Led Lighting Market Size to grow by USD 41.5 billion between 2024-2028
The Led Lighting Market is segmented by Application (Residential, Commercial, Outdoor, Industrial, and Others), Product (Luminaries and Lamps), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 41.5 billion, at a CAGR of 8.08% during the forecast period. There are several companies that are contributing to the market as per this report. Emergence of smart cities .
By Application, the Residential segment is projected to dominate the market size in 2024
The residential segment led the global LED lighting market in 2022, driven by the surge in urbanization and the demand for energy-efficient solutions. The increasing urban population fuels market growth, as consumers prioritize trendy and personalized LED lighting systems for home decoration. Furthermore, governments worldwide offer incentives, such as the Indian commerce and industry ministry's USD380 million PLI scheme, to stimulate local manufacturing and promote the adoption of energy-efficient LED lighting over traditional alternatives.
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By Product, Luminaries segment is expected to hold the largest market size for the year 2024
In the lighting industry, LED luminaires have emerged as a preferred solution due to their extended lifespan, improved energy efficiency, and reduced maintenance costs. These advantages have led to their widespread adoption in various applications, including exit lights, floodlights, and high-bay and low-bay lighting. Traditional luminaires, such as those utilizing incandescent, fluorescent, and high-intensity discharge (HID) technologies, present several challenges. These challenges include the need for frequent lamp replacements due to frequent switching, the requirement for external ballasts, and the toxic nature of some luminaires due to mercury content. Original Equipment Manufacturers (OEMs) are addressing these challenges by transitioning to LED luminaires, which offer a higher return on investment (ROI) and superior performance. This shift is driving the growth of the global LED lighting market during the forecast period.
Why is APAC forecasted to hold the largest regional market size in 2024?
The LED lighting market in the Asia Pacific (APAC) region is experiencing robust growth, driven by the surging demand for energy-efficient lighting solutions from both residential and commercial sectors. The region's emergence as a global hub for retail, hospitality, and healthcare industries, with numerous multinational corporations establishing their presence, further bolsters market expansion. China, a key contributor to the regional market, benefits from the presence of a substantial number of LED manufacturing units and industries. Additionally, China's ongoing development of over 450 smart city projects will significantly fuel the growth of the APAC LED lighting market during the forecast period.
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Research Analysis Overview
The LED lighting market has experienced significant growth in recent years due to its energy efficiency and versatility in both indoor and outdoor situations. LED lights provide strong illumination with a fraction of the energy input compared to traditional lighting sources like incandescent and halogen bulbs. CFL bulbs have also been surpassed by LED technology in terms of energy efficiency and longevity. LED products come in various forms such as LED bulbs, LED tube lights, LED strips, and LED panel lights. Indoor applications include residential lighting, retail lighting, and office spaces. Outdoor applications include streetlights, billboards, and signage. LED technology offers environmental sustainability through reduced energy consumption and longer lifespan. Daylighting and occupancy sensors are also integrated with LED products to further save energy. Wi-Fi connectivity is also a feature offered by some LED manufacturers to enable remote control and monitoring. LED lighting is ideal for strong illumination in indoor situations while maintaining energy efficiency. Its versatility extends to outdoor applications, making it a preferred choice for both residential and commercial lighting needs. With advancements in technology, LED products continue to offer cost savings and environmental benefits over traditional lighting sources.
Market Research Overview
According to Technavio's market research, the Global LED Lighting Market is a significant segment within the larger Electrical Components and Equipment Market. This market size is determined by the consolidated revenue generated by manufacturers of various electrical equipment, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the market encompasses the rental and leasing of electrical components and equipment to industrial, commercial, and residential end-users. - The Led Lighting Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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