LED Lighting Market Share Forecasts with 10.7% of CAGR by 2028 - Exclusive Report by The Insight Partners

LED is one of today's most energy-efficient and rapidly developing lighting technologies with major applications in automotive lighting, general edge lighting, and backlighting. The adoption of LED lighting is increasing in almost all major end uses such as industrial, residential, and commercial buildings, outdoor application areas, and government bodies. Few of the latest trends likely to impact the growth of LED lighting market are LED grow lights for indoor farming, rising application of led lighting in automotive industry, human-centric LED lighting for enhanced efficiency, Li-Fi optical wireless communication, and IoT-based smart lighting solutions. Various types of LED lighting products are industrial and commercial lighting, under-cabinet lighting, recessed downlights, led replacement bulbs, and led holiday lights. Further, LED lights consume less electricity as compared to incandescent bulbs and decorative LED light strings, which leads to increased demand for LED lighting products.

LED Lighting Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type ( Lamps, Luminaires ); Application ( Indoor Lighting, Outdoor Lighting ); End-user ( Industrial, Commercial, Residential, Government Bodies ), and Geography

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Market Size Value in - US$ 57.5 Billion in 2021
Market Size Value by - US$ 117.1 Billion by 2028
Growth rate - CAGR of 10.7% from 2022 to 2028
Forecast Period - 2022-2028
Base Year - 2021
No. of Pages - 150
Historical data available - Yes
Segments covered - Product Type, Application, End-user, and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Infrastructure development activities are increasing across the globe. As a result, the demand for LED lamps and luminaires has been growing, thus contributing to the LED lighting market expansion. LEDs are highly efficient and have extended life. Their applications in indoor and outdoor environments are expected to increase due to low operating costs and decreased heat losses over incandescent lights. Moreover, transitioning from traditional to green lighting and higher energy-efficiency standards have increased the demand for LED lighting. Further, various strategic initiatives taken by the market players is also anticipated to drive the market growth. For example, in July 2021, Cree Lighting announced the completion its project in the City of Sandy, Oregon, which aimed at converting city's streetlights from high-pressure sodium lamps to LED lamps.

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IMPACT OF COVID-19 PANDEMIC

In 2020, the COVID-19 pandemic negatively impacted the global LED lighting market. Strict lockdowns and temporary suspensions of construction sites led to a decline in the demand for LED lighting. However, in the second quarter of 2021, with the resumption of construction activities, the LED lighting market witnessed growth, thus leading to its market growth.

The reports cover key developments in the LED lighting market. Various companies focus on organic growth strategies such as product launches, approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the LED lighting market are anticipated to experience lucrative growth opportunities with the rising demand for LED lighting in the coming years. The list of a few companies engaged in the LED lighting market is mentioned below:

- Philips Lighting
- Sharp Corporation
- Cree Inc.
- Nichia Corporation
- General Electric Lighting
- Samsung Electronics
- OSRAM Licht AG
- Panasonic Corporation
- Cooper Industries, Inc.
- Toshiba International Corporation

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