LED Lighting Market growing at a CAGR of 9.1% to reach $134 billion by 2031

LED Lighting market is expected to reach $134 bn by 2031, growing at a CAGR of 9.1% between 2021-2031.

LED lighting is a type of lighting that uses light-emitting diodes (LEDs) as the source of light. LEDs are semiconductor devices that convert electrical energy into visible light. LED lighting is more energy-efficient and has a longer lifespan than traditional lighting such as incandescent and fluorescent lighting.

There are a few different types of LED lighting:

- Standard LED bulbs - These are the most common type of LED bulbs and can be used in a variety of applications, including general lighting, task lighting, and accent lighting.
- Flood lights - Flood lights are a type of LED light that is designed to provide a wide, even beam of light. They are often used for outdoor lighting, such as security lighting or landscape lighting.
- High-intensity discharge (HID) LED lights - HID LED lights are a type of LED light that is very bright and is typically used in industrial and commercial applications, such as warehouse lighting or street lighting.
- Light-emitting diode (LED) lamps - LED lamps are a type of LED light that is designed to mimic the light output of traditional incandescent bulbs.

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COVID-19 Impact:

The impact of covid on LED lighting market was mainly felt in the short term, as the lockdown led to a decrease in demand from the construction and hospitality sectors. However, the long-term impact is expected to be positive, as the move to LED lighting is seen as a way to reduce energy costs.

Key Trends and Drivers:

- The growing number of smart city projects around the world is driving up demand for smart lighting solutions for highway and roadway applications. Governments in a number of nations, including India, Italy, Germany, and China, are focused on strategic partnerships to construct smart cities, thereby increasing market representation.
- The increased emphasis on environmental protection has a considerable impact on the lighting sector. Energy conservation has become one of the most prioritized implementation initiatives throughout the years, and LED lighting adoption contributes greatly to energy conservation.
- The growing acceptance of LEDs, as well as the development of LED drivers, are creating strong market potential for commercial interior lighting. Integration of Li-Fi technology in intelligent lighting is critical to the industry's growth.

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Restraints and Challenges:

- In numerous nations, investors are having difficulty establishing new light industrial hubs, owing to rigorous government policies, which include environmental norms and regulations. Other obstacles that investors and manufacturers must overcome before establishing a factory include high capital expenses, large investments in research and development, inefficient raw material supply, logistics inefficiencies, and a lack of innovative production equipment. These reasons are limiting this market's growth in developing countries.
- Despite the fact that smart lighting systems are energy-efficient lighting solutions that can save money in the long term, the initial cost is expensive owing to the cost of the equipment as well as integration and installation services. As a result, the cost of installing smart lighting is higher than that of traditional lighting systems due to the high cost of software, control systems, and LED light sources required for smart lighting solutions. The deployment of smart lighting control technologies is hampered by this problem.

Market Segments:

- By Product:
Lamps
Luminaries

- By Application:
Commercial
Residential
Industrial

- By Distribution Channel:
Online
Distributors
Retailers

Key Companies:

- Acuity Brands Lighting Inc.
- Dialight
- Hubbell
- Panasonic Corporation
- Siteco GmbH
- MIC Electronics Ltd.
- Havells India Ltd.
- InstaPower Ltd.
- Phillips Lighting Holding B.V.
- Cooper Industries Inc.

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This release was published on openPR.