Technavio analyzes that the LED Lighting Market in North America is expected to grow at a CAGR of 11.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7809.6 million.There are various factors that contribute to the growth of the market. The LED lighting market in North America is experiencing significant growth due in part to the declining manufacturing costs of LED technology. This cost reduction has made LED lighting more affordable for consumers and businesses, leading to increased adoption and market expansion. The energy efficiency and long lifespan of LED lights also contribute to their growing popularity, making them a cost-effective and sustainable alternative to traditional lighting solutions.
The LED lighting market in North America is experiencing significant growth due to increasing urbanization and consumer preference for energy-efficient, customizable lighting solutions. Indoor applications, such as residential and commercial spaces, are seeing a shift towards LEDs due to their energy savings and ability to offer color and brightness tuning. Outdoor applications, including streetlights and signage, are also transitioning to LEDs for their longer lifespan and energy efficiency. E-commerce platforms and retrofit installations are driving sales, with governments, such as those in the US, offering subsidies to promote the adoption of LED lighting. The semiconductor devices used in LEDs emit light through the controlled flow of electric current, making them a more energy-efficient alternative to traditional incandescent lights. The market is expected to grow substantially during the forecast period due to these benefits and the declining prices of LED lights.
Know which region is leading the market growth by requesting a sample report
LED Lighting Market in North America Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The LED lighting market in North America is experiencing significant growth as businesses and consumers shift from traditional lighting solutions like incandescent and fluorescent lights to energy-efficient LEDs. Smart lighting systems, integrated with IoT technology, offer functional benefits such as energy conservation, lighting control, and color consistency. Horticulture sector and controlled environment agriculture also utilize LEDs for growth enhancement. Building automation systems, smart home integration, and AI in lighting further enhance the functionality of LEDs as semiconductor devices that emit light through electric current. LED lighting provides ambient illumination, addresses functional problems like heat management, and is mercury-free. LED track lights, bulbs, and fixtures offer white light in various applications, including general illumination. Smart sensors and LightGPM technology further optimize energy usage and enhance the overall lighting experience.
The LED lighting market in North America is a significant segment of the larger electrical components and equipment market, encompassing companies specializing in LED lighting production. Traditional lighting solutions are being progressively replaced by energy-efficient LED systems, integrating smart lighting systems and Internet of Things (IoT) technology. Functional problems, such as heat management and color consistency, are addressed through advanced lighting control systems. The global electrical components and equipment market, which includes manufacturers of electrical components, electrical equipment, and renting or leasing to industrial, commercial, and residential sectors, is projected to grow due to the increasing adoption of energy-efficient solutions and technological advancements.. 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/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
