Increasing government initiatives aimed at promoting energy-efficient lighting systems, growing number of smart city projects, and longevity of LED lights are driving the growth of the sector. Due to various benefits of LED lights, such as low energy requirement, electricity expenditure reduction capabilities, and better build, their demand from businesses has increased.
The Asia-Pacific LED lighting market was valued at $27.5 billion in 2018 and is predicted to witness a CAGR of 13.0% in the forecast period (2019–2024).
In 2018, among China, India, Japan, South Korea, Australia, and rest of APAC, China held the largest revenue share in the market, owing to its growing number of urban lighting projects for buildings, roads and railways, rising government spending on bettering the lighting system in shopping malls, offices, and hospitals, and surging demand for energy-efficient and eco-friendly lighting products.
Based on the product type, the LED lighting market in APAC is categorized into lamps and luminaires. Out of these, in 2018, luminaries were the largest revenue contributor in the market, accounting for over 75.0% share, owing to the increasing demand for LED lighting fixtures from the construction industry.
In 2015, the Government of India launched the Street Light National Programme (SLNP) to encourage energy efficiency. SLNP is aimed at replacing 35 million conventional lights with LED lights. The same year, the Indian government also launched the Smart Cities Mission to develop 100 cities, benefited by all modern facilities.
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With the help of energy-efficient lighting, the greenhouse gas emission and thermal pollution can be minimized. Government initiatives toward checking carbon emissions are playing an important part in supporting the growth of the APAC LED lighting market.
Hence, with the growing initiatives of governments toward energy-efficient lighting, building new residential houses and commercial buildings, and development of smart cities with all modern facilities, the demand for LED lighting is escalating, thereby resulting in significant growth of the APAC LED lighting market.