LED Lighting Market by Type (Indoor and Outdoor); and End User (Residential, Commercial, Industrial, and Government): Global Market Size Estimates and Forecast (2022-2030)
The LED lighting market is expected to cross US$ 70 billion in 2022 and is projected to hit US$ 127 billion by 2030, recording a CAGR of 10% during the forecast period.
Demand for Energy-efficient Lights is Contributing Massively towards LED Lighting Adoption
LEDs are highly energy-efficient lighting technology with a capability to transform the future of lighting globally. High usage of LED lighting is showcasing a positive result on energy savings in countries like the US. Most lighting installations are projected to utilize LED technology which could result into energy savings of 569 TWh annually by 2035. The residential LEDs majorly ENERGY STAR rated products consumes minimum 75% less energy and can last up to 25 times longer as compared to incandescent lighting. Hence, with increasing demand for energy-efficient lightings in residential and commercial sector, the LED lighting market would eventually grow at an impressive rate.
The indoor segment by type contributes massively towards the adoption of LED lights. Due to availability of large number of LED indoor lights such as under-cabinet lighting and in-cabinet lighting for tight space, the demand for the same is rising. Additionally, emergence of advanced and extended lighting for outdoor applications is expected to gain traction during the forecasted year.
Within the report, the market is segmented into type, end user, and geography. Based on type, the LED lighting market is segmented into indoor and outdoor. By end user, the LED lighting market is categorized into residential, commercial, industrial, and government. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Advent of IoT-connected LED Lighting is Projected to Empower More Installation of LED Lights
The light-emitting diode (LED) is one of the today's most energy-efficient and rapidly-developing lighting technologies. A light emitting diode (LED) is a semiconductor device that emits visible light when an electric current passes through it. It basically operates in different applications such as automotive lighting, general as well as backlighting and edge lighting. They are one of the major display technologies in use today. The LED lighting systems provide longer life span. The acceptance of LED lighting is increasing in almost all major end uses such as industrial, residential and commercial buildings, as well as outdoor application areas.
Rising Adoption of LED lights in Residential Sector is Amongst the Key Factors Propelling the LED Lighting Market Growth.
In residential sector, the adoption of LED lights is getting broaden exponentially. Driven by increase in residential construction projects, rising disposable income of individuals, inclination towards health, and environment safety, the penetration of LED lights is augmenting. Additionally, mandatory government regulations for the installation of LED lights are another foremost factor driving the LED lighting market growth. The government bodies of the US, India, and European countries are taking necessary steps to mandate LED lights installation in place of old incandescent lighting.
Moreover, commercial and industrial sector are other prominent end users of LED light. With growing construction of office buildings and shopping complexes, the adoption of LED lights is projected to grow heavily.
Recent Strategic Developments in LED Lighting Market
The LED lighting market has undergone several significant developments, and a few of these have been mentioned below:
- In September 2022, LEDVANCE LLC declared about the roll out of new LEDVANCE LED Luminaires for electrical industry. The large variety of LEDVANCE LED luminaries are reliable, long-lasting, and easy to install. The new series of LED lights would assist contractors by providing greater flexibility at field area and making management of inventory easy.
- In October 2021, Chicago-based producer of LED lighting systems named Luminii completed the acquisition of British lighting manufacturers Remote Controlled Lighting and Precision Lighting. Through this inorganic strategy, Luminii enabled the companies to expand their global presence into new territories while allowing Luminii to make innovations in LED lighting. This step will help in serving the needs of residential and commercial markets.
The LED lighting market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Philips Lighting; Sharp Electronics Corporation; Cree Inc.; Nichia Corporation; General Electric Lighting; Samsung Electronics; OSRAM Licht AG; Panasonic Corporation; Cooper Lighting LLC (Eaton Corporation); and Toshiba International Corporation are among the prominent players operating in the LED lighting market.
Target audience for the report:
- LED lighting raw material and component providers
- LED lighting providers
- LED lighting -related service providers
- LED lights related associations, organizations, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- LED lighting distributors, sales firms, and third party distributors
- End users of LED lighting
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type
- Indoor
- Outdoor
- End User
- Residential
- Commercial
- Industrial
- Government
- Region
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa
- Companies profiled
- Philips Lighting
- Cree Inc.
- General Electric Lighting
- OSRAM Licht AG
- Cooper Lighting LLC (Eaton Corporation)
Companies profiled
- Philips Lighting
- Cree Inc.
- General Electric Lighting
- OSRAM Licht AG
- Cooper Lighting LLC (Eaton Corporation)