Global led lighting market

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 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.

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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).

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. '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'

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.

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.

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.

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Global led lighting market

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