Comprehensive industry analysis and market share data in the recently released report “Global LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2030″ by Renub Research. The report also analyses competitors, geographical areas, and expansion for LED Lighting Market.
A CAGR of 10.12% is projected for the LED lighting market between 2023 and 2030. The transition to LED lighting is a significant and positive shift in the lighting industry. LEDs’ energy efficiency and durability have made them a preferred choice for consumers and businesses. The U.S. Department of Energy statistics highlight the rapid adoption of LED lighting in households, with 47% relying on LEDs for indoor illumination. Moreover, the fact that LED lights constituted 65% of all lighting sales in the U.S. underscores their growing popularity. As LED technology becomes more affordable and accessible, it reduces energy consumption and contributes to cost savings, aligning with sustainability goals and shaping the future of lighting solutions.
Smart LED lighting synergy with advanced generation propels market boom, supplying energy-efficient, customizable illumination. Remote control, scheduling, and IoT integration force massive adoption in houses and corporations. The surge in demand displays a preference for smart, linked solutions. Concurrently, UV LED addresses health issues through disinfection applications, while Horticultural LEDs meet the needs of controlled agriculture, optimizing crop growth. These specialized applications, driven through LED advancements, diversify the market, emphasizing performance and flexibility. The confluence of smart0 lighting, UV LEDs, and Horticultural LEDs positions the LED lighting market at the forefront, leading the way in revolutionary and sustainable light solutions. So, the LED Lighting Market growth is expected to be valued at about US$ 128.15 Billion by 2030.
Besides, government projects greatly influence the LED lighting market, steering adoption and shaping enterprise traits. Governments globally propel the shift to power-efficient LED lights through incentives, policies, and public projects. Environmental regulations phase out traditional lights, fostering sustainability. For instance, the U.S. Environmental Protection Agency (EPA) states that LED lights dissipate 90% less energy than traditional incandescent bulbs and last up to 25 times longer. Smart city tasks combine LEDs for efficient city lights. Also, the European Commission’s SWITCH to LED campaign promotes LED lighting benefits, urging consumers and businesses to switch. This strategic push aligns with energy goals, strengthening LED’s dominance in the global lighting market, driven by energy savings, environmental advantages, and cost efficiency.
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The luminaires segment is poised for substantial expansion, emerging as a pivotal player in the global LED lighting market.
Forecasts imply a high surge in growth, with luminaires expected to command a bigger share. This trend underscores the increasing demand for advanced lighting solutions driven by energy performance and innovative design. As the sector embraces LED technology, the luminaires segment’s ascendancy reflects a shift closer to sophisticated, eco-friendly illumination, signaling a bright future for the arena in the broader lighting solutions landscape.
Product Type – LED Lighting Market has been covered from two viewpoints.
The indoor segment is primed to dominate the global LED lighting market, securing the highest share.
The ascendancy in the indoor segment is attributed to a surge in demand for energy-efficient and aesthetically captivating lighting fixture solutions in residential, business, and industrial areas. LED technology focuses on improving indoor environments and provides cost-efficient, long-lasting illumination, aligning with sustainability needs. As focus grows and retrofitting becomes conventional, the indoor segment is poised to preserve its market lead, reflecting the pervasive adoption of LED lighting fixtures throughout numerous indoor settings.
Application –The LED Lighting Market has been covered from two viewpoints.
The commercial sector has clinched the largest global LED lighting market share.
Companies are adopting LED lighting for offices, retail spaces, and hospitality in pursuit of cost savings and sustainability. The technology’s performance, durability, and design versatility align with industrial establishments’ needs. Government incentives and growing recognition further propel this adoption, solidifying the economic area’s dominance. As the sector pivots closer to electricity-efficient solutions, the commercial segment continues to shine as a beacon of LED market management.
End-Users – The LED Lighting Market has been covered from four viewpoints.
E-commerce is experiencing a surge in the LED lighting market as online platforms provide convenient access to various lighting solutions.
Consumers are attracted to the ease of surfing and comparing LED merchandise in the e-commerce medium, having access to distinct specifications, and reading critiques before buying. The virtual panorama facilitates efficient distribution channels and swift adoption of electricity-efficient lighting fixtures. The growing need for smart light alternatives accentuates this trend. E-commerce’s accessibility and variety contribute significantly to the flourishing presence of LED lighting in the international market.
Sales Channel– LED Lighting Market has been covered from three viewpoints.
- Direct Sales by Sales Channel
India is seeing a multifaceted surge in the global market for LED lighting.
Government initiatives like UJALA, promoting LED adoption, and electricity efficiency mandates have multiplied the shift. The nation’s expanding urban panorama, business growth, and burgeoning middle class emphasize the demand for sustainable lighting solutions. A robust production surroundings ensures competitive prices. Moreover, awareness campaigns, growing environmental cognizance, and the push towards smart cities contribute to the LED market’s upswing. With a confluence of policy support, economic elements, and changing consumer alternatives, India has emerged as a pivotal player in the global LED lighting market, witnessing tremendous expansion.
Country – This report covers the 26 countries LED Lighting Market
- North America
1.1 United States
2.5 United Kingdom
- Asia Pacific
3.5 South Korea
3.9 New Zealand
- Latin America
- Middle East & Africa
5.1 Saudi Arabia
5.3 South Africa
- Rest of the World
The report on the LED lighting market features a profile of several significant players, namely Acuity Brands Inc., Hubbell Inc., Daktronics Inc., LSI Industries Inc., Samsung Electronics Co. Ltd., and Koninklijke Philips N.V.
- Recent Development and Initiatives
- Sales Analysis
Analysis of the companies present in the LED Lighting Market.
- Acuity Brands Inc.
- Hubbell Inc.
- Daktronics Inc.
- LSI Industries Inc.
- Samsung Electronics Co. Ltd.
- Koninklijke Philips N.V.
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