Market Highlights
The Global LED Lighting market is projected to be valued at USD 607.2Billion by 2033, recording a CAGR of around 4.41% during the forecast period. The LED lighting market is a rapidly growing industry with a global market size expected to reach USD 81.48 billion by 2030. In 2022, the market was valued at USD 70.94 billion, with a projected compound annual growth rate of 11.0% from 2023 to 2030. The commercial segment dominated the market in 2022, driven by the demand for LED troffers and downlights. LED luminaires and indoor applications were key market leaders, with North America, Europe, and Asia Pacific being significant regions for market growth. Major players in the industry include Cree Inc., Zumtobel Group, Osram Gmbh, and Signify Holding, among others.
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The LED Lighting market experienced a positive impact due to the COVID-19 pandemic. The LED lighting market experienced a significant impact from COVID-19, with disruptions in the global supply chain leading to delays and equipment shortages. The pandemic caused a reduction in demand for LED lighting due to suspensions and lockdowns affecting construction sites. However, the industry saw a recovery in the second half of 2021 with increased construction activities, contributing to a steady rebound in the LED lighting sector. Technological advancements, such as IoT integration and smart LED lighting solutions, are driving innovation and growth in the market despite the challenges posed by the pandemic.
Segmental Analysis
The global LED Lighting market has been segmented based on End User, Product and Application
Based on the End User, the market is segmented based on Residential, Commercial, Industrial and Others. In residential applications, LED lighting is popular for its energy efficiency and longevity, offering cost savings and enhanced aesthetics for homeowners. In the commercial sector, businesses adopt LED lighting for its versatility, customizable features, and potential for reducing operational costs through improved energy efficiency and maintenance savings. In industrial settings, LED lighting provides durable, high-performance illumination solutions, enhancing safety, productivity, and operational efficiency in manufacturing facilities, warehouses, and logistics centers.
Based on the Product, the market has been divided into Lamps and Luminaires. The luminaries segment dominated the market in 2021 and lamps is projected to be the faster-growing segment during the forecast period, 2022-2030. This is because only troffers, high bays, street lighting fixtures, and track lighting use LED lights. The primary driver of the segment’s growth is the installation of more track lights and light poles as a result of expanding commercial building space and developing smart city initiatives.
Based on Application, the market has been divided into Indoor and Outdoor. The indoor lighting segment dominated the market in 2021 and outdoor lighting segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the rise in demand from supermarkets, shopping centers, and retail enterprises for high-intensity discharge and fluorescent bulb replacements. LED lighting is less expensive and generates less heat than previous lighting options.
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Regional Analysis
The LED Lighting market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. Asia-Pacific dominates the LED Lighting market due to several factors. The LED lighting market was led by Asia Pacific (APAC) in 2019. This is explained by the growing number of smart homes being built, the concomitant developments in technology, and the growing environmental issues. The European Commission predicts that in the upcoming years, APAC will grow at the fastest rate. In recent years, LED lighting has advanced, particularly in Southeast Asia. This is due to the high rates of urbanization in Southeast Asia, which has led to a massive growth in the construction of residential complexes. From 2016 to 2023, the Chinese market is predicted to expand at a CAGR of 35%, a sharp rise. On the other hand, Europe is anticipated to have significant development because of the government’s ban on the use of less efficient lighting, such as CFL, and the incentives and rebates associated with LED installation in the residential and commercial sectors.The North America region has been witnessing remarkable growth in recent years. From 2022 to2030, the North American LED lighting market is anticipated to expand at a notable CAGR. This is because there are a lot of market participants and more people are using LED lights.