raw material costs, lighting brand manufacturers continue to increase product prices by 3-15%.
☑ Emission reduction policies and support of energy conservation : in order to achieve the goal of "carbon neutralization", LED energy-saving transformation projects are gradually carried out, and the penetration rate of LED lighting is increasing. According to the analysis of TrendForce Jibang Consulting Groups, the market penetration of LED lighting will increase to 57% in 2021.
☑ Rising attention : under the epidemic situation, LED lighting manufacturers will accelerate the layout of lamps towards digital intelligent dimming regulation. The lighting industry will also pay more attention to the added value brought by the systematization of connected lighting and human health lighting in the future
