LED Lighting Market is expected to reach $134 billion, growing at a CAGR of 9.1% between 2021-2031

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.

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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.

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.

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• 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.

Market Segments:

By Product:
• Lamps
• Luminaries

By Application:
• Commercial
• Residential
• Industrial

By Distribution Channel:
• Online
• Distributors
• Retailers

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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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