Pune,India, Sept. 22, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global LED lighting market size was valued at USD 78.24 billion in 2022 and is projected to reach USD 298.38 billion by 2030, exhibiting a CAGR of 19.2% during the forecast period. Highly Efficient Specification and Multiple Applications of LEDs to Drive Market Growth. Fortune Business Insights™ presents this information in a report titled, LED Lighting Market Forecast, 2023-2030.
A Light Emitting Diode or LED is a light source that converts electrical energy into light and is widely used in lamps to discard incandescent lights. LED lights are one of the fastest growing lighting technologies as these devices come with several benefits, such as long lasting, efficient operation, and higher lighting quality than the traditional lighting technologies. They are also an economical solution for lighting and other applications including non-backlit displays and backlit widescreens, further enhancing the market growth.
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Key Industry Development:
- Signify Inc., a designer and manufacturer of commercial & residential lighting solutions, introduced its 3D printed downlight LED lighting range in the India market. The new lighting system is said to be more lumen and energy-efficient than the existing down-lighting systems. Also, 3D-printed downlights are eco-friendly as well, as they are made from recycled polycarbonate, which is beneficial for the environment.
Key Takeaways
- Manufacturing Facilities Shut Down and Supply Chains Disrupted Due to COVID-19 Pandemic
- Growing Use of Energy-efficient Lighting Solutions to Fuel Market Progress
- By Product Type Analysis: Lamp Segment to Dominate Due to Shift from Traditional Lighting to LEDs
- LED Lighting Market Size in Asia Pacific was USD 41.19 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the LED Lighting Market are Acuity Brands Lighting Inc. (U.S.), Signify Holding (Philips Lightings) (Netherlands), Dialight (U.K.), Digital Lumens Inc. (U.S.), Hubbell Lighting (U.S.), LSI Industries Inc. (U.S.), LumiGrow (U.S.), OSRAM (Germany), Syska LED (India), Wipro (India)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19.2% |
| 2030 Value Projection | USD 298.38 Billion |
| Base Year | 2022 |
| LED Lighting Market Size in 2022 | USD 78.24 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | Product Type, Distribution, Installation Type, Application, End User and Geography |
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Drivers and Restraints:
Numerous Applications of LEDs and Efficient Specifications to Drive Market Growth
Many developing countries are focusing on energy conservation and developing eco-friendly lighting solutions to achieve their energy efficiency objectives. Many countries have already started installing these systems on a large scale to reduce their average energy consumption. LEDs are known to save customers’ monthly electricity bills and are used in different applications, such as signal lights, camera flash, and aviation lights. These advantages will boost the market growth.
However, high retail and installation costs of LED lights might make customers hesitant to purchase them.
Segments:
By Product Type
- Lamps
- Luminaires
By Distribution Channel
- Online
- Offline
By Installation Type
- New LED
- Retrofit LED
By Application
- Indoor
- Outdoor
By End-user
- Residential
- Commercial
- Industrial
- Highway and Roads
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Backed by the Wide Usage of the Product in Smart Cities, Asia Pacific is Poised to Dominate the Market
The Asia Pacific market was valued at USD 41.29 billion in 2022 and is predicted to dominate the global market during the forecast period. Light emitting diode lamps and luminaires are being widely used in smart homes and smart cities. Moreover, top companies in the region are implementing various business strategies to strengthen their regional presence. These factors will augment the regional market potential.
The market in North America is poised to experience a rapid growth due to wide adoption of advanced technologies in U.S.
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Competitive Landscape:
Top Companies Will Establish Manufacturing Plants in Developing Countries to Save Labor and Production Costs
Signify Holding is one of the top performers in the LED lighting market growth. The firm is a major manufacturer and supplier of capacitors and diodes, which are some of the key components of an LED system. Other companies, such as OSRAM, Acuity Brands Lighting Inc., Dialight, Digital Lumens Inc., Hubbell Lighting, LSI Industries Inc., LumiGrow, and others, are setting up their manufacturing plants in developing countries to save on production and labor costs.
FAQ’s
How big is the LED Lighting Market?
LED Lighting Market size was USD 78.24 billion in 2022.
How fast is the LED Lighting Market growing?
The LED Lighting Market will exhibit a CAGR of 19.2% during the forecast period, 2023-2030
Related Reports:
Lighting Market By Lighting Type, Application, Size, Share
Lighting Controls Market Size, Share & Growth 2030
Energy Retrofit Systems Market Size, Growth, Share, Trends
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