Since 2018, under the influence of national policies such as "deleveraging", my country's landscape lighting industry has begun to cool down, the project payment cycle has been lengthened, the margin ratio has increased, and industry competition has become increasingly fierce. The growth rate of output value has dropped from 38% in 2017 to 10% in 2019 of the year. However, due to the unabated demand for urban development and the promotion of large-scale events such as the 70th anniversary of the founding of the People's Republic of China and the Wuhan Military Games, the output value of the landscape lighting industry has always maintained a growth state.
In 2020, the new crown epidemic swept the world, and the overall output value of China's LED lighting industry declined. Among the sub-sectors, only general lighting remained stable as a rigid demand industry. The output value of the landscape lighting industry was 71.6 billion yuan, down 35% from 2019, accounting for LED lighting, and 12% of the app market.
In 2021, the domestic epidemic situation will be controlled, and the output value of the landscape lighting industry will rebound to about 80 billion yuan.
With the development of the national economy and the upgrading of the tourism industry, urban night tours have developed rapidly as an important product of urban tourism. The scale of my country's nighttime economic development has continued to expand, from 18 trillion yuan in 2016 to 36 trillion yuan in 2021. It has become one of the key factors for the recovery of my country's landscape lighting output value.
According to data from the China Tourism Academy, the top three most attractive nighttime cultural activities/scenes in 2020 are performances, cultural venues, and cultural markets, with attractive percentages reaching 47.8%, 47.7%, and 37.2% respectively, far exceeding other cultures' activity or scene. Performances, cultural venues, and cultural fairs all rely heavily on landscape lighting to enhance nighttime views.
In April 2021, the Ministry of Culture and Tourism of the People's Republic of China issued the "14th Five-Year Plan for Culture and Tourism Development", emphasizing the need to vigorously develop the nighttime economy and promote the construction of national-level nighttime culture and tourism consumption clusters. As the domestic epidemic gradually eases, my country's nighttime economy is expected to usher in a new boom during the "14th Five-Year Plan" period.
Good landscape lighting can effectively stimulate the cultural tourism industry and the night economy. Driven by the development of the night economy, the market demand for landscape lighting will rapidly recover. In 2027, the output value of my country's landscape lighting industry is expected to exceed 150 billion yuan, with a compound annual growth rate of about 12%.
