Redding, California, July 25, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘LED Lighting Market by Offering (Lamps, Luminaires), Type (Smart LED, Conventional LED), Application (Indoor (Residential, Commercial & Industrial), Outdoor (Highways, Roadways), Installation Mode (New, Retrofit), and Geography - Forecast to 2030’, the LED lighting market is projected to reach $154.29 billion by 2030, at a CAGR of 10.4% from 2023 to 2030.
LED stands for Light Emitting Diode. LEDs have revolutionized the lighting industry by offering numerous advantages over traditional lighting sources. Unlike incandescent bulbs, LEDs do not use wire filaments to produce light. Instead, they generate light through the movement of electrons in a semiconductor material. LEDs are highly energy-efficient, producing more brightness with less energy consumption.
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The growth of the LED lighting market is driven by the increasing demand for energy-efficient lighting systems and the longer lifespan of LED lights compared to conventional lighting. In addition, rising government initiatives to reduce energy consumption and greenhouse gas emission are expected to offer significant market growth opportunities. However, the high costs of LED lighting restrain the growth of this market.
The LED lighting market is segmented based on offering (lamps (A-lamps, T-lamps, and other lamps), luminaires (streetlights, downlights, troffers, and other luminaires), type (smart LED and conventional LED), application (indoor [residential, commercial, and industrial] and outdoor (highways & roadways, public infrastructure, structures [bridges & tunnels], and other outdoor applications), installation mode (new installation and retrofit installation). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the LED lighting market is segmented into lamps and luminaires. In 2023, the lamps segment is expected to account for the larger share of the global LED lighting market. However, the luminaires segment is expected to record the highest CAGR during the forecast period. LED luminaires are gaining popularity due to their energy efficiency, long lifespan, and low maintenance requirements. They are widely used in various lighting applications in residential, commercial, and industrial settings. The growth of this segment is being driven by factors such as the increasing demand for efficient distribution and control of illumination and the focus of key players on product development. For instance, in June 2022, Evluma (U.S.), an LED lighting solution provider, launched its Low-Glare LED Roadway Luminaire. Similarly, in May 2022, Signify Holding (Netherlands) launched the latest generation of the Pacific LED gen5 waterproof luminaire, a solution designed for optimal performance in the most demanding environments such as industry and parking areas.
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Based on type, the LED lighting market is segmented into conventional LED lighting and smart LED lighting. In 2023, the conventional LED lighting segment is expected to account for the larger share of the global LED lighting market. However, the smart LED lighting segment is expected to record the higher CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing adoption of smart lighting solutions in residential, commercial, and government sectors, the demand for customized and remotely controlled lighting, and the rise of home automation trends.
Furthermore, the growing focus on technological advancements by major manufacturers is expected to provide opportunities for this segment’s growth. For instance, in March 2023, Signify Holding (Netherlands) expanded its Philips Smart WiFi range by launching a new smart LED downlighter powered by WiZ.
Based on application, the LED lighting market is segmented into indoor and outdoor. In 2023, the outdoor segment is expected to account for the larger share of the global LED lighting market. However, the indoor segment is expected to record the higher CAGR during the forecast period. Indoor LED lighting offers several advantages over conventional lighting solutions, including lower maintenance requirements, improved lighting quality, and reduced overhead costs. The growing need for energy savings, maintenance cost reduction, and enhanced lighting performance drives the growth of the indoor LED lighting segment.
Based on installation mode, the LED lighting market is segmented into new installation and retrofit installation. In 2023, the new installation segment is expected to account for the larger share of the global LED lighting market. However, the retrofit installation segment is expected to record the higher CAGR during the forecast period. The growth of this segment is driven by factors such as the cost-effectiveness of LED retrofitting compared to installing new lighting fixtures and the increasing focus on replacing conventional lighting systems with LEDs.
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Based on geography, the global LED lighting market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the LED lighting market. Europe’s major market share is attributed to the growing awareness about energy conservation, favorable government policies promoting energy efficiency and environmental protection, high disposable income levels, improved standard of living, and widespread deployment of LED lighting solutions across residential, commercial, and government sectors.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The market growth in Asia-Pacific is driven by the growing focus on adopting energy-efficient lighting solutions, advancements in lighting infrastructure, and the increasing adoption of smart lighting solutions. Additionally, growing awareness among the population about the significance of energy-efficient lighting solutions contributes to the growth of this regional market.
Some of the key players operating in the LED lighting market are Acuity Brands, Inc. (U.S.), Cree Lighting (U.S.), Dialight (U.K.), Digital Lumens, Incorporated. (U.S), Hubbell (U.S.), LSI Industries Inc. (U.S.), Panasonic Holdings Corporation (Japan), Siteco GmbH (Germany), Signify Holding (Netherlands), Zumtobel Group (Austria), OSRAM GmbH (Germany), LG Electronics (South Korea), Samsung Electronics Co., Ltd. (South Korea), Fagerhult (Sweden), and TRILUX GmbH & Co. KG (Germany).
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Scope of the report:
LED Lighting Market Assessment, by Offering
- Lamps
- A-lamps
- T-lamps
- Other Lamps
- Luminaires
- Streetlights
- Downlights
- Troffers
- Other Luminaires
LED Lighting Market Assessment, by Type
- Conventional LED Lighting
- Smart LED Lighting
LED Lighting Market Assessment, by Application
- Indoor
- Residential
- Commercial and Industrial
- Outdoor
- Highways & Roadways
- Public Infrastructure
- Structures (Bridges & Tunnels)
- Other Outdoor Applications
LED Lighting Market Assessment, by Installation Mode
- New Installation
- Retrofit Installation
LED Lighting Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa
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