New York, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “LED Lighting Market Share, Revenue and Growth Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type ( Lamps, Luminaires ); Application ( Indoor Lighting, Outdoor Lighting ); End-user ( Industrial, Commercial, Residential, Government Bodies ), and Geography”; the global LED lighting market growth is fuelled by increasing demand for energy-efficient products, rising environmental concerns, technological innovations and updation/modifications in existing lighting products using LED technology.
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Higher Energy-Efficiency Standards have Increased to Drive Global LED Lighting Market Growth:
LED lighting is becoming increasingly popular due to its energy efficiency. LEDs (light-emitting diodes) use significantly less energy than traditional incandescent bulbs and have a much longer lifespan. This has led to governments worldwide implementing higher energy-efficiency standards for lighting products, which in turn is driving the growth of the LED lighting market. As these standards continue to increase, the market for LED lighting will likely continue to grow. Additionally, the cost of LED technology is decreasing over time, making it more accessible to consumers and businesses. This also drives the LED lighting market.
Global LED Lighting Market – Report Scope:
| Market Size Value in | USD 57.5 Billion in 2021 |
| Market Size Value by | USD 117.1 Billion by 2028 |
| Growth rate | CAGR of 10.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Product Type, Application, End-user, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global LED Lighting Market: Key Insights
The LED lighting market is expected to grow significantly in the coming years due to the increasing demand for energy-efficient lighting solutions and government initiatives to promote LED lighting. The adoption of LED lighting is increasing in various applications, such as residential, commercial, and industrial sectors. This is expected to drive market growth as LED lighting is more energy-efficient and has a longer lifespan than traditional incandescent or fluorescent lights.
The residential sector is expected to be a major contributor to the growth of the LED lighting market, as consumers are becoming more aware of the benefits of energy-efficient lighting solutions. The commercial sector is also expected to drive market growth, as LED lighting is increasingly used in retail stores, offices, and other commercial buildings. The industrial sector is also expected to contribute to market growth, as LED lighting is increasingly used in manufacturing and other industrial applications.
However, the high initial cost of LED lights is a major restraint for market growth. LED lights are generally more expensive than traditional incandescent or fluorescent lights, which can be a barrier to their adoption, particularly in areas where the cost of electricity could be higher. Despite this, the long-term cost savings provided by LED lighting and the environmental benefits of using energy-efficient lighting solutions are expected to drive market growth in the future.
Global LED Lighting Market: Competitive Landscape and Key Developments
Philips Lighting, Sharp Corporation, Cree Inc., Nichia Corporation, General Electric Lighting, Samsung Electronics, OSRAM Licht AG, Panasonic Corporation, Cooper Industries, Inc., and Toshiba International Corporation among the key players operating in the LED lighting market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
LED Lighting Market: Segmental Overview
The global LED lighting market is segmented on the basis of product type, application, and end-user. Based on product type, the market is bifurcated as lamps and luminaires. On the basis of the application, the market is bifurcated into indoor lighting and outdoor lighting. The market, on the basis of the end-user, is classified as industrial, commercial, residential, government bodies.
Based on end-user, the industrial segment held a substantial share in the market. Industrial applications have played a significant role in driving the growth of the LED lighting market. One of the main benefits of LED lighting in industrial settings is its energy efficiency, which can lead to significant cost savings for businesses. Additionally, LED lights have a longer lifespan than traditional incandescent or fluorescent lights, requiring less maintenance and replacement. Furthermore, LED lights also have a higher resistance to vibration and impact, making them more durable in industrial environments. Finally, technological advances have also led to the development of LED lights with higher luminous efficacy, producing more light per watt, making them an even more attractive option for industrial applications.
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