Global LED Lighting Market Size To Grow USD 160 Billion By 2030 | CAGR of 10% (2024)

New York, United States , Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global LED Lighting Market Size to grow from USD 80 billion in 2021 to USD 160 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 10% during the forecast period. Rising construction in both developing and developed countries, together with government laws limiting the use of inefficient lighting systems, are the primary factors anticipated to drive the market. The Indian LED lighting market is highly fragmented, with many domestic and international players in the country. Due to the fragmented nature of the market, the competition among the players is high.

Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.

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The market is being driven by a number of important factors, including rising consumer interest in high lumen, low watt products, easy availability in a variety of colour combinations, and rising demand for highly energy-efficient lighting systems with low maintenance costs. LED lamps also have a longer lifespan than conventional lamps. An LED is essentially a semiconductor light source that aids in the conversion of electrical energy into light energy. In place of incandescent light sources, these components are frequently utilised in lamps. LED lighting is actually the fastest-growing and most energy-efficient lighting technology on the market today. In addition to this, LED lights provide better longeivity, a longer operating life, and better lighting quality than conventional lighting technologies. Manufacturing lighting components for commercial and domestic applications frequently uses LED lights. The governments of many nations have begun to fully support investments in energy-efficient lighting technologies through a variety of policies, which has increased the use of LED lights in the commercial, industrial, and residential sectors. In addition, government regulations for energy efficiency, consumer awareness of the environment, and the longevity of LED lights are encouraging the adoption of LED lighting, which has expanded the market for LED lighting globally. One of the main tactics used by manufacturers to include LEDs into exam lights, surgical illumination, endoscopy, and phototherapy in order to advance medical science technology is also one of the key drivers driving the expansion of the global LED lighting market. Due to the strict regulations and lockdowns put in place by the government following the start of the COVID 19 pandemic, the demand for LED lighting was significantly hampered. However, the second half of 2021 saw a minor improvement in construction as a result of projects being upgraded, which helped the global LED lighting market share steadily recover.

Browse key industry insights spread across 210 pages with 121 market data tables and figures & charts from the reportGlobal LED Lighting Market Size, Share, and COVID-19 Impact Analysis, By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), By Installation (New, Retrofit), By Sales Channel (Retail, Direct, e-Commerce), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 “ in detail along with the table of contents.

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LED Luminaires segment holds the highest market share of more than 55% over the forecast period.

On the basis of product, the global LED Lighting market is segmented into lamps and luminaires. Among these, luminaires segment holds the highest market share of over 55% over the forecast period and is anticipated to continue its dominance over the forecast period. This is due to the fact that all luminaires, including street lights, troffers, and high bays, are frequently employed in tracking lights. Due to the rise of commercial building space and different smart city programmes, new track lights and light poles are being installed more frequently, which is the key factor driving this segment's growth.

Indoor segment is dominating the market with the highest market share of more than 68% over the predicted timeframe.

Based on application, the global LED Lighting market is segmented into indoor and outdoor. Among these, indoor segment is dominating the market with the largest market share of over 68% over the forecast period. This is a result of malls, supermarkets, and retail organisations seeing an increase in demand for high intensity discharge and fluorescent bulb replacements. In addition, LED lighting generates heat and is more cost-effective than traditional lighting options. Aside from this, the segmental expansion is also being supported by the rising demand in public institutions like schools and hospitals.

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New Installations segment holds the largest market share over the forecast period.

On the basis of installation type, the global LED Lighting Market is segmented into New and Retrofit. Due to the surge in demand for simple-to-install and energy-efficient lighting systems in new commercial and residential buildings, the new installation segment is expected to have the greatest market share over the projection period. Additionally, new construction projects can simply instal the new LED light fixtures. After phase out the lamp, it totally substitutes a conventional lighting system.

Retail segment is anticipated to dominate the market with the largest market share.

Based on the sales channel, the global LED Lighting Market is segmented into retail, direct, e-commerce. The retail sector is predicted to have the biggest market share and be the most popular category during the course of the anticipated timeframe. The major market players have offices for sales and distribution in many locations, and they have partnered with several merchants to expand their clientele across various geographies. The main elements enhancing the segmental growth are, thus, the significant presence of numerous retail locations and the advantages associated with it, such as on-site product verification, high product quality, and instant product availability.

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Asia Pacific region is dominating the market with the largest market share.

Due to the rising demand for LED lighting solutions from growing countries like India, China, Japan, South Korea, and Australia, Asia Pacific is expected to see the greatest CAGR among all other regions in the next years. In addition to this, the rising number of building projects in these regions' commercial, residential, and industrial sectors is also contributing to the market's overall expansion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global LED Lighting Market include Acuity Brands Lighting Inc., Digital Lumens Inc., Cree Lighting, Hubbell, Dialight, LumiGrow, LSI Industries Inc., Siteco GmbH, Panasonic Corporation, Zumtobel Group AG, Signify Holding, Semiconductor Co. Ltd., Eaton Corporation, Helipspectra AB, OSRAM GmbH, General Electric Company, SYSKA LED and Others.

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Global LED Lighting Market Size To Grow USD 160 Billion By 2030 | CAGR of 10% (1)

Global LED Lighting Market Size To Grow USD 160 Billion By 2030 | CAGR of 10% (2024)

FAQs

Global LED Lighting Market Size To Grow USD 160 Billion By 2030 | CAGR of 10%? ›

NEW YORK — According to a new study by Straits Research, the global LED lighting market size was valued at USD 55 billion in 2021. It is projected to reach USD 130.75 billion by 2030, growing at a CAGR of 10.1% during the forecast period (2022-2030).

What is the global market size for LED lighting? ›

Pune, India, April 19, 2023 (GLOBE NEWSWIRE) -- The global LED Lighting Market size was valued at USD 77.79 billion in 2021 and the market is projected to grow from USD 85.02 billion in 2022 to USD 264.08 billion by 2029,exhibiting a CAGR of 17.6% during the forecast period.

What is the global lighting market worth? ›

Revenue in the Lamps & Lighting segment amounts to US$83.94bn in 2023. The market is expected to grow annually by 4.47% (CAGR 2023-2027).

What is the forecast for LED lighting? ›

The LED Lighting Market in terms of revenue was estimated to be worth $75.3 billion in 2022 and is poised to reach $124.7 billion by 2027, growing at a CAGR of 10.6% from 2022 to 2027.

How big is the smart lighting market? ›

The global smart lighting market size was valued at USD 10.9 billion in 2021. It is projected to reach USD 27.7 billion by 2026, growing at a compound annual growth rate (CAGR) of 20.5% during the forecast period. It was observed that the growth rate was 16.7% from 2021 to 2022.

What is the size of the US light bulb market? ›

The market size, measured by revenue, of the Lighting & Bulb Manufacturing industry was $1.3bn in 2022.

What percentage of lighting is LED? ›

Over 50% of the global lighting market uses LED technology.

What is the growth rate of the lighting market? ›

Report Overview. The global LED lighting market size was worth USD 70.94 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2023 to 2030.

Who is the market leader in the lighting industry? ›

GE holds the largest market share, followed by Koninklijke Philips N.V. and Cree, Inc. This is attributable to the production of various products with innovative lighting technology which allows the company to hold the large market share among the other light manufacturing companies.

What is the trend in lighting industry in 2023? ›

Several lighting professionals predict that in 2023, we'll be seeing greater layering of lights in interior spaces that offer more daily use and can generate diverse moods inside our interiors. This will be especially true in workplaces, where there are different working and operational zones that require illumination.

What is the smart lighting market forecast? ›

Smart Lighting Market Analysis

The Smart Lighting Market size is estimated at USD 19.42 billion in 2023, and is expected to reach USD 49.37 billion by 2028, growing at a CAGR of 20.52% during the forecast period (2023-2028).

Are LEDs the future energy savings with LED lighting? ›

LED vs Incandescent

LEDs last longer, are more durable, and offer better lighting control than incandescent lights. LEDs also use at least 75% less energy and last 25 times longer than incandescent lighting, according to energy.gov.

What is the next technology after LED? ›

According to Steven DenBaars, a researcher at the University of California at Santa Barbara (UCSB), we will be using lasers in the future. Laser diodes are much smaller than LEDs. A laser diode has a number of important benefits. In the first place, laser diodes are considerably smaller than their LED counterparts.

Who is the largest manufacturer of LED lights? ›

Top 10 Panel Light Manufacturers
  • Philips Lighting/Signify. Philips Lighting, now known as Signify, is one of the most recognized brands when it comes to LED lighting. ...
  • Osram Lighting. Osram is a German LED lighting company headquartered in Munich, Germany. ...
  • LG Electronics. ...
  • Nichia. ...
  • Samsung. ...
  • Panasonic. ...
  • Acuity Brands. ...
  • Eaton.
Feb 11, 2023

Who are LED lighting competitors? ›

Led Lighting's competitors and similar companies include BEGA, Quoizel, Feit Electric and Liteline.

How many light bulbs are sold in the US each year? ›

To meet all of your lighting needs, manufacturers sell approximately 2.5 billion light bulbs every year, generating around $1.2 billion in revenue.

Who is the biggest manufacturer of light bulbs? ›

GE Lighting

GE is one of the world's foremost lamp manufacturers – a descendant of the General Electric Company founded by Thomas Edison. Many of the products that we supply are made by GE: these include compact fluorescents, halogen reflector lamps, fluorescent tubes, discharge lamps and many other items.

What country makes the most light bulbs? ›

In 2021, China exported 1.248 billion LED bulbs to the United States, accounting for 18.09% of total LED bulb exports that year, with an export value of US$1.711 billion, accounting for 28.50% of the total export value. China is the world's largest producer and exporter of LED lighting products.

Are LED lights a trend? ›

LED lighting market trends have focused on drawing less power to create more light and have eliminated the need for toxic chemicals like mercury in their structure, which is harmful to the environment.

How many people like LED lights? ›

- According to the EIA, the number of US homes using LED as their main lighting option increased from 4% in 2015, to 47% in 2020. - This information comes from their latest Residential Energy Consumption Survey (RECS), completed in 2020-2021 and published in 2022.

Where are LED lights most used? ›

Industrial and Commercial Lighting

The high efficiency and directional nature of LEDs makes them ideal for many industrial uses. LEDs are increasingly common in street lights, parking garage lighting, walkway and other outdoor area lighting, refrigerated case lighting, modular lighting, and task lighting.

What is market rate of growth? ›

The rate at which a market's size is increasing. This is usually expressed as a percentage per annum. Market growth comparisons are a primary barometer of the progress of a business. The market growth rate is a key factor to be considered when calculating the development of a specific product in a particular market.

Are LED lights becoming more popular? ›

Recently, LED lights have become the go-to light source for all types of products. Another factor that pleases consumers is that the U.S. Department Energy has stated that LED technology has far surpassed other lighting options when it comes to saving energy, and improving on lowering energy costs.

How much does LED grow yield? ›

These days, you can count on LED lights to produce around 1-1.5 grams/watt, while the average yield for HPS grow lights is . 5 grams/watt.

Who is the CEO of LED? ›

David Jennings - ceo - led lighting limited | LinkedIn.

Who is the CEO of Current lighting Solutions LLC? ›

Steve Harris

What is the lighting industry? ›

Definitions of lighting industry. an industry devoted to manufacturing and selling and installing lighting. type of: industry. the people or companies engaged in a particular kind of commercial enterprise.

What are the latest lighting trends? ›

The new lighting trend toward the use of sustainable and natural materials continues into 2022 and lighting is no exception. Natural materials such as wood, glass, bamboo, fabric, seagrass, leather, and even paper have been seen previously. In 2022, we'll see even more use of twine, rope, burlap, and wood beads.

What is the future of light bulbs? ›

Future LED bulbs will cost less, consume less energy, last longer, and do much more than illuminate your home. The LEDs of the future will be able to create lights in multiple colors, stream music, and communicate alerts and data.

What is the automotive lighting market forecast? ›

NEWARK, Del, June 19, 2023 (GLOBE NEWSWIRE) -- The global automotive lighting market is anticipated to attain a valuation of US$ 37.1 billion in 2023 and is predicted to reach US$ 69 billion by 2033, trailing a CAGR of 6.4% during the forecast period.

Are LED lights a good investment? ›

LED lights are a great investment. Besides LEDs resulting in lower electric bills, it feels wonderful to know that your house or business building is using greener, more efficient lighting. In comparison to incandescent lamps, LEDs use substantially less energy.

Does smart lighting save money? ›

Smart Lights Use Less Electricity

Compare that to CFL light bulbs, which are only 25-30% more efficient than incandescent bulbs. In both scenarios, smart LEDs use less electricity and waste less energy as heat while providing the same light quality.

Why buy smart light? ›

They have lower energy consumption and last longer than incandescent bulbs. Smart LED lights also provide better value than regular LED lights, thanks to features such as scheduling. Scheduling and remote control can help reduce your home's energy consumption by switching off smart lights when you're away.

Will LEDs replace all light sources in the future? ›

Needless to say this is a tremendous achievement, and according to researchers, by 2030 approximately 87% of all light sources could be LEDs. A big part of why LED lighting is taking over the global market can be credited to just how more commercially viable they are.

How many years will LED last? ›

LED bulbs afford in the region of 50,000 hours of light, with some brands boasting as many as 100,000 hours. In general, terms, if you use your lights for 10 hours each day, LEDs should serve you well for just shy of 14 years.

Which is better energy saving light or LED? ›

While CFLs and LEDs are both significantly more energy-efficient than incandescent lightbulbs, it's LEDs that take the crown for the most efficient lightbulb on the market. CFLs are around 25% more efficient, and LEDs are roughly 75% more efficient. The winner: LEDs.

Will lasers replace LEDs? ›

The input power of laser diodes can be increased maintaining high efficiency, Something that has limitations with LEDs. Nakamura therefore predicts, that in the future, all lights will be laser. Laser diodes could also boost Li-Fi wireless communications, and speed up transmission rates to 3.5 Gbps or more.

What new technology is better than LED? ›

XED or Xenon Energy Saving Discharge Lamps are superior to the most popular LED or Light Emitting Diodes in many ways. XED lights are better in terms of spectral contents, power consumption as well as total running life hours. They produce less glares and are clearer under foggy weather.

Which light is better than LED light? ›

Incandescent lights have the worst lifespan of any bulb on the market (roughly 1,200 hours). Typical lifespan values for an HID bulbs like HPS or CFL are around 10,000-24,000 hours (10-20 times as long). LEDs last 2-10 times as long as HID bulbs which means they last roughly 50-100 times as long as incandescent.

Which company is better in LED? ›

Because it offers both high-end technology and reasonably priced products, LG is one of the finest led tv brands in India. This business was the first to provide OLED TVs in India. When it comes to picture quality, LG also utilises IPS panels since they provide better colour output and viewing angles.

What is the most expensive lighting system? ›

Most Expensive Lamps In The World
  • CLASSICAL FRENCH 48 CANDLE CHANDELIER – $ 740,000.
  • CHANDELIER SALVIATI – $ 1,000,000.
  • TIFFANY WISTERIA LAMP – $ 1,565,000.
  • KUWAITI MALL CHANDELIER CHANDELIER – $ 1,800,000.
  • TIFFANY LAMP PINK LOTUS TIFFANY LAMP – $ 2,800,000.
Oct 26, 2022

What are the top 10 bulb companies? ›

There are many brands selling LED bulbs in the market. Some of the leading brands are bellow. PHILIPS, SYSKA, wipro, Halonix, Panasonic, Crompton, Havells, Murphy, Generic, Mufasa, eveready, Bajaj, Groeien, CITRA, D'Mak, Errol, Saish Solutions, VRCT, ambert, EcoEarth, VEEKAYLIGHT etc…

How big is current lighting company? ›

Current Lighting Solutions is a private company with an estimated 750 employees.

Who competes with digital lumens? ›

Digital Lumens competitors include Bidgely and Estimote.

Is LED the best light source? ›

LED lighting differs from incandescent and fluorescent in several ways. When designed well, LED lighting is more efficient, versatile, and lasts longer. LEDs are “directional” light sources, which means they emit light in a specific direction, unlike incandescent and CFL, which emit light and heat in all directions.

Who is the manufacturer of LED lights? ›

Goldwyn Ltd.

Goldwyn is one of the leading LED light manufacturers, exporters, and suppliers as well.

What is the global LCD panel market size? ›

The global TFT-LCD display panel market attained a value of USD 148.3 billion in 2022.

What is the global electric utilities market size? ›

Total revenue in the Utilities market is projected to reach US$3.53bn in 2022. Total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 8.94%, resulting in a projected market volume of US$5.70bn by 2027.

What is the market size for electrical products? ›

Electrical Equipment Market Overview:

The global Electrical Equipment Market size is estimated at USD 1315.8 billion in 2022 and is projected to reach USD 3393.5 billion by 2029, at a CAGR of 11.1% for the forecasted years 2023 to 2029.

What is the global cables market size? ›

Global Wires And Cables Market size was valued at USD 193.91 billion in 2021 and is poised to grow from USD 202.05 billion in 2022 to USD 292.6 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

How big is the OLED market? ›

The global OLED market size was estimated at USD 37.6 billion in 2021 and is expected to be worth around USD 214.8 billion by 2030, poised to grow at a CAGR of 21.37% over the projection period 2022 to 2030. Key Takeaways: By product type, the display segment has garnered revenue share of over 82% in 2021.

What is the market trend for LCD display? ›

Global Liquid Crystal Display (LCD) Market was valued at USD 148.60 billion in 2021 and is expected to reach USD 1422.83 billion by 2029, registering a CAGR of 32.63% during the forecast period of 2022-2029. Small Appliance is expected to witness high growth owing to the rise in demand for devices such as smartphones.

Who is the biggest LCD producer? ›

We'll also explore why they became among the reputable LCD module manufacturers in the world.
  1. Samsung Electronics. Samsung is a huge multinational electronics company headquartered in Suwon, South Korea. ...
  2. STONE Technologies. ...
  3. LG Display. ...
  4. Innolux Corporation. ...
  5. Sharp. ...
  6. BOE Display. ...
  7. AU Optronics. ...
  8. Toshiba.
Nov 27, 2021

What is the size of the energy market in 2030? ›

Market Overview

The energy as a service market size stood at USD 68.41 billion in 2022, and it is expected to witness a compound annual growth rate of 10.26% during 2022–2030, to reach USD 149.45 billion by 2030.

What is the global EV market size for 2030? ›

Global Electric Vehicle Market is valued at USD 193.55 Billion in 2022 and is projected to reach a value of USD 693.70 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 17.30% over the forecast period.

Which is the largest electric market in the world? ›

China remains world's largest electric vehicle market.

What is the market size of IoT electronics? ›

The global consumer IoT market size was evaluated at USD 221.74 billion in 2022 and it is expanding around USD 616.75 billion by 2032, growing at a CAGR of 10.77% from 2023 to 2032.

How do you determine the market size of a product? ›

The formula below can help you calculate market size: Number of target users x purchases expected in a given period = market size or volume.

How to do market sizing for a product? ›

To calculate market size using the bottom-up approach, follow these three steps:
  1. Define your target market.
  2. Use market research to assess interest in your product.
  3. Calculate potential sales.

What is the cable market forecast? ›

The global power cable market was valued at $148.6 billion in 2021 and is projected to reach $277.8 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

What is the size of the fiber optic market? ›

The global fiber optics market size was valued at USD 8.76 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030.

How much is the cable industry worth? ›

Report AttributeDetails
Market size value in 2021USD 158.9 Billion
Revenue forecast in 2030USD 249.1 Bllion
Growth RateCAGR of almost 5.77 % 2022-2030
Base Year2020
10 more rows
Feb 20, 2023

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