According to Renub Research, in recent years, the global LED lighting Market will reach US$ 155.31 billion by 2032, up from US$ 65.17 billion in 2023, Global LED Lighting Market with a CAGR of 10.13% between 2024 and 2032. The lighting industry has undergone significant changes. This revolution is primarily due to the development of Light Emitting Diode (LED) technology. As a result of the rapid adoption of LEDs, new lighting possibilities and functions have emerged. LED technology advances have enabled a shift in lighting from purely brightening to a more human-centric approach. Furthermore, for the first time in history, lighting design is increasingly incorporating a person's emotional and biological well-being, as well as plants. Numerous industries are being inspired to experiment with application strategies and business models due to the rapid expansion of new LED uses.
Global LED Lighting Market is expected to expand with a CAGR of 10.13% during 2024-2032:
The lighting industry has changed as LED technology has advanced and various integrative innovative applications available. LED lighting is now the industry standard. Surprisingly, government rebate and retrofit programs to encourage the deployment of LED lighting, as well as stringent regulations prohibiting or limiting the use of inefficient lighting technologies, are contributing to market growth. Furthermore, because LED is a huge part of the global business, it has an extensive sales volume. As a result, the market potential appears to be substantial. The market landscape is becoming more diverse at the same time. Furthermore, the smart city approach allows lighting to be integrated into the larger urban landscape.
The Indoor Segment Takes the Lead in the Market, Capturing a Majority Share:
The Global LED Lighting Market has been divided into two segments based on application: indoor and outdoor. According to our calculations, the indoor segment will dominate the global market in 2021 and the rest of the forecasted period. Furthermore, the indoor segment's market dominance is fueled by a high rate of LED adoption as a replacement for fluorescent, high-intensity discharge (HID), and incandescent lamps. Furthermore, over the last few years, LED lights in offices, retail stores and malls, hospitals, and educational buildings have increased.
The LED Lighting Industry Is Dominated by The Residential Segment, Which Has Seen Rapid Growth:
The Residential Segment dominates the LED lighting industry, which has seen rapid growth in recent years. Because of lower product prices and increased subsidy programs by various governments and agencies, the adoption of LED A-type lamps has grown exponentially. However, during the pandemic, demand in the residential sector was negatively impacted, as some vendors announced price increases due to increased product manufacturing costs. Portable plug-in fixtures, such as table lamps, pendants, floor lamps, and permanently installed fixtures, such as under recessed sconces and cabinet lights, are included in the residential application.
Regional Markets for LED Lighting Worldwide:
North America has seen a surge in demand for LED lighting because of government support and the growing usage of ultra-modern lighting in various industries. A firm dollar policy is likely to have aided North America in becoming a significant hub for overall product demand. Furthermore, the region has strongly supported light-emitting diode lighting, announcing new policies and guidelines for its use. Also, investments in R&D for energy-efficient lighting solutions, expanded use in commercial, industrial, and residential applications participation in public-private partnerships to boost local markets. As a result, the factor mentioned above is expected to increase regional market growth in North America over the forecast period, making it the most dominant region.
Insights of Key Companies:
Acuity Brands, Inc., Koninklijke Philips N.V., Emerson Electric (US), Hubbell Incorporated, Daktronics Inc., Samsung Electronics, Panasonic Corp., and TOYODA GOSEI CO. Ltd. are among the leading players in the global LED lighting market. The market is fiercely competitive and dominated by a few significant players. In addition, key players use new product development, improvements to existing product lines, and mergers and acquisitions to maintain market share. Furthermore, with semiconductor manufacturers attempting to establish themselves as lighting manufacturers, forwarding integration is gaining popularity in the market. Again, increased competition is unavoidable, and market participants must position themselves to maintain market share.
The LED Lighting Industry Was Affected by Covid-19's Shutdown:
Because of the immediate shutdowns in the commercial sector and industries such as automotive and retail, the Covid-19 pandemic has had a minor impact on LED lighting market growth. However, after the lockdown period, the market's growth remained constant, owing to increased adoption of lights in the residential sector as work from home culture has been adopted by numerous companies on a large scale, which offsets the impact of covid-19 on the market's growth. In addition, the market is expected to grow at a moderate pace over the next few years. As per our analysis, the global LED lighting market was US$ 49.96 Billion by 2027.
Related Report :
Market Summary:
· Application: In our report we have covered the market for Indoor and Outdoor applications of LED lighting.
· End Use: We have analysed the market for Residential, Commercial, Industrial, Government, Highway and Roadway, Architectural and Others in the LED Lighting Market.
· Region: We have covered the regional market of North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
· Key Players: We have covered the key players such as Acuity Brands, Inc., Koninklijke Philips N.V., Emerson Electric (US), Hubbell Incorporated, Daktronics Inc., Samsung Electronics, Panasonic Corp., and TOYODA GOSEI CO. Ltd.
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