LED lighting began in 1962, and General Electric invented light-emitting diodes. A series of lighting technology revolutions followed, and the lighting technology revolution promoted the popularity of LEDs. At present, LED lighting technology has matured and is rapidly replacing traditional lighting products. Since the beginning of the 21st century, global environmental problems have become increasingly prominent, and all countries in the world have increased their attention to environmental protection. LED lighting products have the characteristics of energy saving and environmental protection, and have become the first choice for countries around the world. Countries have introduced corresponding industrial support policies to support the development of their own LED lighting industry.
In 2016, Europe took the lead in releasing the "European Lighting Industry 2025 Strategic Roadmap", which put forward the two main development lines of "improving the quality of life" and "circular economy", and further increased the development content of sustainable lighting and healthy lighting on the basis of lighting energy saving. Japan also proposed in the "Japan Lighting Industry 2030 Vision" that 100% LED lighting will be achieved by 2030, and the penetration rate of smart lighting and human factors lighting will reach 40% by 2030.
China has become the world's largest LED lighting production area. In addition, the development of the Asia-Pacific LED market, dominated by emerging economies, is significantly better than that of the European and American LED markets dominated by developed economies. In the Asia-Pacific LED market, East Asia, West Asia, Southeast Asia and Oceania markets have developed well, but the South Asian market has been greatly affected by the decline in the Indian market, which accounts for more than 60%.
Saudi Arabia, South Korea and Thailand, as representatives of West Asia, East Asia and Southeast Asia respectively, have achieved ultra-high growth under the negative impact of the epidemic, reflecting strong development vitality. In the European and American LED markets, the North American market has recovered better than the European market and the South American market, and major European economies such as Germany, Britain, the Netherlands and France have declined to varying degrees.
From 2017 to 2021, the market size of the global LED lighting industry showed an upward trend. In 2020, affected by overcapacity and the new crown pneumonia epidemic, the global LED upstream epitaxial chip industry and midstream packaging industry shrank to a certain extent, but the downstream application market still showed strong resilience. In 2021, under the easing of the global epidemic, the development space of the downstream market will increase, and the market size of the global LED lighting industry will reach 153.5 billion US dollars in 2021, a year-on-year increase of 10%.
In the first half of 2022, the global economy fell into high inflation, the downturn in economic prosperity, the high energy costs caused by the conflict between Russia and Ukraine, the downturn in the real estate cycle and the repeated epidemic, which seriously affected the demand for home and commercial lighting markets, but the reopening of economies in Europe and the United States, frequent commercial activities stimulated consumption rebounded, coupled with the demand for energy-saving renovation projects in Europe and Japan, made up for the decline in the commercial lighting market.
In addition, the good performance of economic activity in Southeast Asia offset the severe decline in demand in China. In the second half of 2022, market demand will improve as stimulus policies are introduced. Looking forward to the future, the future lighting industry pays more attention to the light quality of products (such as high light efficiency, high color rendering, R9 value and color tolerance), intelligent, therefore, it is estimated that by 2027, the global LED lighting industry market size will reach 275 billion US dollars.
