Pune, India, April 19, 2023 (GLOBE NEWSWIRE) -- The global LED Lighting Market size was valued at USD 77.79 billion in 2021 and the market is projected to grow from USD 85.02 billion in 2022 to USD 264.08 billion by 2029,exhibiting a CAGR of 17.6% during the forecast period. The LED Lighting Market is experiencing growth due to two primary drivers an increase in electronics manufacturing and a growing demand for wireless connectivity. Fortune Business Insights™ presents this information in a report titled, " LED Lighting Market Forecast, 2023-2029."
Key Industry Development:
Wipro lighting system, a provider of LED lights and LED luminaries, partnered with Enlight, a leading provider of the Internet of Things based lighting software to provide better experience to its customers.
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LED Lighting Market, which can be operated through voice commands and are equipped with Wi-Fi connectivity, are becoming increasingly popular for use in smart homes. They serve as a central hub for controlling various home appliances and smart devices. Consequently, the residential sector is witnessing a surge in demand for these speakers. Additionally, new AI-based technologies with built-in displays are being introduced to the market, increasing competition among market players.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 17.6% |
| 2029 Value Projection | USD 264.08 billion |
| Base Year | 2021 |
| LED Lighting Market Size in 2021 | USD 77.79 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Product Type, Distribution Channel, End-user and Geography |
| LED Lighting Market Growth Drivers | Increased Adoption of Smart Home Products to Aid Market Growth |
Key Takeaways
- Light Emitting Diode is a solid-state light source that can convert electrical energy directly into light energy.
- Growing Use of Energy-efficient Lighting Solutions to Fuel Market Progress
- By Product Type Analysis: Lamp Segment to Dominate Due to Shift from Traditional Lighting to LEDs
- LED Lighting Market Size in Asia Pacific was USD 40.96 Billion in 2020
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Drivers & Restraints:
Emphasis on eco-friendly and energy conservation lighting solutions is expected to drive the LED lighting market growth. In recent years, energy conservation has been one of the main goals in various countries, which has inflated the adoption of LED system and is anticipated to drive the market. Traditional lighting systems can consume up to 20-25% energy expenditure and LED lights can save such costs. Intense interest by consumers for aesthetics and decoration is estimated to facilitate market development.
However, high costs of initial and deployment costs are anticipated to hamper market development.
Segments:
Type, Application, and Region are studied for the Market
Based on product type, the market is segregated into lamp and luminaries. The lamp segment is anticipated to hold a key part owing to rise in adoption of new type of lighting systems.
Technological progresses and high revenue generation of the segment led to the dominance of the segment. The luminaries segment is also projected to have a considerable progress
Regional Insights:
Asia Pacific to Lead the Market Due to Growing Implementation of Advanced Lighting Systems
Asia Pacific is expected to lead the LED lighting market share due to growing usage of LED lamps and luminaries in the region. The region reached a valuation of USD 40.96 billion in 2021 due to rise in the number of smart cities and homes. Key manufactures of the market have been adopting new and various business strategies, which is expected to support the market growth. China is estimated to aid market progress due to the presence of progressive manufacturing facilities of diode.
North America is also expected to have a significant growth due to increasing adoption of new and advanced technologies. Adoption of such technologies in residential and industrial sectors in the U.S. is anticipated to drive market growth in the region.
In Europe, Germany had majority share in 2021 due to the presence of smart home equipment manufacturing units.
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LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Acuity Brands Lighting Inc. (U.S)
- Signify Holding (Philips Lightings) (Netherlands)
- Dialight (U.K.)
- Digital Lumens Inc. (U.S.)
- Hubbell Lighting (U.S.)
- LSI Industries Inc. (U.S.)
- LumiGrow (U.S.)
- OSRAM (Germany)
- Syska LED (India)
- Wipro (India)
Major Table of Contents:
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- Global LED Lighting Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Product Type (USD Bn)
- Lamps
- Luminaires
- By Distribution Channel (USD Bn)
- Offline
- Online
- By End-User (USD Bn)
- Residential
- Commercial
- Industrial
- Others
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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- North America LED Lighting Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Product Type (USD Bn)
- Lamps
- Luminaires
- By Distribution Channel (USD Bn)
- Offline
- Online
- By End-User (USD Bn)
- Residential
- Commercial
- Industrial
- Others
- By Country (USD Bn)
- U.S.
- Canada
- Mexico
-
- Europe LED Lighting Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Product Type (USD Bn)
- Lamps
- Luminaires
- By Distribution Channel (USD Bn)
- Offline
- Online
- By End-User (USD Bn)
- Residential
- Commercial
- Industrial
- Others
-
- Global LED Lighting Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
TOC Continued….
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FAQ’s
How big is the LED Lighting Market?
LED Lighting Market size was USD 77.79 billion in 2021
How fast is the LED Lighting Market growing?
The LED Lighting Market will exhibit a CAGR of 17.6% during the forecast period, 2022-2029
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