Press release
LED Lighting Market Size to Reach USD 154.29 billion by 2030, while Exhibiting a Stellar CAGR of 10.4%
Meticulous Research®-a leading global market research company, published a research report titled, 'LED Lighting Market by Offering (Lamps, Luminaires), Type (Smart LED, Conventional LED), Application (Indoor (Residential, Commercial & Industrial), Outdoor (Highways, Roadways, Others), Installation Mode (New, Retrofit), Geography - Global Forecast to 2030.'According to this latest publication from Meticulous Research®, the LED lighting market is projected to reach $154.29 billion by 2030, at a CAGR of 10.4% from 2023 to 2030. The growth of the LED lighting market is driven by the increasing demand for energy-efficient lighting systems and the longer lifespan of LED lights compared to conventional lighting. In addition, rising government initiatives to reduce energy consumption and greenhouse gas emission are expected to offer significant market growth opportunities. However, the high costs of LED lighting restrain the growth of this market.
The LED lighting market is segmented based on offering, type, application, and installation mode. The study also evaluates industry competitors and analyzes the regional and country-level markets.
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Based on offering, the LED lighting market is segmented into lamps and luminaires. In 2023, the lamps segment is expected to account for the larger share of the global LED lighting market. The large market share of this segment is mainly attributed to the potential energy- and money-saving benefits offered by LED lamps and the rising adoption of LED lamps in various applications such as street lights, parking garage lighting, outdoor area lighting, refrigerated case lighting, modular lighting, and task lighting. However, the luminaires segment is expected to record the highest CAGR during the forecast period.
Based on type, the LED lighting market is segmented into conventional LED lighting and smart LED lighting. In 2023, the conventional LED lighting segment is expected to account for the larger share of the global LED lighting market. The large market share of this segment is the growing demand for energy-efficient lighting solutions, supportive government regulations, urbanization, infrastructure development, and increased awareness of the benefits and durability of LED lights. However, the smart LED lighting segment is expected to record the highest CAGR during the forecast period.
Based on application, the LED lighting market is segmented into indoor and outdoor. In 2023, the outdoor segment is expected to account for the larger share of the global LED lighting market. The large market share of this segment is primarily attributed to the increasing adoption of energy-efficient lighting solutions, government initiatives aimed at promoting energy efficiency, infrastructure modernization, declining prices of LEDs, and the widespread use of LEDs in outdoor lighting applications such as architectural lighting, highways, roadways, and public spaces. However, the indoor segment is expected to record the highest CAGR during the forecast period.
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Based on installation mode, the LED lighting market is segmented into new installation and retrofit installation. In 2023, the new installation segment is expected to account for the larger share of the global LED lighting market. The large share of this segment is primarily attributed to the increasing adoption of LED lighting across various end-use industries, the growing focus on achieving net-zero emissions through energy-efficient solutions, and the rising demand for eco-friendly lighting products. However, the retrofit installation segment is expected to record the highest CAGR during the forecast period.
Based on geography, the LED lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the LED lighting market. Europe's major market share is attributed to the growing awareness about energy conservation, favorable government policies promoting energy efficiency and environmental protection, high disposable income levels, improved standard of living, and widespread deployment of LED lighting solutions across residential, commercial, and government sectors.
However, Asia-Pacific is expected to register the highest CAGR during the forecasted period. The growth of this regional market is driven by the increasing government initiatives aimed at promoting energy-efficient lighting systems, an increasing number of smart city projects, and substantial investments by governments in public infrastructure development.
Key Players
The key players operating in the LED lighting market are Acuity Brands, Inc. (U.S.), Cree Lighting (U.S.), Dialight (U.K.), Digital Lumens, Incorporated. (U.S), Hubbell (U.S.), LSI Industries Inc. (U.S.), Panasonic Holdings Corporation (Japan), Siteco GmbH (Germany), Signify Holding (Netherlands), Zumtobel Group (Austria), OSRAM GmbH (Germany), LG Electronics (South Korea), Samsung Electronics Co., Ltd. (South Korea), Fagerhult (Sweden), and TRILUX GmbH & Co. KG (Germany).
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Key questions answered in the report-
• Which are the high-growth market segments in terms of offering, type, application and installation mode?
• What was the historical market for LED lighting?
• What are the market forecasts and estimates for the period 2023-2030?
• What are the major drivers, restraints, and opportunities in the LED lighting market?
• Who are the major players in the LED lighting market, and what are their market shares?
• How is the competitive landscape in the LED lighting market?
• What are the recent developments in the LED lighting market?
• What are the different strategies adopted by the major players in the LED lighting market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global LED lighting market, and how do they compete with the other players?
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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