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LED Lighting Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence
• The global LED Lighting Market size was valued at USD 58.2 billion in 2022 growing at a CAGR of 11.20% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global LED Lighting Market size accounted for USD 58.2 Billion in 2022, growing at a CAGR of 11.20% from 2023 to 2033. The LED (Light Emitting Diode) lighting market refers to the industry involved in the production, distribution, and sale of lighting products that utilize LED technology. LED lighting is an energy-efficient and long-lasting alternative to traditional lighting solutions such as incandescent and fluorescent bulbs. LEDs emit light when an electric current passes through a semiconductor material, making them highly versatile for various applications.
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the growing demand for sustainable products is also driving the growth of the LED lighting market. LEDs are a more environmentally friendly lighting solution than traditional technologies, as they produce less waste and have a lower carbon footprint.
Key Players
Some of the major LED Lighting Market players holding high market shares include Phillips Lighting Holding B.V., GE Lighting, Osram Licht AG, Cree Inc, Cooper Lighting Solutions and Virtual Extension Dialight PLC. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Zumtobel Group, Samsung Electronics, Sharp Corporation and Eaton Corporation.
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Segmental Analysis
Based on Type, the LED Lighting Market is segmented into lamps and luminaries. The luminaries segment dominated the market. This is due to the LED lights are utilized only in track lighting, high bays, troffers, and street lighting fixtures. The installation of additional track lights and light poles as a result of the growing commercial building space and evolving smart city initiatives is the main factor driving the segment's growth. Hence, rising utilization of LED lights for the development of the cities are anticipated to positively impacts the market growth.
Based on End Use, the LED Lighting Market is segmented into indoor lighting and outdoor lighting. The indoor lighting segment dominated the market. The growth in demand for high-intensity discharge and fluorescent bulb replacements from supermarkets, shopping centres, and retail establishments is the cause of this. Compared to other lighting solutions, LED lighting produces less heat and is more affordable.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
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