USD 63.83 billion
LED Lighting Market Size, Share, Growth Analysis, By Application(Indoor, Outdoor), By End-User(Commercial, Residential, Industrial, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2152 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
63
|Figures:
75
LED Lighting Market Insights
LED Lighting Market size was valued at USD 63.83 billion in 2022 and is poised to grow from USD 70.94 billion in 2023 to USD 168.87 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).
By switching to energy-efficient LEDs, it is possible to save an estimated USD 18 billion on electricity expenditures. Additionally, yearly carbon dioxide emissions of more than 160 million metric tonnes can be reduced. Nearly 10% of the electricity used in homes and 18–40% in commercial buildings is used for lighting. Globally, there is an increasing demand for energy conservation, which is opening up new business opportunities. The switch to energy-efficient lighting is anticipated to cut the world's demand for electricity for lighting by 30 to 40% by 2031.
LED lighting is being adopted widely in nations all around the world. For instance, New York intended to switch to LEDs for 250,000 of its streetlights, which was to be followed by the switchover of the urban areas' decorative lighting. More than 3,000 smart streetlights based on LED technology were installed in Barcelona (Spain), and they collect data on noise, humidity, pollution, and other environmental factors. Additionally, the US Department of Energy (DOE) predicted that by 2031, light-emitting diodes would make up more than 75% of exports of outdoor luminaires (LEDs). Furthermore, assuming LED luminaire efficacy increases by an additional 50% over current levels by 2031
The increasing usage of LEDs is being fueled by consumer concern for the environment, the robustness of these lights, and government mandates for energy efficiency. For instance, the Chennai Airport purchased six sets of LED base lights for disaster assistance as part of its green measures to make its lighting and fixtures more energy-efficient. With numerous businesses investing in technology, including Philips, Magiclight, and Xiaomi, smart lighting is predicted to be the future of LED lighting. With its product, Philips Hue, which works with voice assistants, Philips is a led lighting market leader.
US LED Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
commercial
Fastest Growth
industrial
Growth Rate
11% CAGR
Global Led Lighting Market, 2021-2028 ($ Bn)
Country Share for Asia PacificRegion- 2021 (%)
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LED Lighting Market Segmental Analysis
The global led lighting market has been segmented based on application, end-user, and region. Based on application, the Market is segmented into indoor and outdoor. Based on the end-user, the market is segmented into commercial, residential, industrial, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
LED Lighting Market Analysis by End-User
The commercial sector dominated the LED lighting industry with a 52.2 percent global revenue share in 2021. The need for cutting-edge lighting solutions among owners of museums, exhibitions, and galleries for improved lighting applications is one of the key elements contributing to the commercial building industry's rapid rise across the globe. The demand for high brightness LED lights is rising primarily due to the necessity for workplace lighting to adhere to government norms and regulations, which is boosting the expansion of the market. For instance, the U.S. Occupational Safety and Health Administration (OSHA) restricts the construction of fixtures taller than 7 feet in the workplace, the covering of cables, and the covering of light fixtures with protective plates.
Worldwide, the residential sector is expanding more quickly, which accelerates the use of lamps, floor lamps, cabinet lights, etc. LEDs used in the residential sector are typically anticipated to have an efficiency of over 100 lumens per watt (lm/W). Additionally, LEDs with an efficiency of 110 lm/W to 130 lm/W are widely used in developed nations. Thus, it is anticipated that quick innovation in LED efficiency will support the expansion of the target market.
Global LED Lighting Market Size By End-User , 2021(%)
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LED Lighting Market Regional Insights
Asia Pacific accounted for a revenue share of over 42.8% in 2021 and is anticipated to witness the highest growth in the coming years. The increased demand for LED lighting solutions from major nations like China, India, Japan, Australia, and South Korea is one of the main drivers of the LED lighting market's expansion in Asia Pacific. Similar to this, the expansion of the LED Lighting Market in the region is also fueled by the rising number of construction projects in the residential, commercial, and industrial sectors of developing economies in Asia and the Pacific, especially Southeast Asian nations.
China is anticipated to dominate the Asia Pacific market due to its quick industrialization, growing infrastructure, and rising standard of life for its people. Additionally, the expansion of the industry is projected to be fueled by rising government spending on public infrastructure and a steady uptick in construction projects for commercial telematics and industrial buildings.
Global Led Lighting Market By Geography, 2021 - 2028
- Largest
- Fastest
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LED Lighting Market Dynamics
LED Lighting Market Driver
- A light-emitting diode, an electronic driver, a cooling system, and optics make up LED lighting. As opposed to standard high-wattage bulbs, these components are neither brittle nor sealed under high pressure. Maintenance costs are significantly reduced when LED lighting technology is used. Significant energy savings are achieved by using LED lights, which use roughly 50% less electricity than conventional halogen, incandescent, and fluorescent lights. Additionally, LED lighting has low voltage operation, no UV emissions, a long lifespan, design flexibility, and durability. As a result, LED lighting is growing in popularity among businesses and communities since it is more affordable and provides better service.
- Depending on the fixture, LEDs typically last 30,000–50,000 hours as opposed to 1,000–8,000 hours for incandescent bulbs and 8,000–30,000 hours for fluorescent lamps, respectively. Low maintenance expenses are a result of LED luminaires' long lifespan. Additionally, because LED lighting uses a lower wattage yet still produces a brighter light, it requires less energy to power. In turn, this aids in lowering energy consumption and expenses, which is predicted to fuel led lighting market revenue growth between 2022 and 2030. One such precaution that might lower the likelihood of accidents at construction sites is the installation of LED lighting. LEDs increase visibility and protect workers from burns while moving the lights, which is anticipated to drive Market expansion. Since LED lights are composed of robust epoxy resin and have a higher Return on Investment than traditional lighting, it is anticipated that more construction companies and architects will switch to LED lighting (ROI)
LED Lighting Market Restraint
- The difficulty would be to establish minimal pricing that the vast majority of people could afford while also reducing spending on bills and upkeep. Despite the fact that LED lighting has a number of benefits, the majority of people still prefer fluorescent lighting. Due to a lack of knowledge about the advantages and benefits of LED lighting solutions, the overall revenue share of fluorescent lamps is on the upper side. Additionally, the cost of LED lighting solutions is higher than that of incandescent bulbs, and the introduction of cheap lighting products with short lifespans is anticipated to limit the use of LED lighting in the near future.
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LED Lighting Market Competitive Landscape
Favorable business regulations implemented by emerging country governments and supported by new venture capital firms are causing the creation of new competitors with cutting-edge products. Similar to this, prominent players are leaning toward strategically acquiring other companies to gain a significant led lighting market share. For instance, in October 2021, Luminii, a U.S.-based global provider of LED lighting solutions, announced the acquisition of British lighting producers Precision Lighting and Remote Controlled Lighting. The company anticipates that this acquisition would help it improve its commercial presence and grow its clientele.
Top Players in the LED Lighting Market
- Philips Lighting
- OSRAM Licht AG
- General Electric (GE) Lighting
- Cree Inc.
- Eaton Corporation plc
- Zumtobel Group AG
- Samsung Electronics Co. Ltd.
- LG Innotek
- Nichia Corporation
- Acuity Brands Lighting, Inc.
- Panasonic Corporation
- Koninklijke Philips N.V.
- Toshiba Corporation
- Bridgelux Inc.
- Dialight plc
- MLS Co. Ltd.
- Seoul Semiconductor Co. Ltd.
- Luminus Devices Inc.
- Everlight Electronics Co. Ltd.
- Sharp Corporation
LED Lighting Market Recent Development
- In February 2021, Orient Electric announced the launch of its emergency LED lights solutions which provide backup lighting for up to 4 hours during a power outage. The range includes LED Bulbs, LED Batten, LED Recess Panel, and Bulkhead.
- In January 2021, Opple Lighting announced the launch of its new product line in India. The EcoMax COB Spotlight comprises an innovative lens for a clean beam, the V7 LED bulb has a wide beam angle greater than 180 degrees, the US Spot Utility is a flicker-free clean beam, and the 'HPB E-1' has a high lumen output of 100lm/w and is flicker-free.
LED Lighting Key Market Trends
- Due to rising urbanization rates and a growing number of government efforts that promote the use of LED lights, the demand for LED lighting systems is currently predominantly concentrated in Asia Pacific regions. The government's encouragement of investments in energy-efficient lighting technology through various legislation has increased the use of LED lights in a variety of commercial, industrial, and residential settings.
- The use of LEDs in headlamps, rear lamps, turn signals, and brake lights is a profitable opportunity in the continuously expanding automobile sector. The demand for LED lights is anticipated to be driven by a number of other significant reasons, including rising infrastructure investments, a rapid expansion of street lighting systems, a drop in the average price of LEDs, and several governments and forthcoming smart building initiatives.
LED Lighting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, of end-user, the commercial segment dominated the global led lighting market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global led lighting market owing to the region's rising number of construction projects in the residential, commercial, and industrial sectors of developing economies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 63.83 billion |
| Market size value in 2031 | USD 168.87 billion |
| Growth Rate | 11% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on LED Lighting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on LED Lighting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the LED Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the LED Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the LED Lighting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the LED Lighting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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