Global LED Market Size By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), By End-User (Commercial, Residential, Industrial), By Geographic Scope And Forecast

LED Market Size And Forecast

LED Market size was valued at USD 620 Billion by 2022 and is projected to reach USD 1898 Billion in 2030, growing at a CAGR of 15% from 2023 to 2030.

Growing stringency of regulations in terms of inefficient lighting technologies and rising government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of light-emitting diodes (LED), including the transformation in energy policies across the globe, has been driving market growth. Moreover, attractive incentives and rebates provided by the governments for the utilization of LED lighting in several countries will leverage the demand. The Global LED Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global LED Market Definition

A light-emitting diode (LED) is a semiconductor source of illumination that emits light when a current flows through it. Electrons within the semiconductor recombine with electron holes, releasing energy in the kind of photons. The color of the light (corresponding to the energy of the photons) is decided by the energy required for electrons to cross the bandgap of the semiconductor. White light is obtained by using multiple semiconductors or a layer of light-emitting phosphor on the semiconductor unit. Infrared LEDs are utilized in remote-control circuits, like those used with a good sort of consumer electronics.

The first visible-light LEDs were of low intensity and limited to red. Modern LEDs are available across the visible, ultraviolet (UV), and infrared wavelengths, with high light output. The LED Market encompasses manufacturers, suppliers, distributors, retailers, and service providers involved in the production, supply chain and installation of LED lighting products. It also includes research and development activities aimed at improving LED efficiency, and performance, and expanding the range of applications.

The LED Market has experienced significant growth in recent years, driven by energy-saving initiatives, government regulations, declining LED prices, increased consumer awareness, and technological advancements. The market is expected to continue expanding as LED lighting becomes more prevalent across residential, commercial, industrial, and outdoor lighting sectors.

Global LED Market Overview

LEDs are highly efficient, reliable, and they yield an extended life span, which is anticipated to spice up their application in both indoor and outdoor settings. These lights are cost-effective compared to incandescent lights, delivering around 50,000 hours of illumination with a little amount of energy consumed. Their lower cost of operation and reduced heat losses also make them an appropriate replacement for incandescent lights. Technological advancements shift from conventional to green lighting, enhanced energy efficiency standards, and declining prices have also spurred the merchandise demand. Additionally, strict regulatory policies regarding conventional lighting and energy consumption across the U.S., European Union, China, and Canada are anticipated to favor the merchandise demand within the forthcoming years.

Governments offer incentives and rebates on the replacement of traditional lamps with LED products, and this enables boosted adoption of LED products worldwide. Smart illuminations also are anticipated to supply lucrative opportunities for application in industrial and commercial areas. They need the potential to regulate light using control zones. Smart city schemes became predominant within the U.S. and a number of other European nations with a rising specialization in strategies to reduce peak power demand and overall energy consumption.

The COVID-19 pandemic has hit the LED Market severely by disrupting the availability chain, delaying manufacturing, and affecting the industry. The development industry has also witnessed a decline, which has led to a slump in demand for lighting products. While countries like Australia didn’t halt the development, the projects were closed for a substantial period across the U.S., India, and lots of European countries. Also, the slowdown in retail, manufacturing, and other industries has led to a decline in demand due to the reduced allowing of new warehouses or commercial space. The adoption of LED lighting products would further be affected because the vendors are getting to increase the merchandise prices.

Global LED Market Segmentation

The Global LED Market is segmented on the basis of Product, Application, End-User, And Geography.

LED Market, By Product

• Lamps
• Luminaires

Based on Product, the market is bifurcated into Lamps and Luminaires. While both LED lamps and luminaires are expected to experience growth in the LED Market, the luminaires segment is expected to grow at a faster rate. Luminaires refer to complete lighting fixtures that incorporate multiple LEDs and are used for general illumination in indoor and outdoor spaces.

LED Market, By Application

• Indoor
• Outdoor

Based on the Application, the market is bifurcated into Indoor and Outdoor. While the indoor LED Market continues to expand in various applications such as residential, commercial, and industrial lighting, the outdoor segment is expected to grow at a faster pace. Factors such as the widespread adoption of LED street lighting, increasing demand for outdoor architectural lighting, sports, and stadium lighting, parking lot lighting, and billboard/signage lighting contribute to the rapid growth of the outdoor LED Market.

LED Market, By End-User

• Commercial
• Residential
• Industrial
• Others

Based on End-User, the market is bifurcated into Commercial, Residential, Industrial, and Others. While residential and industrial sectors also contribute to the growth of the LED Market, the commercial sector is expected to witness faster growth. The commercial sector has a higher demand for lighting due to the extensive use of lighting fixtures in various commercial spaces. Moreover, the commercial sector emphasizes energy efficiency, cost savings, aesthetic appeal, and customized lighting solutions, which align well with the advantages offered by LED lighting technology.

LED Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global LED Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. While North America and Europe also have a significant presence in the LED Market, the Asia Pacific region is expected to grow at a faster rate due to factors such as rapid urbanization, government initiatives, large population, industrial growth, and technological advancements. The region’s strong economic growth and increasing adoption of LED lighting across various sectors contribute to its dominance in the LED Market.

Key Players

The “Global LED Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Acuity Brands Lighting Inc. Cree Inc. (IDEAL INDUSTRIES INC.), Dialight, Digital Lumens Inc. GE Current, Hubbell, LSI Industries Inc. LumiGrow, Panasonic Corporation, Siteco GmbH.

Our market analysis includes a section specifically devoted to such major players, where our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. Key development strategies, market share analysis, and market positioning analysis of the aforementioned players globally are also included in the competitive landscape section.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global LED Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global LED Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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