LED Lighting Market Size, Share, Growth Analysis, By Application(Indoor, Outdoor), By End-User(Commercial, Residential, Industrial, Others), By Region - Industry Forecast 2024-2031

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.