Company Logo

LED Lighting Market Is Expected To Drive The Growth At A CAGR Of 10.5% from 2022 to 2030

New Business Consulting

Updated on Oct 11, 2023

View more like this | Visit United States Minor Outlying Islands, UN | Contact Market Research Reports
Image for LED Lighting Market Is Expected To Drive The Growth At A CAGR Of 10.5% from 2022 to 2030 with ID of: 5358944

LED Lighting Industry Overview

The global LED lighting market size is anticipated to reach USD 132.96 billion by 2030, expanding at a CAGR of 10.5% from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing consumer demand for energy-efficient lighting solutions is expected to increase demand for LED lighting products such as A-lamps and T-lamps. LED lighting offers advantages such as less heat emission, more bright light, energy-saving, and low cost which is attracting consumers. These mentioned benefits of LED lighting compared to other lighting solutions and high demand from the construction sector for residential & commercial applications are factors expected to drive market.

 

LED Lighting Market Segmentation

Grand View Research has segmented the global LED lighting market on the basis of product, application, end use, and region:

 

Based on the Product Insights, the market is segmented into Lamps and Luminaires.

  • The LED luminaires segment accounted for the highest market share of 55.7% in 2021 and continued its dominance in the global market. LED luminaires comprise the lights used on high bays, track lights, streetlights, troffers, etc. Rising smart cities projects, coupled with increasing commercial construction activities are resulting in the new installation of streetlights and track lights which is a primary reason to support the segment growth.
  • The LED lamp segment is anticipated to register the highest CAGR over the forecast period owing to the increasing adoption of LED lamps in the residential sector. LED lamps are available in various designs and provide benefits such as better energy efficiency and high stability compared to other solutions such as incandescent lamps and CFL. Likewise, the government's approach toward rising LED awareness among consumers to lower/manage energy usage are factors expected to support the target market growth.

 

Based on the Application Insights, the market is segmented into Indoor and Outdoor.

  • The indoor segment accounted for over 68.0% revenue share in the global market in 2021. This can be attributed to increasing demand from supermarkets, malls, and retail stores for efficient lighting solutions compared to fluorescent and High-Intensity Discharge (HID).
  • The outdoor segment is expected to witness moderate growth over the forecast period. This can be attributed to increasing infrastructure development projects related to airports, highways, and public places. In addition, increasing government initiatives to attain net-zero emission by lowering energy consumption is expected to increase demand for LEDs lights for outdoor applications.

 

Based on the End-Use Insights, the market is segmented into Commercial, Residential, Industrial, and Others.

  • The commercial segment dominated the LED lighting market in 2021 and accounted for more than 52.2% of the global revenue share. The commercial construction sector across the globe is witnessing rapid growth and demand for advanced lighting solutions among museum, exhibition, and gallery owners for better lighting applications are responsible factors expected to support the market growth.
  • The residential sector is witnessing faster growth globally, which is augmenting the adoption of lamps, floor lamps, cabinet lights, etc. Typically, the efficiency of LEDs used in the residential sector is expected to be over 100 lumens per watt (lm/W). Also, many developed countries are using LED with an efficiency of 110 lm/W to 130 lm/W. Thus, rapid advancement in LED efficiency is expected to support the target segment growth.

 

LED Lighting Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

Favorable business policies by the government of developing countries and backed by new venture capital firm is resulting in the emergence of new entrants in the market with an innovative solution. Likewise, major players are inclining towards acquiring major market share through strategic business acquisitions.

Some prominent players in the global LED lighting market include

  • Acuity Brands Lighting Inc.
  • Cree Lighting
  • Dialight
  • Digital Lumens Inc.
  • Hubbell
  • LSI Industries Inc.
  • LumiGrow
  • Panasonic Corporation
  • Siteco GmbH
  • Signify Holding
  • Semiconductor Co. Ltd.
  • Zumtobel Group Ag

 

Order a free sample PDF of the LED Lighting Market Intelligence Study, published by Grand View Research.

 

goodideazs, LLC is not affiliated with the authors of this post nor is it responsible for its content, the accuracy and authenticity of which should be independently verified.