In recent years, the global LED lighting market has seen continuous expansion, with a rapid increase in LED lighting penetration. Despite a temporary decline in the output value of the general lighting sector in 2024 due to sluggish demand from the three major markets of Europe, America, and China, emerging markets such as smart lighting and plant lighting have bucked the trend and grown, driving the overall market back towards positive development.

According to TrendForce data, the global LED lighting market will reach a value of $56.058 billion in 2024 and is expected to reach $63.903 billion in 2029, with a compound annual growth rate (CAGR) of 2.65%. In terms of penetration rate, statistics from Southwest Securities indicate that the LED penetration rate in the global lighting market is expected to reach 72.10% in 2023 and continue to increase to 83.80% by 2025. This trend is attributed to the advantages of LEDs, such as high luminous efficiency (120-200 lumens per watt) and long lifespan (50,000-100,000 hours), as well as policies from various countries to phase out traditional light sources and upgrade energy efficiency standards. Currently, LED lighting has covered mainstream scenarios such as commercial, industrial, and residential lighting, and has penetrated into special fields such as explosion-proof lighting, medical sterilization, and agricultural supplementary lighting, becoming the mainstream choice for global lighting.