Global Led Lighting Market to Reach USD 127.42 billion by 2028

According to the latest research by SkyQuest Technology, the Global Led Lighting Market was valued at USD 55.5 billion in 2021. It is expected to reach USD 127.42 billion by 2028, with a CAGR of 10.5% during the forecast period of 2022-2028. The research provides up-to-date led lighting market analysis of the current market landscape, latest trends, drivers, and overall market environment.

In many countries throughout the world, LED lighting is becoming more and more popular. For instance, New York planned to replace 250,000 of its streetlights with LEDs, which was to be followed by the replacement of ornamental lighting in urban areas. In Barcelona (Spain), more than 3,000 LED-based smart streetlights have been installed, and they are collecting data on noise, humidity, pollution, and other environmental conditions. Additionally, according to predictions made by the US Department of Energy (DOE), light-emitting diodes will account for more than 75% of outdoor luminaire exports by 2020. (LEDs). Furthermore, assuming an additional 50% increase in LED luminaire efficacy over existing levels by 2020

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It is possible to reduce electricity costs by an estimated USD 18 billion by switching to energy-efficient LEDs. More than 160 million metric tonnes of carbon dioxide emissions each year can be decreased. Lighting consumes 10 percent of the electricity consumed in houses and 18 to 40 percent in commercial structures. Energy conservation is becoming more and more in demand on a global scale, creating new business prospects. By 2030, it is projected that switching to energy-efficient lighting will reduce the global demand for electricity for lighting by 30 to 40%.

Consumer concern for the environment, the durability of these lights, and government requirements for energy efficiency are all driving factors behind the growing use of LEDs. For instance, as part of its green initiatives to make its lighting and fixtures more energy-efficient, the Chennai Airport ordered six sets of LED base lights for disaster assistance.

Read Market Research Report, "Global Led Lighting Market By Application (Indoor, Outdoor), End-User (Commercial, Residential, Industrial, Others), and Region -Forecast and Analysis 2022-2028" by SkyQuest.

Energy conservation is now more important than ever because of global warming, especially as lighting accounts for about 15% of yearly worldwide electricity usage and 5% of greenhouse gas (GHG) emissions. The Paris Agreement, which was signed by more than 190 nations to combat global warming and keep temperature increases below 2°, serves as a framework for creating laws that encourage the use of energy-efficient technologies. Implementing an efficient lighting program is a typical way for a nation to have a positive environmental impact on the world by lowering the production of GHG emissions from fossil fuel-based electricity generation to achieve clean energy and carbon neutrality goals. Lighting is a common necessity around the world.

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For residential and commercial applications, LED lighting has surpassed the purchase of fluorescent lighting, and the proportion of LED technology is anticipated to rise in the upcoming years. Global LED bulb and lighting fixture sales must reach 100% by 2025 in order to meet the target of net-zero emissions by 2050. As one of the main development drivers for the LED lighting industry, this is anticipated to hasten the adoption of LED lighting technology in the upcoming years.

Customers are drawn to LED lighting because it has benefits like lower heat emission, brighter light, energy savings, and low cost. The advantages of LED lighting over other types of lighting, as well as the strong demand for residential and commercial applications from the building industry, are what are likely to propel the market.

In order to draw customers, automakers are now concentrating on releasing automobiles with a distinctly contemporary appearance. LED lighting solutions give manufacturers the freedom to create goods with intricate designs in small, aesthetically pleasing packages, which has led to a high rate of adoption of LED lighting solutions by the automotive industry. The target market is anticipated to expand as a result of the increased adoption of LEDs by automakers in the headlight, fog light, and interior illumination applications.

Additionally, the industry is growing as a result of quick advances in semiconductor technology as well as supportive government programs and laws to promote the use of LED lighting. The launch of cutting-edge goods with a long lifespan, Wi-Fi functionality, millisecond switching, and flicker-free design by major manufacturers is projected to assist the expansion of the target market. As an illustration, Signify N.V., a producer of lighting solutions, announced the introduction of smart LED downlighters, T-Bulb, T-Beamer, and Batten under the Wiz smart bulb brand portfolio in August 2021. Wi-Fi-operated, recently released products are anticipated to bring in new clients to help business expansion.

The target market is anticipated to grow favorably as a result of an obvious increase in industrial construction activities and increased demand for energy-efficient lighting solutions. However, the global COVID-19 pandemic has slowed down infrastructure development and building operations, resulting in low demand for LED lighting. Low consumer understanding of installation costs is another factor impeding market expansion.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about the led lighting Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

What does this Report Deliver?
Market Estimation for 20+ Countries
Led Lighting Market demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional, and Country-specific Led Lighting Market Trends
Comprehensive Mapping of Led Lighting Industry Parameters
Attractive Investment Proposition in the Global Led Lighting Industry
Competitive Strategies Adopted by Led Lighting Market Key Players
Drivers, Restraints, Opportunities, Challenges, and the impact on the Led Lighting Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and Led lighting market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities, and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and Led Lighting Market Sales
Parent market analysis
Product portfolio benchmarking

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SkyQuest has segmented the Global Led Lighting Market based on Application, End-User, and Region:
Global Led Lighting Market by Application (Revenue, USD billion, 2021 - 2028)
Indoor
Outdoor
Global Led Lighting Market by End-User (Revenue, USD billion, 2021 - 2028)
Commercial
Residential
Industrial
Others
Global Led Lighting Market By Region (Revenue, USD billion, 2021 - 2028)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

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