LED Lighting Market Report and Forecast 2023-2028

According to the report, the global LED lighting market attained a value of USD 70949 million in 2022. Aided by the increasing focus on energy efficiency and the growing adoption of smart lighting solutions, the market is projected to grow at a CAGR of 9.0% between 2023 and 2028, to reach a value of USD 119639.17 million by 2028.

LED (light-emitting diode) lighting is a type of solid-state lighting technology that converts electrical energy directly into light. LED lights are known for their energy efficiency, long lifespan, and environmental friendliness. They consume significantly less energy than traditional lighting technologies, such as incandescent and fluorescent lights, and produce minimal heat and UV emissions. The LED lighting market growth can be attributed to several factors, including the increasing focus on energy efficiency and the need to reduce greenhouse gas emissions. Governments across the world are implementing strict regulations and promoting the adoption of energy-efficient lighting solutions to minimise energy consumption and lower carbon emissions. LED lights offer a viable alternative to traditional lighting technologies due to their superior energy efficiency and lower environmental impact.

Another key driver for the LED lighting market is the growing adoption of smart lighting solutions. These systems enable users to control and customise their lighting preferences through remote access, automation, and advanced features like colour tuning and dimming. The integration of LED lights with smart lighting solutions not only enhances user experience but also contributes to energy savings and sustainability, fuelling the growth of the LED lighting market. Smart lighting solutions not only offer greater energy savings but also enhance user convenience, safety, and overall lighting experience. The growing demand for smart homes and smart cities has further propelled the demand for LED-based smart lighting solutions.

In the commercial and industrial sectors, LED lighting is increasingly being adopted for office spaces, retail outlets, warehouses, and manufacturing facilities, driven by the need to optimise energy usage and reduce operational costs. The LED lighting market is also benefiting from technological advancements and innovations in LED lighting design and manufacturing. Furthermore, advancements in lighting controls and sensors have enabled the development of adaptive lighting systems that can automatically adjust to ambient conditions, further enhancing energy savings and user comfort. Such features are anticipated to propel the growth of the LED lighting market over the forecast period.

Market Segmentation

The market can be divided on the basis of product, application, end use, and region.

Market Segregation by Product:

Lamps

Breakup by Type

• A-LAMPS
• T-LAMP
• Others

Luminaire

Breakup by Type

• Street Light
• Downlight
• Troffers
• High Bay
• Track Lights
• Suspended Pendants
• Others

Market Bifurcation by Application:

• Indoor
• Outdoor

Market Division by End Use:

• Residential
• Commercial
• Industrial
• Government
• Highway and Roadway
• Architectural
• Other

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the LED lighting companies. Some of the major key players explored in the report are as follows:

• Nichia Corporation
• OSRAM Licht AG
• Samsung Electronics Co Ltd
• Everlight Electronics Co. Ltd
• Acuity Brands, Inc
• Koninklijke Philips N.V
• Epistar Corp
• Seoul Semiconductor Co. Ltd
• Panasonic Corporation
• CreeLED, Inc
• Lumileds Holding B.V
• Others

*The publisher always strives to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.