Dublin, July 17, 2024 (GLOBE NEWSWIRE) -- The "Global LED Lighting Market by Product (Lamps, Luminaire), Application (Indoor, Outdoor), Installation (New, Retrofit), Sales Channel (Direct, retail, E-commerce) and Region (North America, Europe, APAC, Rest of the World) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The LED Lighting Market is projected to reach USD 118.4 billion by 2029 from USD 78.9 billion in 2024; it is expected to grow at a CAGR of 8.5% from 2024 to 2029
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the LED Lighting Market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report includes statistics pertaining to the LED Lighting Market based on product type, application, installation, sales channel, and region. Major drivers, restraints, opportunities, and challenges for the LED Lighting Market have been provided in detail in this report. The report includes illustrative segmentation, analysis, and forecast for the LED Lighting Market based on its segments.
The increasing use of smart lighting systems, favorable government initiatives and regulations, along with growing investments in R&D due to rising demand for bulbs and luminaires to drive the demand for growth in this market.
The LED Lighting Market is dominated by established players such as Signify Holding (Netherlands), Acuity Brands, Inc.(US), Cree Lighting USA LLC (US), ams-OSRAM AG (Austria), LG Electronics (South Korea), Dialight (UK), Panasonic Corporation (Japan), Hubbell (US), Zumtobel Group (Germany), and Savant Systems, Inc. (US).
Favorable government initiatives and regulations for energy efficient LED lighting solutions across the world to drive the growth of LED Lighting Market
Governments globally are progressively acknowledging the significance of energy efficiency and sustainability, resulting in the enactment of supportive regulations aimed at encouraging the adoption of LED lighting solutions. These regulatory measures are strategically crafted to incentivize the shift from conventional lighting technologies to more energy-efficient and eco-friendly alternatives.
The Outdoor segment is expected to grow at a higher CAGR during forecasted period
The outdoor segment is anticipated to experience a higher CAGR of 10.8% throughout the forecast period. This growth is attributed to the rising deployment of energy-efficient lighting systems in outdoor initiatives such as street and road lighting, tunnel lighting, floodlighting, and stadiums and sports complexes.
Given that outdoor projects are predominantly funded by government entities, there is a heightened focus on energy conservation and cost efficiency. Presently, approximately 317 million streetlights are operational globally, and this figure is projected to increase to 363 million by 2027, presenting substantial opportunities for the adoption of LED lighting solutions in outdoor applications.
The new installation segment is expected hold the majority market share during the forecasted duration
New installation involves the complete setup of advanced LED lighting systems, incorporating the latest LED lamps and luminaires. Integrating new LED light fixtures is a straightforward process, compatible with new construction projects similar to other lighting technologies. In contrast to retrofit installation, which entails a partial upgrade of lighting systems, new installation encompasses the full replacement of a traditional lighting setup.
This entails the phased removal of the existing lamp, along with its associated controls and fixtures, making way for the installation of LED lamps and their corresponding controls and fixtures. When comparing LED lighting fixtures to retrofitting, a significant differentiator lies in the cost implications. The implementation of LED lighting fixtures can incur higher expenses due to the necessity of replacing the existing lighting infrastructure, leading to additional costs associated with hiring a qualified electrician.
The market for the luminaires segment is expected to grow at a higher CAGR during the forecast period
The luminaires segment is projected to experience a higher CAGR of 6.9% throughout the forecast period. This growth is attributed to the expanding deployment of energy-efficient lighting systems in outdoor projects such as street and road lighting, tunnel lighting, floodlighting, stadiums, and sports complexes. Moreover, the growing awareness among contractors and project managers about the advantages associated with LED luminaires, including extended lifespan and significant energy-saving potential, is contributing to the upward trajectory of the luminaires segment.
Asia-Pacific region to hold largest market share in the LED Lighting Market in 2023
Asia-Pacific is poised to take the lead in the LED lighting market throughout the forecast period, with the region expected to exhibit the highest Compound Annual Growth Rate. The significant driver behind the growth of the LED lighting market in Asia-Pacific is the escalating demand for LED lighting solutions in major economies such as China, India, Japan, Australia, and South Korea.
Simultaneously, the surge in construction activities across residential, commercial, and industrial sectors in developing economies within Asia-Pacific, including Southeast Asian countries, is a key catalyst for the growth of the LED lighting market in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 265 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $78.9 Billion |
| Forecasted Market Value (USD) by 2029 | $118.4 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Premium Insights
- Increasing Adoption of Led Lamps as Substitute for Conventional Lamps to Drive Growth of Led Lighting Market
- Lamps Segment to Account for Larger Market During Forecast Period
- New Installations Segment to Capture Larger Market During Forecast Period
- A-Type Lamps Segment to Account for Largest Market Share During Forecast Period
- Retail/Wholesale Segment to Account for Largest Market Share During Forecast Period
- Residential Segment to Hold Largest Market During Forecast Period
- China and Indoor Segment to Account for Significant Market Shares During Forecast Period
- India to be Lucrative Market During Forecast Period
Case Study Analysis
- Uline Adopted Highly Efficient Kbl Luminaire from Cree Lighting Usa LLC to Enhance Performance Levels
- Atl Hired Brooks Berry Haynie & Associates to Manage and Perform Lighting Changeover from Adb Airfield Solutions Under Very Tight Schedule
- Franklin Institute Implemented Stouch Lighting's New Lighting System to Decrease Energy Consumption and Improve Lighting Quality
- Washington State Department of Ecology Upgraded Led Lighting System from Cree Lighting Usa LLC to Reduce Maintenance Costs
- St. Lukes Primary School, Skerton, Installed Led Lighting Systems from UK Energy Watch to Reduce Operating Costs
- Port of Houston Adopted Led High Mast Lighting from Constellation Lighting to Enhance Safety and Operational Efficiency
Market Dynamics
Drivers
- Increasing Use of Smart Lighting Systems
- Global Warming and Need for Energy Consumption
- Rising Demand for Led Lighting Systems for Residential Interior Designing and Home Decoration
- Growing Investments in R&D due to Rising Demand for Bulbs and Luminaires
- Led Lighting Positively Impacting Human Health and Well-Being
- Favorable Government Initiatives and Regulations
Restraints
- High Installation Cost of Large Projects
- US-China Trade Conflict and Ongoing Russia-Ukraine War
- Functional Problems Associated with Led Technology
Opportunities
- Government Initiatives to Achieve Carbon Neutrality
- Continuous Decline in Prices of Led Chips and Other Components of Lighting Systems
- Growing Adoption of Wireless Led Lighting Technology for Outdoor Applications
- Rising Adoption of Led Lighting in Horticulture
Challenges
- Slow Rate of Adoption of Led Technology in Emerging Economies
- Threat of Data/Security Breach in IoT-based Lighting Systems
- Lack of Common Open Standards for Led Lighting
Technology Analysis
- Li-Fi
- Human-Centric Lighting
- IoT Lighting
- Natural Lighting Robot
- Quantum Dot-Enabled Led
Government Regulations and Standards
- Ieee 1789-2015 Modulation Frequencies for Light-Emitting Diodes (Leds)
- Energy Star - Developed by US Department of Energy (Doe) and US Environmental Protection Agency (EPA)
- Nema - Ansi C78.51: Electric Lamps - Led (Light-Emitting Diode) Lamps - Method of Designation
Company Profiles
Key Players
- Signify Holding
- Acuity Brands, Inc.
- Panasonic Holdings Corporation
- Ams-Osram AG
- Lg Electronics
- Cree Lighting Usa LLC
- Dialight
- Hubbell (Part of GE Current)
- Zumtobel Group
- Savant Systems, Inc.
Other Companies
- Current Lighting Solutions, LLC
- Samsung
- Sharp Corporation
- Siteco GmbH (GE)
- Havells India Ltd.
- Trilux GmbH & Co. KG
- Fagerhults Belysning AB
- Syska
- Gogreenled
- Forest Lighting
- Everlight Electronics Co. Ltd.
- Wipro Lighting
- Opple Lighting Co. Ltd.
- Nvc Lighting Ltd. (Subsidiary of Nvc International Holdings)
- Soraa
For more information about this report visit https://www.researchandmarkets.com/r/65d3bv
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