Newark, March 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the LED lighting market will grow from USD 71.2 billion in 2022 and reach USD 198.5 billion by 2032. LED light fixtures use less energy than traditional light sources, so their efficacy is the best. LEDs consume, on average, around 5-8 times less energy than conventional incandescent lights for the same level of lumen output (brightness).
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Key Insight of LED Lighting Market
Asia Pacific to account for largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the LED lighting market. The growth of the LED lighting market in Asia Pacific region is due to increasing urbanization rates and a rising number of government initiatives that promote the use of LED lights. The government’s approval of various regulations that promote investments in energy-saving lighting technologies has developed the applications of LED lights across various commercial, residential, and industrial sectors.
The luminaire segment accounted for the largest market share of 56% and market revenue of 39.87 billion in 2022.
The product type segment is divided into luminaries, and lamps. The luminaire segment dominated the market, with a market share of around 56% and a market revenue of 39.87 billion in 2022. All luminaires used in troffers, track lighting, street lighting and high bays are recognized as LED lights. The segment's growth is due to the installation of new track lights and light poles owing to the development of commercial building space and the forming of smart city initiatives.
The indoor lightning segment accounted for the largest market share of 58% and market revenue of 41.29 billion in 2022.
The application segment is divided into outdoor lightning, and indoor lightning. The indoor lightning segment dominated the market, with a market share of around 58% and a market revenue of 41.29 billion in 2022. Indoor LED lighting can impact people besides its natural prominent energy-saving characteristics. LED lighting has various advantages with indoor applications.
The commercial segment accounted for the largest market share of 30% and market revenue of 21.36 billion in 2022.
The end-user segment is divided into industrial, commercial, residential, and others. The commercial segment dominated the market, with a market share of around 30% and a market revenue of 21.36 billion in 2022. Due to the rising population, growing infrastructure development activities in developing countries, and increasing government initiatives focusing on energy savings, the need for commercial applications is rising, therefore pushing the production of LEDs.
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Advancement in market
In May 2022: The Syska LED Recessed SMD Downlight was revealed by SYSKA LED Because it may be utilized in showrooms, homes, retail establishments, shopping malls, and offices, this lighting solution is ideal for indoor applications.
Market Dynamics
Drivers: Efficiency
LEDs emit more lumens per watt than incandescent light bulbs. The efficiency of LED lighting fixtures is not influenced by size and shape, unlike fluorescent light bulbs or tubes.
Colour
LEDs can emit light of an intended colour without using colour filters as traditional lighting methods require. This is more efficient and can lower initial prices.
Restraints: Voltage Sensitivity
LEDs must be supplied with a voltage above the threshold and a current below the rating. Current and lifetime change significantly with a slight change in applied voltage. They thus require a current-regulated supply, usually just a series resistor for indicator LEDs.
Opportunities: Less Power Consumption and Improved Efficiency
LED light fixtures use less energy than traditional light sources, so their efficacy is the best. LEDs consume, on average, around 5-8 times less energy than conventional incandescent lights for the same level of lumen output (brightness). Progress is to be made in this area, and we expect lumen output to continue to grow beyond the current levels of 130 lumens per watt. Furthermore, most energy consumed by LED lighting is instantly converted to light, while only very little energy is converted to heat. In contrast, most energy used by incandescent lighting is, unfortunately, converted to heat rather than light. Thus, the efficiency of LED lighting is foremost than incandescent lighting.
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Some of the major players operating in the LED lighting market are:
• Zumtobel Group Ag
• Siteco GmbH
• Signify Holding
• Semiconductor Co. Ltd.
• Phillips
• Panasonic Corporation
• LumiGrow
• LSI Industries Inc.
• Hubbell
• Digital Lumens Inc.
• Dialight
• Cree Lighting
• Acuity Brands Lighting Inc.
Key Segments cover in the market:
By Product Type:
• Luminaries
• Lamps
By Application:
• Outdoor Lightning
• Indoor Lightning
By End-User:
• Industrial
• Commercial
• Residential
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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