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. Government initiatives focusing on energy conservation and resource management are significantly driving the growth of smart cities. A key element in the construction of these cities is the implementation of intelligent lighting systems. These advanced lighting solutions offer numerous benefits, including energy savings, faster switching times, and cost reduction. Smart lighting systems contribute to the energy efficiency of cities, providing citizens with valuable information about traffic and public spaces. Innovative technologies, such as automatic brightness adjustment, remote control, fault alerts, anti-theft protection, and monitoring of streetlamp power cables, are integrated into modern streetlights. These features not only enhance the functionality of streetlights but also promote sustainable urban development. 

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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

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Market Scope in LED Lighting Market Research Report

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Research Analysis Overview

The LED lighting market encompasses various components including LED modules, fixtures, and luminaires, as well as LED arrays and drivers. Efficiency and thermal management are crucial factors, impacting light output, color uniformity, and dimming curves. Predicting LED lifespan and recycling, along with replacement and retrofitting, are essential aspects. LED lighting simulation, installation, maintenance, trends, innovation, applications, ROI, sustainability, safety, regulations, and certifications are all significant considerations in the LED lighting industry.

Market Research Overview

The LED lighting market is a significant segment of the expansive global electrical components and equipment market. This market encompasses the production of LED bulbs, strips, panels, downlights, spotlights, floodlights, and high bays. The parent industry, which includes manufacturers of electrical cables and wires, components, and equipment, generates revenue from various product categories such as water heaters and accessories, motors, automation solutions, electrical distribution and protection equipment, and HVAC, among others. Additionally, the market size is calculated based on revenue generated from renting and leasing electrical components and equipment to diverse end-users, including 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
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/