Latest News- LED Lighting Market: Residential is expected to lead the Application segment during 2025-2029

The LED Lighting Market is being driven by Declining manufacturing cost of LED lights

The LED Lighting Market is expected to grow at a CAGR of 8.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 47.3 billion. In the context of government-driven initiatives toward energy conservation and resource management, the construction of smart cities is gaining momentum. Smart lighting is a significant element in the development of these urban areas, offering numerous advantages, including energy savings, quicker response times, and cost reduction. By integrating intelligent lighting systems into city infrastructure, energy efficiency is enhanced, and citizens residing in the city benefit from practical applications such as real-time traffic information and improved utilization of public spaces. Innovative lighting solutions, including those used in widespread streetlights, provide features such as automatic brightness adjustment based on traffic patterns, remote lighting control, fault alerts, anti-theft protection, and monitoring of streetlamp power cables, as well as remote meter reading. These advanced capabilities contribute to the overall sustainability and efficiency of smart cities. 

Get more information on LED Lighting Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Residential
  • Commercial
  • Outdoor
  • Industrial
  • Others
• Product
  • Luminaries
  • Lamps
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Declining manufacturing cost of LED lights
• Phasing out halogen, incandescent, fluorescent, and HID lamps
• Need for LED lighting in hazardous areas

However, the market also witnesses some limitations, which are as follows:

• Limited thermal tolerance of LEDs installed in the industrial facilities
• High import duties on LED lights and other components
• Resurgence of incandescent lighting

Benefits of Buying Global LED Lighting Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in LED Lighting Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

LED technology revolutionizes lighting market with energy efficiency, surpassing traditional sources like incandescent, CFL, and halogen. LED lights offer environmental sustainability for indoor applications, including residential and retail sectors. Outdoor uses benefit from LED's strong illumination, daylighting, Wi-Fi integration, occupancy sensors, and various LED products such as bulbs, tubes, strips, and lights. LED manufacturers continue to innovate, delivering advanced features like Wi-Fi connectivity and energy-saving technology.

Market Research Overview

The LED lighting market is a significant segment within the expansive parent market of global electrical components and equipment. This market encompasses companies specializing in the manufacturing and sales of LED lighting solutions, including bulbs, fixtures, and related components. Energy efficiency and LED technology are key drivers, as businesses and consumers increasingly prioritize environmental sustainability and cost savings. Indoor applications, such as residential lighting and retail environments, as well as outdoor uses, including horticulture and public spaces, are prime areas of growth. Common open standards and building automation systems facilitate seamless integration with other electrical systems. The market size is determined by the combined revenue generated from LED lighting sales, as well as rental and leasing services to industrial, commercial, and residential sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/