LED Lighting Market Projected to reach $124.7 billion by 2027

According to MarketsandMarkets, the LED lighting market size is estimated to be USD 75.3 billion in 2022 and projected to reach USD 124.7 billion by 2027, at a CAGR of 10.6% during the forecast period.

The market is driven by factors such as a stringent regulations and constant initiatives of the government to reduce energy consumption, rapid urbanization, and technological advancements, and increasing construction activities in residential, commercial, and industrial segments in developing economies across the globe

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Downlighting to dominate luminaires segment due to increasing number of residential, construction, and industrial infrastructure projects. Surging adoption of integrated downlight luminaires; and the growing preference of contractors for LED downlights in retrofit projects to offer substantial opportunity in overall LED lighting market. Downlight is recessed through the ceiling and output light directly downward in a narrow beam. It is like a beautiful luminous source that emits light from the ceiling source. The lamp body hides the ceiling inside, unlike traditional lighting fixtures. It makes the ceiling more coordinated. Reflector (R), bulged reflector (BR), and parabolic reflector (PAR) lamps are used in downlighters, retrofit kits, and integrated downlight luminaires.

Sports complexes are expected to register the highest CAGR in the LED lighting market for outdoor applications during the forecast period as these places require focused, high-intensity lighting. This condition can be easily fulfilled by LED lighting. Hundreds of sporting arenas and stadiums have already begun retrofitting their facilities with LED lights. LED lighting features a wide beam angle, ensuring optimal light spread throughout the stadium. Stadium LED lighting range offers incredible energy savings of up to 75% and eliminates maintenance overheads. More stadiums are expected to switch to LED lighting in the near future.

Direct sales channels are expected to provide lucrative opportunities for market players during the forecast period. As consumers' buying behaviour is changing, online sales channels are expected to record significant growth in the coming years. Direct sales channels also include contract-based sales, mainly in commercial and larger outdoor projects wherein LED technology is also gaining momentum. The majority of commercial lighting projects and large building and infrastructure project development contractors prefer direct sales or contract-based channels to meet the lighting requirements of their customers. The direct sales channel has several benefits as it eliminates any third-party interference, thereby reducing procurement costs.

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Based on geography, the LED lighting market has been divided into Americas (North America, and South America), Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Increasing construction activities in Asia Pacific contribute significantly to the growth of the LED lighting market in the region. There are several new opportunities for energy-efficient lighting and advanced lighting systems in the next few years as ~200 million and 18 million homes are expected to be constructed in China and India, respectively, in the near future (as per respective government websites). The emerging economies of China and India are also impacting the overall market significantly. New building energy conservation law that aims to reduce energy consumption in residential and non-residential buildings in Asia Pacific region is expected to support market growth during the forecast period.

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This release was published on openPR.