LED Lighting Market to cross USD 200 billion by 2032, Says Global Market Insights inc.
LED Lighting Industry size is expected to register 10% CAGR between 2024 and 2032 propelled by energy efficiency and cost savings.
Selbyville, Delaware, Oct. 02, 2024 (GLOBE NEWSWIRE) — LED Lighting Market was valued at USD 85.97 billion in 2023 and is projected to be worth USD 200 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Fueled by a global shift towards energy efficiency and environmental sustainability. In response to this trend, governments worldwide are tightening regulations, moving away from traditional incandescent and fluorescent lighting in favor of energy-efficient LEDs. A notable example is the Street Lighting National Programme (SLNP) in August 2024, which highlighted an annual energy saving of 8,806 million units in India, thanks to the installation of over 13.1 million LED streetlights by Energy Efficiency Services Limited (EESL).
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/8983
Technological advancements have further bolstered the market, enhancing energy efficiency, lifespan, and light quality of LEDs. These improvements have broadened the appeal of LEDs across various applications, from residential and commercial to industrial and outdoor settings. Moreover, as manufacturing processes advance and economies of scale come into play, the cost of LED components has decreased, making LED lighting more accessible and accelerating its market penetration.
The overall LED Lighting Market is segmented based on Product Type, Application, Installation, Sales Channel, Wattage, Technology, and Region.
The LED lighting market segments products into lamps and luminaires, with the luminaires segment projected to surpass USD 100 billion by 2032. The rising preference for integrated lighting solutions in residential and commercial spaces underscores the appeal of luminaires, which offer superior design flexibility and aesthetic value over standalone lamps. As technology progresses, these energy-efficient and long-lasting luminaires are becoming the go-to choice for both new installations and retrofits. The trend towards smart lighting systems, often featuring IoT and connectivity in luminaires, further propels this segment. Government incentives and regulations championing energy-efficient lighting bolster the adoption of these advanced luminaires, solidifying their growth trajectory.
The market’s application segments include indoor and outdoor, with the outdoor segment emerging as the fastest-growing, boasting a CAGR exceeding 10% from 2024 to 2032. Global smart city initiatives are driving a heightened demand for sophisticated outdoor lighting solutions, such as streetlights, emphasizing energy efficiency and public safety. The global push for sustainability and reduced carbon emissions is catalyzing a shift from traditional outdoor lighting to energy-efficient LED solutions, celebrated for their longevity and reduced energy consumption. Moreover, technological strides, especially the melding of IoT and smart controls in outdoor lighting, are enhancing energy management and operational efficiency. Urbanization and infrastructure development in emerging economies further amplify the demand for modern outdoor lighting systems.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/8983
North America LED lighting market held 30% share in 2023. This dominance is attributed to robust regulatory backing and government incentives championing energy-efficient lighting. Policies in the region are keenly focused on curbing energy consumption and fostering sustainability. Coupled with an advanced infrastructure and a swift embrace of technology, these factors have paved the way for widespread LED lighting adoption. The region’s inclination towards smart lighting systems, spurred by smart city initiatives and IoT integration, acts as a further catalyst for market expansion.
LED Lighting Market Players
Companies including Acuity Brands, Inc., Cree, Inc., GE Lighting, Osram Licht AG, Philips Lighting (Signify), Samsung Electronics Co., Ltd., Zumtobel Group are some firms working in LED lighting industry.
LED lighting market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) from 2021 to 2032, for the following segments:
Market, By Product Type
- Lamps
- A-Type
- T-Type
- Other Lamp Types (Type-B and Type-C LE Lamps)
- Luminaires
- Downlighting
- Decorative Lighting
- Directional Lighting
- Other Luminaire Types (Surface Mounted, In-ground and Pendant Luminaires)
Market, By Application
- Indoor
- Residential
- Commercial
- Offices
- Retail Stores
- Horticulture Gardens
- Others (Hotels & Restaurants)
- Industrial
- Other Indoor Applications (Government Buildings & Public Spaces)
- Outdoor
- Streets and Roadways
- Architectural Buildings
- Sports Complexes
- Tunnels
- Other Outdoor Applications (Urban Landscapes, Parks, Plazas, Event Lighting)
Market, By Installation
- New
- Retrofit
Market, By Sales Channel
- Retail/Wholesale
- Direct Sales
- E-commerce
Market, By Wattage
- Low Wattage (Below 10W)
- Medium Wattage (10W to 50W)
- High Wattage (Above 50W)
Market, By Technology
- Chip on Board (COB)
- Surface Mounted Diode (SMD)
- Others
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
CONTACT: Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: +1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: [email protected]
