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LED Lighting Market Insights:
LED Lighting Market Size was valued at USD 71.59 billion in 2023. The LED lighting market industry is projected to grow from USD 79.61 Billion in 2024 to USD 186.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.20% during the forecast period (2024 – 2032). Benefits of LED lights, and rising adoption of alternative fuel cell vehicles are the key market drivers enhancing the market growth.
Light Emitting Diodes (LEDs) have been around for decades, but their application in general lighting is a relatively recent development. Unlike traditional incandescent bulbs, which use a filament heated to high temperatures to produce light, LEDs emit light through a process called electroluminescence. This method is far more efficient, producing more light with less energy.
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Key Players:
are the notable vendors in the LED Lighting Market.
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LED Lighting Market Regional Analysis:
The LED Lighting market, by region, is divided into North America, Europe, Asia-Pacific, Rest of the World (ROW). Asia-Pacific is expected to be the fastest-growing market for LED lighting. The demand for energy-efficient lighting solutions is increasing, as is the region’s emphasis on LED standardization. The demand for LED lighting solutions is expected to increase because of these factors. Furthermore, leading LED lighting companies based in the United States and the United Kingdom are growing their operations in Asia-Pacific. In addition, government measures to safeguard the environment and the development of modern lighting systems are considerations in Asia-Pacific developing countries.
LED Lighting Market Segmentation:
The global LED lighting market has been segmented on the basis of installation type, product type, distribution channel, and end-use application.
Based on installation type, has been segmented into new installation and retrofit. The retrofit segment accounted for the larger market share 2020, with a market value of USD 135.2 billion; it is expected to register a CAGR of 11.20% during the forecast period. The new installation segment was valued at USD 21,245.5 million; it is projected to register the higher CAGR of 19.4%. Because retrofit lamps just require the replacement of old bulbs with LED or smart LED bulbs, they are easier to install than new lamps. While they may appear to be similar to older lights, most users nowadays choose newer installations that are more customizable and tailored to the user’s preferences in terms of ambience and luminance. In older residential properties, retrofit is used, but new construction in retail, shopping malls, and industrial environments need custom installations.
Based on product type, has been segmented into luminaries and lamps. The lamps segment is further segmented into bulb lamps, spot lamps, A-lamps, and T-lamps. The bulb lamps segment accounted for the largest market share in 2020, with a market value of USD 9,340.6 million; it is expected to register the highest CAGR of 19.7% during the forecast period. An LED light is essentially an electric bulb that may be used in an adaptor or luminary on its own. It uses several LEDs, each of which has higher energy efficiency, a brighter brightness, and a longer lifespan. As LED chips offer higher brightness, several manufacturers employ them in their lamps. LED lamps are available in a variety of shapes, sizes, bases, and colours. Most LEDs produced recently are intelligent and can be easily customized using a smartphone or other smart device. The Luminaires segment is further bifurcated into ceiling luminaires, downlight luminaires, strip luminaires and strip lights.
Based on distribution channel, the global LED lighting market has been segmented into store-based and non-store based. The store-based segment accounted for the larger market share in 2020, with a market value of USD 27,317.6 million; it is expected to register the higher CAGR of 19.0% during the forecast period. The end buyer purchases a good or service through a distribution channel, which is a chain of enterprises or intermediaries. LED light retailers, wholesalers, distributors, and resellers form a store-based distribution channel, which store the product, display it, and use salespeople to get it into customers’ hands.
Based on end-use application, has been segmented into indoor lighting and outdoor lighting. The indoor lighting segment accounted for the larger market share in 2020, with a market value of USD 31,081.6 million. The indoor lighting segment is further segmented into commercial, residential, industrial and others. LED lights are extensively employed in residential structures due to their outstanding energy efficiency. The energy efficiency of your home is automatically maintained with smart LED lighting. The system helps save money by allowing remote monitoring. To assist save energy, motion sensors are being incorporated into lighting. Smart dimming and scene-setting lower the intensity of illumination.
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The LED lighting market is experiencing rapid growth, driven by its energy efficiency, long lifespan, and environmental benefits. Technological advancements and the increasing integration of smart features are set to further enhance the appeal and functionality of LED lighting. While challenges remain, the future prospects of the LED lighting market are undoubtedly bright, with continued innovation and expanding adoption across various sectors.
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