From the perspective of LED lighting product categories, the market demand for light sources and lamps and lanterns will show growth in 2022, but in the long run, the market demand for LED light source products will slow down, mainly due to the decline in replacement demand and consumers' increasing preference for lamps and lanterns type product. The CAGR of light source type and lamp type products in 2020-2022 are 8.5% and 12.0%, respectively.
From the perspective of the application market of LED lighting products, lighting products are equipped with various sensors and communication modules, and the penetration rate of intelligent lighting has increased. In order to achieve the goal of "carbon neutrality" in the world, the demand for LED energy-saving renovation projects has increased, and the future commercial, home, outdoor, and industrial lighting application markets will usher in new growth opportunities.
