With 8.5% CAGR, LED Lighting Market Growth to Surpass USD 118.4 billion

The LED Lighting Market is projected to reach USD 118.4 billion by 2029 from USD 78.9 billion in 2024; it is expected to grow at a CAGR of 8.5% from 2024 to 2029. Government initiatives to reduce energy consumption and cut down GHG emissions from public electricity and heat production, continuous decline in prices of LED chips and other components of lighting systems, growing adoption of wireless LED lighting technology for outdoor applications, and rising adoption of LED lighting in horticulture sector are presenting lucrative opportunities in the LED Lighting Market. Ongoing release of new innovative LED products due to constant technological advances, and LED lighting positively impacting human health & well-being are few of the drivers of LED Lighting Market.

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Based on Product Type, Lamps to hold the largest market share in 2023. In 2023, the lamps segment is projected to dominate a significant portion of the LED lighting market. A-type and T-type lamps, particularly prevalent in residential settings, contribute to the substantial market size of the overall lamps category compared to luminaires. Key factors driving the expansion of the LED lamps market encompass superior energy efficiency with minimal maintenance costs, an extended average lifespan compared to traditional lamps, the ready availability of LED lamps in diverse color options, and heightened consumer interest in high-lumen, low-wattage products for substantial cost savings.

Based on Application, the Indoor segment is to hold the largest market share in 2023. This trend is anticipated to persist throughout the forecast period. Significant factors propelling the expansion of the LED Lighting Market for indoor applications include the growing inclination of household users towards energy-efficient lighting solutions and the escalating number of construction projects dedicated to developing energy-efficient residential and commercial structures. Likewise, the manifold advantages associated with LED lamps and luminaires, such as cost reduction, energy efficiency, environmental friendliness, and prolonged lifespan, play a pivotal role in fostering the growth of the LED Lighting Market for indoor applications.

Based on Installation, New installation segment to hold the largest market share in 2023. The term "new installation" pertains to the complete installation of modern LED lighting systems, incorporating state-of-the-art LED lamps and luminaires. The integration of new LED light fixtures is seamlessly achievable in newly constructed projects, akin to other lighting technologies. In contrast to retrofit installation, which involves a partial upgrade of lighting systems, new installation necessitates the comprehensive replacement of a traditional lighting setup. This entails the phased removal of the existing lamp, along with its associated controls and fixtures, to make way for the installation of LED lamps and their corresponding controls and fixtures. Comparing LED lighting fixtures to retrofitting, a noteworthy divergence lies in the cost implications. LED lighting fixtures can incur higher expenses due to the need for a complete overhaul of the existing lighting infrastructure, involving additional costs associated with hiring a qualified electrician.

Based on Sales Channel, retail/wholesale segment to hold the largest market share in 2023. Between 2024 and 2029, the retail/wholesale segment is poised to dominate the market share, emerging as the preferred choice among consumers. This preference is driven by the abundant availability of retail stores and the numerous advantages associated with this option, including superior product quality, on-site product verification, and immediate product availability. Key factors fueling the growth of this segment include the distribution of products through retailers, dealers, and affiliates within the retail or wholesale framework. Typically, these channel partners boast established footprints in local markets, enabling them to reach customers efficiently at minimal costs.

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Based on Region, Asia Pacific region presents significant opportunities for the LED Lighting Market. Asia Pacific is anticipated to take the lead in the LED lighting market throughout the forecast period, demonstrating the highest CAGR. The prominent driver behind the growth of the LED lighting market in Asia Pacific is the escalating demand for LED lighting solutions in key economies, including China, India, Japan, Australia, and South Korea. Additionally, the upsurge in construction activities across residential, commercial, and industrial sectors in developing economies within the Asia Pacific region, including Southeast Asian countries, further propels the expansion of the LED lighting market in this geographical area.

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