LED Lighting Market Will Reach USD 152,842.0 Million by 2030

The global LED lighting market was valued at USD 68,954.7 million in 2022, and this number is expected to reach USD 152,842.0 million by 2030, advancing at a CAGR of 10.5% during 2022-2030, as per P&S Intelligence.

The increasing need for energy-effective solutions along with the development in infrastructure, the snowballing government initiatives regarding the acceptance of LED lights, and the mounting sales of horticulture lighting are major reasons driving the sales of such lights.

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The declining cost of lights is an additional key reason for the market growth. The reduced cost has led to their advanced usage for numerous applications, such as industrial, residential, and commercial lighting. Because of the enhancements in technologies, the cost of production is significantly reduced while the effectiveness and lifespan of LED lights have enhanced remarkably in the past few years. Because of this, there has been a notable drop in the cost of lights.

In 2022, the luminaire category held the highest revenue in the market of above USD 40 billion. This is credited to the extensive demand for luminaires, mainly from newly built commercial and residential buildings. Additionally, with increasing government initiatives regarding their adoption, the manufacturing of such luminaires is estimated to surge in the future. These lights are installed on tunnels, high bays, troffers, tracks, streets, and others.

The retrofit installation category is projected to experience higher growth, advancing at a rate of 10%, in the coming years. This can be ascribed to the increasing replacement of sodium-vapor lamps and incandescent bulbs with LEDs in several countries, including India, South Korea, China, South Korea, and the U.S. Furthermore, with the phasing out of incandescent bulbs in such countries, the demand for lamps for retrofit deployment is growing, which enhanced the sales in this category.

APAC is leading the LED lighting market, accounting for the largest revenue share, of approximately 50%, in 2022. This is credited to the snowballing demand for LEDs from the housing sector, principally in countries like India, South Korea, and China, due to increasing per capita income, the presence of a large number of businesses functioning in such countries, and the development in the construction of residential establishments.

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Furthermore, because of the growing population, promising infrastructure growth activities in emerging economies, and increasing government initiatives with a concentration on energy effectiveness, the demand for industrial and commercial applications is rising, hence driving the manufacturing of LEDs in the region.

Hence, the increasing need for energy-effective solutions along with the development in infrastructure, the snowballing government initiatives regarding the acceptance of LED lights, and the mounting sales of horticulture lighting are major factors that will drive the LED lighting market in the future.

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