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LED Tube Lights Market : By Size (Less than 5 Feet, 5.1 Feet to 10 Feet, More than 10 Feet), By Application (Residential, Commercial and Industrial) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Market Excerpt

Dramatic savings in energy costs, low maintenance, and high durability are increasing the adoption of LED tube lights.

The global LED tube lights market was valued at US$ 3,705.0 Mn in 2017 and is expected to cross US$ 13,000 Mn by 2026, at a CAGR of 15.2% during the forecast period from 2018 to 2026. Millions of LED tube lights have been installed globally ever since the first time they have introduced a few years ago. Though in that relatively short period of time, the LED tube lights have undergone several changes, and surely we can count on more changes ahead. On account of their high energy efficiency, LED lights have been increasingly finding application on a large scale in offices, commercial developments, and industrial operations in order to attain more cost savings. The fact that LED tube lights can be used at all locations except for those where both downward and upward lighting is required makes their adoption even higher. Currently, LED tube lights find applications across premises where the lights are required to be placed. In such instances, the low power consumption of LED tube lights offsets the higher acquisition price. Typical applications of LED tube lights include public premises, industrial production premises, warehouses, parking garages, stores, and refrigeration rooms and equipment.

LED tube lights use less energy and, at the same time, also last much longer than incandescent lighting. Moreover, the widespread use of LED lighting can potentially have a great impact on energy savings in the U.S. According to reports, by 2027, as compared to no LED use, widespread use of LEDs could save about 348 TWh of electricity. At current electricity prices, this would result in a total savings of more than US$ 30 billion. Thus, with regulations pertaining to energy consumption getting stricter by the day, the adoption of LED tube lights is expected to increase in the coming years.

Market Synopsis

The decline in LED tube light prices and government rebates and incentive programs for energy-efficient lighting solutions are increasing the adoption of LED tube lights in the residential sector.

The global LED tube lights market, by application, is led by the residential segment and is also expected to witness the fastest growth over the forecast period from 2018 to 2026. Accelerating uptake in the adoption of LED tube lights in residential applications is demonstrated by the rapid decline in LED tube light prices. The cost of producing LED tube lights has significantly decreased as a result of successive technological advancements. In the U.S. market, the prices of LED lamps have reached parity with those of compact fluorescent lamps in 2017. This is expected to boost the transition from conventional lighting to LEDs. LED tube lights consume over 80% less electricity than conventional incandescent bulbs. According to the United States Census Bureau, residential construction in the United States was worth more than $150,000 million in 2017 and is expected to grow at a rate of more than 5% in 2018.

With consistent growth in residential construction activities, LED tube lights are expected to witness promising growth in the coming years. Similarly, several types of incentive and rebate programs exist for efficient energy use in the U.S. In 2015 alone, more than $5 billion in rebates and incentives were offered for the efficient use of electricity. With the implementation of several government regulations and incentives offered for the use of energy-efficient lights, the residential segment is expected to register promising growth over the following years. Electric lighting accounts for more than 5% of global greenhouse gas emissions and consumes approximately 19% of the U.S.’s total electricity production. The U.S. residential LED tube light market is expected to grow in the coming years due to declining costs, increased energy savings, and environmentally friendly usage of LED tube lights.

Asia Pacific is expected to witness the fastest growth in the overall LED tube light market.

Asia Pacific is the largest regional market for LED tube lights and is expected to witness the fastest growth over the forecast period. Consumers in major markets are rapidly replacing their conventional light sources with LED solutions owing to their benefits, such as high energy efficiency and longer life. Moreover, rising awareness about the long-term cost benefits is motivating consumers to purchase LED tube lights over conventional lighting sources. China and India are major markets for LED tube lights in the region. North America and Europe are also expected to observe a significant demand for LED tube lights due to the introduction of stringent energy consumption regulations in these regions.

Manufacturers are focusing on developing advanced LED tube light solutions to cater to the rising demand for energy-efficient lighting solutions.

New product development is the major strategy adopted by the leading players in the global LED tube light market. In a bid to maintain profitability in the ongoing competitive market environment, major LED tube light manufacturers are focusing on developing new, advanced, energy-efficient LED products. Koninklijke Philips N.V., for example, has recently introduced the energy-efficient "Philips CorePro LEDtube Universal T8" tube light as an alternative to standard fluorescent tubes. The application segments of these tube lights include offices, shops, classrooms, and other commercial facilities. Additionally, Cree, Inc. launched a series of LED T8 replacement tubes for use in the commercial sector. The company’s LED T8 Series is the first linear fluorescent replacement that delivers the industry's best light quality, near-universal driver compatibility, and 30% energy savings. The LED T8 Series has revolutionized the market for commercial lighting with a product that has universal compatibility with almost all existing fluorescent T8 ballasts.

Why is it recommended to invest in our LED tube light market research study?

Our market research study on the LED tube lights market provides a comprehensive analysis of market trends and dynamics in the global industry. The report includes in-depth quantitative as well as qualitative findings about LED tube lights of different sizes and their end-use applications. The report outlines key market-driving and limiting factors and highlights key investment areas in the global LED tube lighting industry.

The study also includes high-level analysis such as Porter’s Five Forces analysis, value chain analysis, and market attractiveness analysis, which helps industry players across the value chain formulate their market-winning strategies. The research also focuses on major regions and countries and includes market estimates for all of these segments in terms of market value (US$ Mn) and volume (million units).

The research study also includes profiles of major LED tube light manufacturers in the global industry. Profiles of major players include a business and financial overview, product offerings, major competitors, and recent developments. The report also includes the competitive positioning of major players based on their revenue, product offerings, brand recognition, and geographical presence.

Historical & Forecast Period

2016 is a historic year.

2017—Base Year

2018–2026: Forecast Period

Key questions are answered in this report.

  • What is the global market size for LED tube lights?
  • What are the key trends and market dynamics affecting the growth of the global LED tube lighting industry?
  • Who are the major consumers of LED tube lights?
  • What are the key opportunity areas in the LED tube light market?
  • Which size category of LED tube lights has the highest demand?
  • What are the benefits of LED tube lights over conventional lighting solutions?
  • Which country has the highest demand for LED tube lights?
  • Who are the leading players in the global LED tube light market, and what are their winning strategies?

Frequently Asked Question:

The market for Fluoropolymers Market is expected to reach USD$ 13,000.0 Mn in 2026.

The Fluoropolymers Market is expected to see significant CAGR growth over the coming years, at 15.2%.

The report is forecasted from 2018 -2026.

The base year of this report is 2017.

Koninklijke Philips N.V.,Cree, Inc.,LG Electronics Inc.,GE Lighting,Hubbell Incorporated. are some of the major players in the global market

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Trusted By
Godaddy
Published Date:  Jun 2018
Category:  Semiconductor & Electronics
Report ID:   59198
Report Format:   PDF
Pages:   120
Rating:    4.5 (65)
Delivery Time: 24 Hours to 48 Hours   
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