Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "LED Flood Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global LED flood light market soared to a staggering US$ 7.1 Billion in 2022, and prospects continue to shine brightly as the market is anticipated to reach US$ 13.2 Billion by 2028, boasting a remarkable Compound Annual Growth Rate (CAGR) of 11% during the period from 2023 to 2028.
LED flood lights, renowned for their ability to illuminate vast spaces, including stadiums, yards, stages, private gardens, and home living areas, have revolutionized the lighting industry. These fixtures offer a myriad of advantages over traditional lighting sources, such as fluorescent and CFL systems.
Notably, they are environmentally friendly, emitting no infrared or UV radiation and contributing to reduced carbon footprints through their low electricity consumption. Additionally, LED flood lights are celebrated for their exceptional durability, demanding minimal maintenance. Governments worldwide are endorsing the use of LED flood lights as a pivotal step towards sustainable development, further fueling demand.
In recent years, LED flood lights have experienced a surge in outdoor lighting applications, particularly in commercial and industrial settings such as security perimeters, stadiums, and warehouses. These lights contribute significantly to cost savings for building owners and managers due to their energy efficiency.
Moreover, they are gaining popularity in both residential and commercial sectors for their ability to reduce ambient room temperatures. Furthermore, LED flood lights align with the growing demand for green lighting technology, featuring cool beam bulbs and optimal luminous efficacy, making them an attractive investment prospect.
Key Market Segmentation
The global LED flood light market report provides comprehensive insights into key trends across various application segments and forecasts for the period from 2023 to 2028. The market is categorized based on applications, including:
- Retrofit
- Retail & Hospitality
- Outdoor
- Offices
- Architectural
- Residential
- Industrial
LED lighting is predominantly used for retrofitting purposes, replacing inefficient lighting sources with LED lights to enhance optical performance and energy efficiency.
Regional Insights
Geographically, China leads the global LED lighting market, holding a significant share. This dominance is attributed to factors such as increasing urbanization, the implementation of energy-saving targets, and financial incentives promoting the adoption of LED lights across the nation. Other key regional markets include India, Europe, the United States, Japan, Brazil, Russia, and others.
Competitive Landscape
The competitive landscape of the LED lighting industry is analyzed comprehensively, with detailed information on key players operating worldwide.
Key Questions Addressed
This report addresses vital questions pertaining to the global LED flood light market:
- Global LED flood light market size in 2022
- Expected growth rate during 2023-2028
- Key factors driving market growth
- Impact of COVID-19 on the market
- Market segmentation based on application
- Key regions in the global LED flood light market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $7.1 Billion |
| Forecasted Market Value (USD) by 2028 | $13.2 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/8r274s
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