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LED (Light-Emitting Diode) Neon Lights Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033
LED (Light-Emitting Diode) Neon Lights Market
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According to The Business Research Company's, The led (light-emitting diode) neon lights market size has grown strongly in recent years. It will grow from $1.25 billion in 2023 to $1.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to energy efficiency drive, environmental awareness, customization and design flexibility, cost-effectiveness.
The led (light-emitting diode) neon lights market size is expected to see strong growth in the next few years. It will grow to $1.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand in various industries, urbanization and infrastructure development, rising popularity in home décor, e-commerce growth. Major trends in the forecast period include technological innovations, smart led neon lights, sustainable materials and manufacturing, artistic and custom designs, interactive and dynamic lighting.
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Market Drivers and Trends:
Growing commercial and non-commercial buildings are expected to propel the growth of the LED neon lights market going forward. A commercial building refers to any non-residential structure that is not agricultural, industrial, or institutional. A non-commercial building is any structure or building not used for a commercial enterprise or as a residential residence. LED neon lights offers a clever approach to create a brighter and more even illumination. For instance, in September 2022, according to the University of Michigan's Center for Sustainable Systems, a US-based organization that develops systems analysis techniques, models, and indicators for developing sustainable futures, in the US commercial building floor space is anticipated to expand by 35% from 2021 and expected to reach 124.6 billion square feet by 2050. In addition, the average size of US homes expanded by 45% in 2021, from 2,185 to 2,565 square feet. Therefore, growing commercial and non-commercial buildings are driving the growth of the LED neon lights market.
Product innovation is the key trend gaining popularity in the LED (light-emitting diode) neon lights market. Major companies operating in the LED neon lights market are focusing on developing new products to sustain their position in the market. For instance, in February 2022, Environmental Lights, a US-based provider of LED lighting solutions, launched Pixel EcoFlex 4-in-1 LED Neon. The unique feature of this product is its ability to let consumers combine RGB (red, green, and blue) with 3000K white, 6500K white, or amber in a vertical bending or horizontal bending profile. The light can be wrapped around three-dimensional structures using the vertical bending version's ability to bend up and down. Each pixel can be independently controlled with the Pixel EcoFlex 4-in-1 LED Neon.
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Major Key Players of the Market:
Eaton Corporation, OSRAM Licht AG, Everlight Electronics Co. Ltd., Sylvania Lighting, Lightstec Co. Ltd., JKL Components Corporation, Elstar Electronic Co. Ltd., Cleanlife Energy LLC, North Star Lighting LLC, Nova Flex LED, Beyond LED Technology, NeonPlus, Custom Neon, Shenzhen Ipixel Led Light Co. Ltd., Neon Poodle, Bag&Bones, Elemental LED Inc., LEDYi Lighting, Guangzhou RC Lighting Co. Ltd., Honest Exhibition Limited, Inciseon LLC, LED Neon Flex, Sgi Lighting Inc., Solid Apollo LED, Tekhol Optoelectronic Technology Co. Ltd.
LED (Light-Emitting Diode) Neon Lights Market 2024 Key Insights:
• The led (light-emitting diode) neon lights market size is expected to see strong growth in the next few years. It will grow to $1.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Growing Commercial And Non-Commercial Buildings
• Environmental Lights Introduces Pixel Ecoflex 4-In-1 Led Neon, Redefining Possibilities In The Led Neon Lights Market
• Asia-Pacific was the largest region in the LED (light-emitting diode) neon lights market in 2023
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