LED Lighting Market Global Forecast Report By Product Type (Lamps, Luminaires), Application (Indoor, Outdoor), End User (Commercial, Residential, Industrial, Others), Sales Channel (Retail/Warehouse, E-Commerce, Direct Sales), Countries and Company Analysis 2024-2032
Buy NowGlobal LED Lighting Market Analysis
LED lighting Market will reach US$ 155.31 billion by 2032, up from US$ 65.17 billion in 2023, with a CAGR of 10.13% between 2024 and 2032.
Global LED lighting Market outlooks
LED (Light Emitting Diode) illumination produces light when an electric current flows through semiconductor diodes. It is much more energy-efficient than conventional incandescent or fluorescent lights since it transforms more energy into light than heat. LEDs are well-liked for their robustness—they can withstand shock and vibrations—and longevity—they may survive for tens of thousands of hours. Because of its adaptability in terms of color and brightness, LEDs can be used for a wide range of tasks, including commercial and industrial lighting and home lighting. They are available in various sizes and forms to meet lighting needs, including bulbs, strips, and panels.
| Report Features | Details |
|
Base Year |
2023 |
|
Forecast Years |
2024 - 2032 |
|
Historical Years |
2019 - 2023 |
|
Market Size in 2023 |
US$ 65.17 Billion |
|
Market Forecast in 2032 |
US$ 155.31 Billion |
|
Market Growth Rate (2024-2032) |
10.13% |
Driving forces for LED lighting MarKet
Growing Demand for Economical and Energy-Saving Lighting Solutions— The primary driver of the demand for LED lighting is the growing global population's need for affordable, energy-efficient lighting solutions. LEDs save substantial energy since they convert a higher percentage of electrical energy into light. People and governments everywhere are concentrating on energy efficiency. As a result, several well-known businesses are utilizing LED lighting solutions extensively, driving up demand for LED lighting products. The market for LED lights is also being further stimulated by the numerous regulatory bodies of various emerging nations that are taking proactive measures to create sustainable and energy-efficient cities. For instance, according to GSMA estimates, by 2025, China might have about 4.1 billion IoT connections or nearly one-third of all IoT connections globally. Accordingly, in February 2023, Signify provided intelligent street lighting to the German town of Eichenzell, assisting it in becoming a future-proof smart city. Eichenzell supported future 5G densification and next-generation IoT applications because of its BrightSites solution. Denote the installed LED lighting that the Interact City System controls. From a single dashboard, Eichenzell can continuously monitor and control every light.
Beneficial Government Initiatives- Governments worldwide are pushing to use energy-efficient lighting systems to reduce environmental pollution. Tax breaks and energy savings are being introduced. For instance, to encourage domestic and foreign investment in LED, the Indonesian government released Government Regulation No. 18, a set of favorable tax policies, in 2015, enabling low-cost consumer purchases. Similarly, to achieve at least a 50% reduction in global greenhouse gas emissions by 2050, Japan intended to adopt its draft of Intended Nationally Determined Contributions (INDCs). Increasing LED lighting options, such as bulbs, can help achieve this. In addition, North American governments are making significant investments in networked streetlights. Projects to light up streets and roads have already helped several villages in the area. For instance, in February 2021, the Grand Rapids city council accepted a US$ 9.46 million contract to replace all of the city's street lights with LEDs.
Growing concerns about the environment among Individuals- The increased usage of LED lighting further stimulates the market for LED lighting solutions due to the growing environmental consciousness among individuals and government agencies. Sustainable lighting options that help lessen ecological pollution are becoming increasingly popular. In light of this, several significant manufacturers are launching energy- and sustainably-efficient lighting options. For the Malaysian market, Signify Malaysia, for example, unveiled a comprehensive line of environmentally friendly and energy-efficient lighting products in July 2023. Among these goods were Philips Solar Lighting Solutions and Philips Ultra Efficient LED. With its cutting-edge LED design and optics technology, Philips Ultra Efficient LED offers a selection of LED tubes and bulbs that use 60% less energy than typical LED products in the same category. Additionally, it could provide more than 3.5 times the lifetime utilization and up to 50,000 hours of light.
Asia Pacific LED Lighting Market
In 2023, Asia Pacific had a significant revenue share in the LED lighting market. It is anticipated that the market will increase steadily throughout the forecast period. The demand for LED lighting is expected to increase as governments in emerging nations quickly extend their energy-saving initiatives and infrastructure projects. The Asia Pacific region's market is expected to expand further due to the expanding infrastructure in countries like China, Japan, and India and the many manufacturers focusing on launching new products there. Furthermore, the growing use of smart home solutions in the area is creating an environment favorable to the advancement of LED lighting.
LED Lighting Company Analysis
The top LED Lighting companies Acuity Brands Inc., Koninklijke Philips N.V., Emerson Electric Co., Hubbell Inc., Daktronics Inc., Dialight Plc., LSI Industries Inc., and Samsung Electronics Co. Ltd.
LED Lighting Company News
Oct 2023: The Yeelight Beam, a new LED product from YEELIGHT, has a tabletop design with a headphone stand. This light is simple to install and operate with various smart control apps, including Google, Amazon Alexa, and Apple HomeKit.
Oct 2023: In India, the electric business Halonix Technologies introduced the UP-DOWN GLOW LED lamp with three switch-enabled settings. This lamp's dome, stem, and lower half illuminate in various colors to improve the user's viewing experience.
Sep 2023: To enhance users' touring experiences, LED lighting manufacturer US LED unveiled the Right Choice line of outdoor LED luminaires. The LED lighting design is contractor-friendly because it features an adjustable slip fitter, direct pole mount, and trunnion mount.
July 2023: Three new luminaires and two intelligent lighting technology systems were added to Zumtobel's product line. These state-of-the-art solutions include the SLOTLIGHT infinite II light line family and the TRAMAO pendant luminaire for hotels and offices, effectively absorbing sound and providing the best light quality.
May 2023: Dialight launched the industry's first 7-year Aviation Obstruction Lighting Solutions guarantee. The execution of this endeavor showed the company's commitment to both client satisfaction and product quality in the LED lighting sector.
Product Type– Market breakup in 2 viewpoints:
- Lamps
- Luminaires
Application– Market breakup in 2 viewpoints:
- Indoor
- Outdoor
End User– Market breakup in 4 viewpoints:
- Commercial
- Residential
- Industrial
- Others
Sales Channel– Market breakup in 3 viewpoints:
- Retail/Warehouse
- E-commerce
- Direct Sales
Country – Market breakup of 25 Countries:
North America
• United States
• Canada
Europe
• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherland
• Turkey
Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand
Latin America
• Brazil
• Mexico
• Argentina
Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
Rest of the World
All the key players have been covered from 3 Viewpoints:
• Business Overview
• Recent Development
• Revenue Analysis
Key Players Analysis:
- Acuity Brands Inc.
- Koninklijke Philips N.V.
- Emerson Electric Co.
- Hubbell Inc
- Daktronics Inc.
- Dialight Plc.
- LSI Industries Inc.
- Samsung Electronics Co. Ltd.
Report Details:
| Report Features | Details |
| Base Year |
2023 |
| Historical Period |
2019 - 2023 |
| Forecast Period |
2024 - 2032 |
| Market |
US$ Billion |
| Segment Covered |
Product Type, Application, End User, Sales Channel, and Countries |
| Countries Covered |
|
| Companies Covered |
|
| Customization Scope |
20% Free Customization |
| Post-Sale Analyst Support |
1 Year (52 Weeks) |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on request) |
Key Questions Answered in This Report:
- What is the current size of the global LED lighting market?
- What is the projected market size by 2032?
- What are the key drivers for the growth of the LED lighting market?
- What are the challenges faced by the LED lighting market?
- What are the key players in LED lighting market?
Customization Services available
• Analysis of Market Size and Its Segments
• More Company Profiles (Upto 10 without any additional cost):
• Additional Countries (Other than mentioned Countries):
• Region/Country Specific Reports:
• Market Entry Strategy:
• Region-Specific Market Dynamics:
• Regional Market Share Analysis:
• Trade Analysis:
• Production Insights:
• Others Customized Requests:
For more information contact our analysts.
Need More Assistance?
• Talk to our analysts to get more precious information on the current market trends.
• Include more countries and segments and customize the report based on the final requirement.
• Get a competitive advantage in your industry by knowing the report findings and making a positive impact on your revenues and operations.
• Our analysts are always ready to provide more help and pertinent information if you need any additional assistance.
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. LED Lighting Market
6. Market Share
6.1 By Product Type
6.2 By Application
6.3 By End User
6.4 By Sales Channel
6.5 By Countries
7. Product Type
7.1 Lamps
7.2 Luminaires
8. Application
8.1 Indoor
8.2 Outdoor
9. End User
9.1 Commercial
9.2 Residential
9.3 Industrial
9.4 Others
10. Sales Channel
10.1 Retail/Warehouse
10.2 E-Commerce
10.3 Direct Sales
11. Countries
11.1 North America
11.1.1 United States
11.1.2 Canada
11.2 Europe
11.2.1 France
11.2.2 Germany
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Belgium
11.2.7 Netherland
11.2.8 Turkey
11.3 Asia Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 Australia
11.3.5 South Korea
11.3.6 Thailand
11.3.7 Malaysia
11.3.8 Indonesia
11.3.9 New Zealand
11.4 Latin America
11.4.1 Brazil
11.4.2 Mexico
11.4.3 Argentina
11.5 Middle East & Africa
11.5.1 Saudi Arabia
11.5.2 UAE
11.5.3 South Africa
11.6 Rest of the World
12. Porter’s Five Forces Analysis
12.1 Bargaining Power of Buyers
12.2 Bargaining Power of Suppliers
12.3 Degree of Rivalry
12.4 Threat of New Entrants
12.5 Threat of Substitutes
13. SWOT Analysis
13.1 Strength
13.2 Weakness
13.3 Opportunity
13.4 Threat
14. Key Players Analysis
14.1 Acuity Brands Inc.
14.1.1 Overview
14.1.2 Recent Development
14.1.3 Revenue Analysis
14.2 Koninklijke Philips N.V.
14.2.1 Overview
14.2.2 Recent Development
14.2.3 Revenue Analysis
14.3 Emerson Electric Co.
14.3.1 Overview
14.3.2 Recent Development
14.3.3 Revenue Analysis
14.4 Hubbell Inc
14.4.1 Overview
14.4.2 Recent Development
14.4.3 Revenue Analysis
14.5 Daktronics Inc.
14.5.1 Overview
14.5.2 Recent Development
14.5.3 Revenue Analysis
14.6 Dialight Plc.
14.6.1 Overview
14.6.2 Recent Development
14.6.3 Revenue Analysis
14.7 LSI Industries Inc.
14.7.1 Overview
14.7.2 Recent Development
14.7.3 Revenue Analysis
14.8 Samsung Electronics Co. Ltd.
14.8.1 Overview
14.8.2 Recent Development
14.8.3 Revenue Analysis
Reach out to us
Call us on
USA: +1-678-302-0700
INDIA: +91-120-421-9822
Drop us an email at
info@renub.com