According to the latest TrendForce’s report ‘2021 Global LED Lighting Market Outlook: Light LED and LED Lighting Market Trend (1H21)’, the global LED lighting market is more optimistic than previous estimates, it is estimated with an opportunity to grow 5.1% in 2021.
In the short term, due to the rapid spread of COVID-19 around the world, the demand and consumption of LED lighting has been suppressed to some extent. In the medium and long term,there still exist uncertainties to each industry under the impact of pandemic. However, in order to alleviate the negative effects on economic growth, governments around the world take actions to spur economic by fiscal stimulus and monetary easing policies. It is expected to recovery extensively. Thus, the lighting industry will benefit from government policies as downstream LED lighting demand is highly correlated with macroeconomic development.
LED lighting products are the necessities for people's production and living, thus the rigid demand market still exists. During the epidemic, the demand for residential lighting market has not decreased but increased, which demonstrates this of essential characteristic.
In addition, LED lighting products are further developed to digital intelligent dimming and control fixtures. It is believed that lighting industry will also pay more attention to the intelligent systemization of products, human-caused health lighting and market demand for segmented applications in the future. TrendForce estimates that it will reach US$44.3 billion in 2025.
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