Global LED Lighting Market Size
LED lighting market will be expected to grow to US$ 155.31 billion by 2032 up from US$ 65.17 billion in 2023 and compounded annually at a rate of 10.13 % from 2024 to 2032. Several key drivers of this expansion include:
- An increase use of environmental biotechnology.
- An easily implemented need is the demand for more efficient sources of lighting that are more economical.
- Some of the measures that have been embarked on by the governments to reduce emission
LED lighting Definition
LED lighting is a contemporary technology that utilizes semiconductors to produce electric lighting from electrical power. It should however be noted that LED lamps are far more efficient sources of light than the conventional incandescent or fluorescent lamps in that they have higher lumen per watt and far longer life expectancy. This makes it versatile when it comes to colors as it comes with many options for colors and can also be easily adjusted to lower brightness levels.LED lighting is popular in a variety of areas owing its reliability, energy-saving feature and multiple application options. In residential places they light up houses, creating nice lighting and at the same using little power. In the commercial areas they illuminate business premises; offices, shops and industries in that they cut on the maintenance costs and therefore increase productivity. LEDs in streetlights, traffic signals and public building give public infrastructure a reliable and inexpensive source of light. Also, these lights are mostly used in automobiles, motor vehicle headlights, display screens, and horticultural lighting for growth of plants and other crops in green houses and growth chambers. They are an important part in today’s lighting solution portfolios due to their versatility.
Driving Forces in the LED Lighting Industry
Energy Efficiency and Cost Savings
LED lighting is mainly derived due to the centralization to energy conservation and cost reduction. LED lights use a ton of power, and this results in pocket friendly electricity bills compared to the ever expensive incandescent and fluorescent lights. They have a very long-life cycle that means they are used more often and require frequently replacement, thus saving a lot of money. The rapidly progressing efforts towards a reduction of energy utilization and emissions of greenhouses globally, the utilization of led lighting solutions within residential as well as commercial areas is on the rise. Governments as well as utility companies may offer incentives as well as rebates for the installation of LED, making it even more attractive to organizations to invest in. Therefore, the market’s need for efficient sources of light creates ongoing investment in and strong growth of LED lights.Technological Improvements
The LED lighting industry can only grow and be improved constantly by new everyday arising technologies. LED chip innovations and heat dissipation methods have upgraded the quality standards of LED items and made them cheaper. Such developments as smart lighting systems that enable remote and automatic control over the lighting systems have also diversified the uses of LED lights. These developments allow for the systemization of LEDs as a technology across many different fields: from home and public illumination to automobile and floricultural applications. Today there has been advances in the technology of the materials and designs employed in the production of LEDs that can support higher lumen output, excellent color rendering alongside lasting longer this making the LEDs the most applicable source of light in many applications.Environmental Sustainability
The major factor stimulating the LED lighting industry is on environmental sustainability; green growth. LEDs are a more environmentally conscious form of lighting since the LED lights do not have a material made from mercury and also, they are products with long life, which reduce the amount of waste that is likely to be produced. Cutting down energy use contributes to the reduction of gas emissions to the atmosphere meaning that climate change is fought. LEDs can easily be integrated into smart grids as well as the renewable energy systems to increase on their sustainability. As consciousness of the environment surfaces as a prevalent theme globally, consumers and industries demand friendly lighting mechanisms, and therefore, LEDs play a central role in attaining sustainability objectives.Europe LED Lighting Market
The European LED lighting market is expanding fast because of the government aimed regulations towards energy saving and environmental consciousness. Smart cities and modern infrastructures projects which are being developed all across the world has also helped propel the demand for high end LED lighting on the marketplace. Both consumers and business organizations use LED lighting as it has a longer life and uses less energy together with the added factor of emitting less carbon. Market is continually changing mainly due to advancement in technology, whereby more efficiency is offered and the product is widely used in residences, businesses, and industries. Industry participants are trying to develop new products and ways of manufacturing high quality, low cost LED lights. As awareness rises, and policies are supportive, the European LED lighting market should remain growth oriented and increasingly transform.LED Lighting Company Analysis
The leading LED lighting companies include Acuity Brands Inc., Koninklijke Philips N.V., Emerson Electric Co., Hubbell Inc., Daktronics Inc., Dialight Plc., LSI Industries Inc., and Samsung Electronics Co. Ltd.LED Lighting Company News
Oct 2023: The Yeelight Beam is a new LED product from Yeelight with a tabletop design and a headphone stand. It's easy to install and can be controlled using smart apps like Google, Amazon Alexa, and Apple HomeKit.Oct 2023: India's Halonix Technologies introduced the UP-DOWN GLOW LED lamp, which has three switch-enabled settings and illuminates in various colors for an enhanced user experience.
Sep 2023: US LED has launched the Right Choice line of outdoor LED luminaires designed to enhance users' touring experiences. The contractor-friendly design includes an adjustable slip fitter, direct pole mount, and trunnion mount.
July 2023: Zumtobel's product line now includes three new luminaires and two intelligent lighting technology systems. These state-of-the-art solutions include the SPOTLIGHT infinite II light line family and the TRAMAO pendant luminaire for hotels and offices. They effectively absorb sound and provide the best light quality.
May 2023: Dialight launched the industry's first 7-year Aviation Obstruction Lighting Solutions guarantee, demonstrating the company's commitment to client satisfaction and LED product quality.
Product Type- Market breakup in 2 viewpoints
1. Lamps2. Luminaires
Application- Market breakup in 2 viewpoints
1. Indoor2. Outdoor
End User- Market breakup in 4 viewpoints
1. Commercial2. Residential
3. Industrial
4. Others
Sales Channel- Market breakup in 3 viewpoints
1. Retail/Warehouse2. E-commerce
3. Direct Sales
Country - Market breakup of 25 Countries
North America
- United States
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Rest of the world
All the key players have been covered from 3 Viewpoints
- Business Overview
- Recent Development & Strategies
- Revenue Analysis
Key Players Analysis:
1. Acuity Brands Inc.2. Koninklijke Philips N.V.
3. Emerson Electric Co.
4. Hubbell Inc
5. Daktronics Inc.
6. Dialight Plc.
7. LSI Industries Inc.
8. Samsung Electronics Co. Ltd.
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. LED Lighting Market
4. Market Dynamics
6. Market Share
7. Product Type
8. Application
9. End User
10. Sales Channel
11. Countries
12. Porter’s Five Forces Analysis
13. SWOT Analysis
14. Key Players Analysis
Companies Mentioned
- Acuity Brands Inc.
- Koninklijke Philips N.V.
- Emerson Electric Co.
- Hubbell Inc
- Daktronics Inc.
- Dialight Plc.
- LSI Industries Inc.
- Samsung Electronics Co. Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 65.17 Billion |
| Forecasted Market Value ( USD | $ 155.31 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
