LED Lighting Market

GMI Research analysis indicates that the LED Lighting Market size was estimated at USD 73.6 billion in 2022 and is slated to register a single digit CAGR of 10.8% over the forecast period, and is projected to reach USD 167.2 billion in 2030

LED Lighting Market Overview

A light-emitting diode is a semiconductor device that emits visible light when the electrical current passes through it. It is considered the opposite of a photovoltaic cell. The lighting solution has a voltage source that is connected with the positive side of the anode and the negative side of the cathode. The market mainly covers two end-use applications, including indoor lighting and outdoor lighting.

To have an edge over the competition by knowing the market dynamics and current trends of “LED Lighting Market”, request for Sample Report here

Major LED Lighting Market Drivers

Strict government norms pertaining the adoption of ineffective lightning systems and the availability of LED lamps in different colour and lightning combinations are the two major factors fueling the LED lighting market growth. The growing awareness among consumers about the benefits of LED lights, which include enlarged life span, low maintenance cost, no flickering, and the ability to handle frequent switching are projected to augment the market growth. The increasing deployment of LED lightnings in indoor and outdoor settings, owing to the high illuminated provided at lower energy input will strengthen the market size. The growing emphasis of LED manufacturers to integrate different solutions such as Wi-Fi, occupancy sensor, and daylighting will offer enormous growth opportunities to the market. Moreover, the integration of LED devices in medical devices including phototherapy, endoscopy, surgical lightning, and xam light to improve the treatment experience of patient will offer enormous opportunities to the market. Increasing demand for green lighting and rising construction activities especially across the developing and developed nations have augmented the LED lighting market share. For instance, the Chennai Airport procured six sets of LED base lights, as part of its green initiatives, for disaster relief and to make its lights and fixtures energy-effective. However, the high cost of LED lights over traditional lights owing to the complicated assembling and high cost of raw materials will impede the LED lighting market size.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Product – Segment Analysis

Based on the product, the luminaries is projected to grow at a higher CAGR during the forecast period. The luminaries are increasingly used in the commercial and industrial applications. The increasing usage of luminaries in the streetlights, high bays, downlights, track lights troffers, and suspended pendants for different application is driving the growth of the segment. They are easier to control and allows optic designers to use them more efficiently and with less light to illuminate the same area.

End-Use – Segment Analysis

Based on the End-Use, the commercial is expected to dominate the market during the forecast period. The increasing demand for these solutions and downlights is a key driver that is surging the market growth. The lights are used in galleries, museums, and other exhibition locations, especially in the form of reflectors, projectors, and downlights. On the other hand, the residential is expected to grow at a higher CAGR during the forecast period. The growing adoption of LED A-type lamps due to the decreased product prices and rising subsidy programs by the different governments is contributing to the market growth.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period. Countries including Japan, China, and Taiwan is contributing to the market growth due to the implementation of initiatives launched by the government to support the adoption of the LEDs. Moreover, the rising local and migrated population and the changes in lifestyles is further surging the market growth. On the other hand, North America is projected to dominate the market during the forecast period. The reducing manufacturing cost of the LEDs and the surging demand for energy-efficient and sustainable lighting solutions are the key drivers that are driving the regional market growth.

Top Market Players

Some of the leading players operating in the market include Acuity Brands Lighting Inc., IDEAL INDUSTRIES INC., Dialight, Digital Lumens, Inc., Savant Systems Inc., Panasonic Life Solutions, GE Current, Hubbell, LSI Industries Inc., and LumiGrow, among others. 

Key Developments:

• • In 2022, Signify acquired Fluence from ams OSRAM.
  • In 2022, Acuity Brands, Inc. introduced Verjure, a professional-grade horticulture LED lighting solution which will offer effective and outdoor performance for indoor horticulture applications.
  • In 2022, Signify developed a new range of Philips Hue smart lighting products to create the perfect ambiance outside and inside the home.
  • In 2021, Eureka, a brand of Acuity Brands, launched its Billie large-scale architectural luminaire.
  • In 2021- Opple Lighting launched its new product line in India. The EcoMax COB Spotlight includes an innovative lens for a clean beam, the V7 LED bulb has a wide beam angle which is more than 180 degrees.
  • In 2021- Orient Electric launched its emergency LED lights solutions which offers backup lighting for up to 4 hours during a power outage. The range includes LED Batten, LED Bulbs, LED Recess Panel, and Bulkhead.
  • In 2020, Savant Systems Inc., acquired the GE lighting from GE creating the GE lighting, a Savant Company. The main aim of the acquisition of the is to offer a unique and cost-effective intelligent lighting and smart home solution for its target customers.
  • In 2020, Panasonic Life Solutions, launched its new store in Hyderabad, India. This new store has various products including advanced electrical wiring devices, switchgear, wires, LED lighting solutions, and other solutions.

Segments covered in the Report:

The global LED Lighting market has been segmented on the basis of Product, Application, End-Use, and regions. Based on Product, the market is segmented into Lamps and Luminaries. Based on Application, the market is segmented into Indoor and Outdoor. Based on End-Use, the market is segmented into Commercial, Residential, Industrial, and Others. 

For detailed scope of the “LED Lighting Market” report request a Sample Copy of the report

Report Coverage	Details
Market Revenues (2022)	USD 73.6 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Product, By Application, By End-Use, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Acuity Brands Lighting Inc., IDEAL INDUSTRIES INC., Dialight, Digital Lumens, Inc., Savant Systems Inc., Panasonic Life Solutions, GE Current, Hubbell, LSI Industries Inc., and LumiGrow, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global LED Lighting Market by Product

• • Lamps
  • Luminaries

Global LED Lighting Market by Application

• • Indoor
  • Outdoor

Global LED Lighting Market by End-Use

• • Commercial
  • Residential
  • Industrial
  • Others

Global LED Lighting Market by Region

• • North America LED Lighting Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By Application
    • By End-Use
    • US Market All-Up
    • Canada Market All-Up

  • Europe LED Lighting Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By Application
    • By End-Use
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific LED Lighting Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By Application
    • By End-Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW LED Lighting Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By Application
    • By End-Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the LED Lighting (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Acuity Brands Lighting Inc.
  • IDEAL INDUSTRIES INC.
  • Dialight
  • Digital Lumens, Inc.
  • Savant Systems Inc.
  • Panasonic Life Solutions
  • GE Current
  • Hubbell
  • LSI Industries Inc.
  • LumiGrow