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2022/04/07
According to TrendForce’s “Global LED Industry Data Base and LED Player Movement Quarterly Update” report, demand for high-standard LED products in the lighting market will enter a growth stage Generally speaking, the price of lighting LED products is stable However, due to the recent rise in global raw material prices, the unit price of products looks to trend higher Coupled with high demand for energy conservation from governments around the world, the output value of the lighting LED market in 2022 is forecast to have an opportunity to reach US$811 billion, or 92% growth YoY In the next few years, the scale of the lighting LED market will continue growing due to the promotion of human centric lighting (HCL), smart lighting, and other factors and is expected to reach US$111 billion by 2026, with a compound annual growth rate (CAGR) of 84% from 2021 to 2026
TrendForce further states, despite the continuing impact of the pandemic in 2022, the pervasiveness of vaccines and the recovery of economic activities coupled with the rigid demand associated with the lighting market as a daily necessity, global "carbon neutrality," and the growing requirements of the energy conservation agenda, have moved numerous major powers to realize net-zero emissions through measures such as energy efficiency and low-carbon heating in recent years However, lighting is a leading energy consumer in buildings, accounting for 20% to 30% of total building energy consumption LED penetration will deepen, driven by the high demand for energy conservation and policies and regulations requiring the upgrade of aging equipment In addition, smart lighting can also achieve the purpose of timely energy conservation Therefore, there is strong demand for the introduction of LED lighting and smart lighting upgrades in commercial lighting, residential lighting, outdoor lighting, and industrial lighting, which further drives demand for high-standard LED products including high light efficiency, high color rendering and color saturation, low blue light HCL and smart lighting devices
The gradual recovery of the lighting market is clearly reflected in the 2021 manufacturer revenue rankings Lighting LED manufacturers including Samsung LED, ams OSRAM, CREE LED, Lumileds, Seoul Semiconductor, MLS, and Lightning have all posted revenue growth MLS is still the leading manufacturer of lighting LEDs, ranking first in revenue, with an annual revenue growth rate of 34% in 2021 ams OSRAM, Lumileds, CREE LED, and Samsung LED primarily took advantage of orders for industrial, outdoor, and horticultural lighting last year, posting annual revenue growth of 26%, 18%, and 8%, respectively
In terms of pricing, as demand in the lighting industry gradually recovered in 2021, facing demand for higher specification terminal application products and the impact of rising overall costs in raw materials and operations, LED packaging factories no longer adopted pricing strategies to capture additional market share, allowing lighting LED product pricing to stabilize and rebound in 2021 In terms of product categories, the average market price of medium and low-power lighting LED products (less than 1 watt, excluding 1 watt) such as 2835 LED, 3030 LED, and 5630 LED, posted an annual growth rate of 21~44% For high-power lighting LED products (above 1 watt) such as ceramic substrate LEDs and 7070 LEDs, average annual market price growth was as much as 30~60% TrendForce expects lighting LED pricing to further stabilize in 1H22
For more information on reports and market data from TrendForce’s Department of Optoelectronics Research, please click here, or email Ms Grace Li from the Sales Department at graceli@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2021/09/08
Thanks to favorable policies by governments worldwide as well as massive adoption of horticultural LED lighting products in the medical and recreational marijuana markets in North America, horticultural lighting LED revenue saw an explosive growth in 2020, reaching US$301 million, a 57% YoY increase, according to TrendForce’s 2021 Global LED Lighting Market Outlook - Light LED and LED Lighting Market Trend report This growth is expected to maintain its momentum throughout 2021, during which the market is expected to reach US$399 million in revenue, a 33% YoY increase
However, it should be pointed out that horticultural red light LED chips, especially high-end ones, will likely suffer a shortage in 3Q21, as suppliers’ production capacities for these chips are constrained by other products, including automotive and infrared LED products At the same time, demand for horticultural LED lighting products cannot be fully met due to the ongoing shortage of PMICs Furthermore, delayed ocean freight schedules and North American governments’ crackdown on illegal indoor marijuana cultivations have also impacted the shipment of these end-products, thereby leading certain horticultural LED lighting suppliers to slow down their production plans and component procurement activities Even so, LED suppliers are still optimistic towards the current market Although changes in the global environment are expected to hinder market demand in the short run, LED suppliers believe that such hindrance will likely be ameliorated by the end of 3Q21
TrendForce’s investigations indicate that horticultural lighting LED package suppliers include ams-OSRAM, Samsung LED, CREE LED, Seoul Semiconductor, Lumileds, Everlight, LITEON, and lightning On the other hand, horticultural LED chip suppliers include Epistar, San’an, HC Semitek, HPO, and Epileds The vast majority of the aforementioned companies were able to benefit from the horticultural lighting market and posted remarkable earnings performances in 1H21
Looking ahead, the demand on food safety will bring about a shortened food supply chain via such developments as indoor farming and build-outs of vertical farms, with a corresponding rise in the global horticultural lighting LED market In addition, TrendForce believes that, as operators of greenhouses or emerging vertical farms continue to adopt LED lighting equipment in the long run, and LED lighting costs continue to decline, more and more indoor farmers will be convinced to replace their traditional lighting equipment with LED lighting equipment The replacement demand from these operators will, in turn, become the key driver of the horticultural lighting LED market’s future growth
For more information on reports and market data from TrendForce’s Department of Optoelectronics Research, please click here, or email Ms Grace Li from the Sales Department at graceli@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2021/05/25
Product prices across the overall lighting LED market are expected to increase by about 03%-23% QoQ in 2Q21, according to TrendForce’s latest investigations This price hike can primarily be attributed to the fact that overall demand in the LED lighting market has been rebounding since 1Q21 and remaining in an uptrend since 2Q21 Furthermore, the industry-wide shortage of LED components in the upstream supply chain, caused by the onset of the COVID-19 pandemic, has yet to be addressed, thereby compelling lighting product manufacturers to ramp up their procurement activities this year in order to avoid a component shortage, which they suffered last year TrendForce hence expects this bullish trend in the LED supply chain to result in a US$6709 billion yearly revenue for the lighting LED market in 2021, a 343% growth YoY
TrendForce further indicates that major suppliers of lighting LED packages, including Samsung LED, ams/OSRAM, CREE LED, Lumileds, Seoul Semiconductor, MLS, and Lightning Optoelectronic, have since 1Q21 seen soaring revenues, which are expected to persist through 2Q21, thanks to a swift rise in demand for HCL (human centric lighting), smart lighting, horticultural lighting, and niche lighting (such as lighting for nuclear power stations, pharmaceutical manufacturing facilities, and metal fabrication plants)
With regards to the specific LED packages that will experience a continued price hike, these products include mid- and low-power, indoor lighting LED products with under (not including) 1 watt in power consumption, such as 2835 LED, 3030 LED, and 5630 LED Prices of these products are expected to increase by 03%-23% QoQ in 2Q21 On the other hand, a 13%-18% QoQ increase in prices for the same period can be expected for outdoor, industrial high-power lighting LED products with at least 1 watt in power consumption, such as LED with ceramic substrates and 7070 LED
Companies are releasing products aimed at post-pandemic applications to secure their market shares in anticipation of high upcoming demand in the LED lighting market
With regards to the movement of lighting LED product prices from the perspective of the LED supply chain, the pandemic caused a price hike across various materials, such as metals and LED chips required for lighting LED manufacturing last year Faced with the upward pressure of prices in their upstream supply chains, certain suppliers of lighting LED products were subsequently forced to maintain their bottom lines by raising prices accordingly on lighting LED products, which had been sold at excessively low retail prices On the whole, however, despite the price hike across various upstream components, suppliers of lighting LED products are still actively improving their products’ performances, including luminous efficacy and color saturation, and releasing products that fulfill the demand of post-pandemic applications in order to secure their market shares and competitiveness Some examples include outdoor atmospheric lighting LED products from OSRAM and Lumileds, as well as horticultural LED products from CREE LED for indoor horticulture and plant factories
For more information on reports and market data from TrendForce’s Department of Optoelectronics Research, please click here, or email Ms Grace Li from the Sales Department at graceli@trendforcecom
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2020/11/23
Owing to the gradual legalization of marijuana cultivation and the pandemic-induced surge of recreational and medical marijuana markets in North America, horticultural LED has become one of the fastest-growing lighting markets in 2020, according to TrendForce’s latest investigations Moreover, as the COVID-19 pandemic’s impact on the food supply chain starts to surface, capital expenditure (CAPEX) for indoor agricultural infrastructure has once again shown an upward momentum due to the rising demand for equipment replacement and procurement, resulting in a rapid growth in enterprise orders for horticultural LED Global yearly horticultural LED revenue is expected to reach US $158 million in 2020, a 397% increase YoY
While cost and useful life of equipment remain two major challenges for manufacturers, indoor agriculture will become the primary driver of horticultural LED in the future
There are two pressing issues that need to be addressed in the indoor agricultural industry: increasing crop yield and decreasing lighting equipment cost At the same time, partnership between companies in the LED supply chain is required in order to continually refresh horticultural LED solutions and subsequently satisfy market demand At the moment, major horticultural LED brands include Signify, Fluence by OSRAM, GE Current, Illumitex, Heliospectra, and Sananbio, with equipment efficiency and reliability being the primary technological determinants of brand adoption For nontraditional agriculture, the cost of repairing LED lighting equipment represents a relatively expensive part within the overall long-term operating cost That is why lighting equipment manufacturers need to also take into account the useful life of lighting equipment In addition, the optoelectronic conversion efficiency of LEDs, especially red-light LEDs, is yet another important key to lowering the manufacturing cost of lighting equipment Current mainstream solutions in the market consist of medium- and high-power LEDs, while better solutions for lowering manufacturing costs may emerge in the market going forward
The photosynthetic photon efficiency (PPE, measured in µmol/J) of horticultural LED, in conjunction with the specific light spectrum required for plant growth, represents an important determinant of agricultural production capacity Major suppliers of horticultural LED components include OSRAM, Samsung LED, CREE, Seoul Semiconductor, Lumileds, Nichia, and Everlight, and each of these suppliers holds a differentiating competitive advantage in terms of product offerings In particular, OSRAM and Samsung LED hold leadership positions over their competitors in this industry
Looking ahead, given the requirement of ensuring food safety, the rise of urban indoor agriculture and investments in plant factories will shorten the food supply chain Furthermore, the current landscape of nontraditional agricultural projects shows that there is a significant YoY increase in CAPEX for emerging agricultural technologies in Europe, the US, and Japan this year, meaning that the capital markets are highly interested in these technologies As such, since lighting equipment is an indispensable part of plant factories, most LED suppliers are likely to see double-digit YoY growths in their horticultural LED revenue, in turn bringing about a second wave of growth in for the market
2020/08/11
Downstream LED lighting demand is highly correlated with the state of the overall economy, according to TrendForce’s latest investigations LED lighting manufacturers, such as Signify, Acuity Brands, Zumtobel, Leotek (a subsidiary of Lite-On Group), and Unilumin, have each released new outdoor smart lighting products and integrated smart lighting solutions, which are likely to raise the penetration rate of smart LED street lights TrendForce predicts the global LED smart street light market (which includes only luminaires and single lighting control systems) to reach US$1094 in total revenue, with a CAGR of 82% from 2019 to 2024
TrendForce analyst Christine Liu indicates that various governments have attempted to alleviate the industrial impacts of the COVID-19 pandemic through fiscal policies, smart city construction, and new infrastructure investments Of these governmental efforts, roadside infrastructure investments in China and North America are the largest in terms of scale Data from the US Census Bureau shows that the US government had invested $429 billion in roadside infrastructure as of June 2020 This effort to stimulate the economy via governmental spending is expected to bring about a growth in demand for outdoor LED street lights
Chinese companies are the primary drivers of global smart street light development, as Huawei and Tencent attain market dominance
Generally speaking, smart light poles fulfill six essential functions: intelligent lighting, information dissemination, security surveillance/monitoring, environmental detection, charging station, and small-scale 5G base station Smart lighting products ranging from modular LED lamp heads to single light controllers are essential components for fulfilling these six functions TrendForce’s cost analysis of smart street light construction projects finds that the ASP of highest spec’d smart street poles is $69979, with 26% of it stemming from smart lighting equipment ASP, which stands at $1825
Although China is the primary driver of global smart street light development, large-scale city-level projects in China are both expensive and time-consuming, mostly due to the country’s substantial landmass as well as the large discrepancies in various local governments’ demands Furthermore, municipal governments generally tend to outsource smart street light projects to private corporations with sufficient resources, who may not necessarily be well-versed in smart street light equipment design and manufacturing and therefore must collaborate with other partners to complete these projects On the other hand, as smart street light projects involve IoT and telecommunications, LED lighting manufacturers must collaborate with major tech companies in carrying out these projects As such, companies with strong resource integration capabilities, such as Huawei and Tencent, are expected to take the lion’s share of smart street light projects in China
TrendForce believes that more and more commercial opportunities can be found the further downstream one looks in the smart street light supply chain In order to enter the existing supply chain, LED lighting manufacturers must add more value to their existing competitive advantages by strengthening their ability to service systems, streamlining their LED lighting portfolios, and raising their overall quality of service At the same time, governments need to institute crystal-clear standards regarding smart street lights and draw a comprehensive smart city blueprint, thereby ensuring the healthy development of the LED smart street light industry going forward
