LED, or light-emitting diode, lighting is known for its exceptional efficiency. Compared to traditional incandescent and fluorescent light bulbs, LED lighting products operate around 90% more efficiently. This is because approximately 94% of the energy consumed by LEDs is directly converted into light, while only a mere 5% is wasted as heat. This high level of energy conversion has prompted customers to opt for LED lighting as a more effective and environmentally-friendly lighting solution.
According to Data Bridge Market Research the Light-Emitting Diode (LED) Lighting Market accounted for USD 63.15 billion in 2022, and expected to reach USD 177.63 billion by 2030. The market is expected to grow with a CAGR of 13.80% in the forecast period of 2023 to 2030.
“Increasing usage of light-emitting diode (LED) technology”
NASA's ongoing experiments on plant growth under light-emitting diode (LED) lighting have contributed to the surging popularity of LED lighting in the floriculture sector. These lights offer significant advantages as lighting fixtures for floriculture due to their energy efficiency, cool operation, and the ability to customize spectral output for precise wavelength production. The increasing adoption of LED technology in the floriculture industry is anticipated to fuel the market's growth rate.
What restraints the growth of the light-emitting diode (LED) lighting market?
“Lack of awareness regarding installation”
One of the primary factors hindering the growth of light-emitting diode (LED) lighting is a lack of awareness regarding its installation. Many potential users are not fully informed about the benefits and installation procedures associated with LED lighting, which leads to hesitation in adopting this technology. Overcoming the dearth of awareness through education and outreach efforts will be crucial to unlocking the full potential of LED lighting and driving its growth in the market.
Segmentation: Global Light-Emitting Diode (LED) Lighting Market
The light-emitting diode (LED) lighting market is segmented on the basis of product, device configuration, technology, distribution channel, application, and end-use.
- On the basis of product, the light-emitting diode (LED) lighting market is segmented into lamps, luminaires.
- On the basis of device configuration, the light-emitting diode (LED) lighting market is segmented into pinned, chip on board, surface-mounted, others.
- On the basis of technology, the light-emitting diode (LED) lighting market is segmented into basic, high brightness, organic light-emitting diode (oled), ultra violet, polymer.
- On the basis of distribution channel, the light-emitting diode (led) lighting market is segmented into direct sales, wholesale/retail.
- On the basis of application, the light-emitting diode (LED) lighting market is segmented into indoor, outdoor.
- On the basis of end-use, the light-emitting diode (LED) lighting market is segmented into commercial, residential, industrial, others.
Regional Insights: Asia Pacific dominates the Light-Emitting Diode (LED) Lighting Market
Asia-Pacific dominates the market in terms of revenue and market share owing to increasing urbanization and growing development and modernization of infrastructures such as smart cities and economic corridors in this region.
North America is expected to grow during the forecast period of 2023 to 2030 is being fueled by the increasing construction of smart homes in the region, as these homes often incorporate energy-efficient and intelligent lighting systems.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-led-lighting-market
Recent Developments
- In 2022, SYSKA LED launched the Syska LED Recessed SMD Downlight (Glowslick-SSK-SLP). This is a perfect lighting solution for indoor purposes because it can be used in homes, showrooms, stores, malls and office spaces.
- In 2022, Signify entered a partnership with Gerard Lighting Group, a electrical lighting product producer. This acquisition intended to strengthen its position in the global lighting markets of New Zealand and Australia, as well as to offer growth opportunities, such as those between Signify's connected lighting solutions and Pierlite's luminaire offerings solutions.
- In December 2022, ARRI acquired Claypaky. With through this acquisition, ARRI intends to increase its lighting solution supply to the live entertainment and motion picture industry, improving the market presence of ARRI.
The Prominent Key Players Operating in the Light-Emitting Diode (LED) Lighting Market Include:
- Signify Holding (Netherlands)
- Digital Lumens, Incorporated (U.S.)
- OSRAM Gmbh (Germany)
- General Electric (U.S.)
- Toshiba Corporation (Japan)
- Eaton (Ireland)
- Koninklijke Philips N.V. (Netherlands)
- Cree LED (U.S.)
- EVERLIGHT ELECTRONICS CO. LTD. (Taiwan)
- Lumigrow (U.S.)
- Samsung (South Korea)
- Savant Systems Inc. (U.S.)
- Syska (U.S.)
- Sharp Corporation (U.S.)
- Dialight (U.K.)
- Zumtobel Group (Austria)
- Illumitex Inc, (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of light-emitting diode (LED) lighting market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Light-Emitting Diode (LED) Lighting Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, North Americavs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
