United Kingdom LED Lighting Market to Grow at Steady Rate till 2026: Report

The United Kingdom LED Lighting market is expected to witness steady growth in the next five years, according to a TechSci Research report.
 
Increase in consumer awareness and rise in demand for environment-friendly lighting system is expected to drive the United Kingdom LED Lighting market in forecast period by 2026, said TechSci Research in its report on ‘United Kingdom LED Lighting Market’.
 
LED lights produce light more efficiently than the traditional light bulbs which comprises of fluorescent and incandescent lights. LED light bulbs are highly directional in nature which reduce the energy consumption as no light is wasted or trapped within diffusers and reflectors. Rise in disposable income among the people is aiding to increase the expenditure capacity which is leading to higher adoption of LED lights for the forecast period. 

Since the onset of pandemic COVID-19, lockdown restrictions were imposed all over the country.

Complete shutdown was observed, and people started practicing social distancing and following the precautionary guidelines. Imposition of strict regulations and policies by leading authorities, which led to huge losses suffered by major industry players. Manufacturing units were temporarily shut down and loss of availability of skilled labors led to market decline. Construction activities were halted for COVID period, and the economy of United Kingdom faced a huge setback. However, after the lifting of lockdown restrictions, the companies are expected to be again operational with lower production volume and the market is expected to pick up the pace eventually.

Based on end user, United Kingdom LED Lighting market can be divided into commercial, residential, and others. The commercial end user segment is expected to hold major market share for the forecast period, 2022-2026, said the report.

Continuous technological advancement is enabling companies to launch new products which is boosting the demand for LED lighting in commercial spaces. Rapid urbanization and surge in construction activities for development of commercial sectors is paving the way for the growth of the LED lighting market. Based on installation type, market can be fragmented into new installation and retrofit installation. The retrofit installation segment is expected to dominate the market for the next 5 years due to rising replacement of incandescent lights with energy efficient light as they are offer a longer working life and consumes lower amount of energy.

Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several LED Lighting manufacturers are coming up with their technologically advanced offerings, said the report.
 
“Launch of government initiatives in United Kingdom such as Green House Grant Scheme and the mission to achieve 2050 emission target is promoting the need for green building investment plan. Integration of intelligent technology within the infrastructure and presence of facility to control lighting along with electrical devices is expected to lower down the running costs and offers the advantage of remote monitoring and control. Due to adoption of LED lighting, the improved building energy efficiency is expected to tackle prevailing energy problems and subsequently cut down the electricity bills and put less pressure on the existing infrastructure. Also, with the increasing demand for smart buildings which uses emerging technology comprising of internet of things, sensors, software, and the option for online connectivity to monitor and provide insightful solutions for achieving higher energy efficiency  which in turn is expected to propel the growth of the LED lighting market till 2026” said Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.