Global Led Lighting Market Report 2023: Sector is Expected to Reach $168.87 Billion by 2030 at a CAGR of 11%

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May 09, 2023, 13:30 ET

DUBLIN, May 9, 2023 /PRNewswire/ -- The "Global Led Lighting Market Size, Trends and Growth Opportunity, by Product Type, by Installation Type, by Functionality, by Application, by Region and Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The Global LED Lighting Market was valued at USD 70.95 billion in 2022 and is slated to reach USD 168.87 billion by 2030 at a CAGR of 11% from 2023-2030.

Companies Mentioned

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.)

Light-emitting diode is referred to as LED. When compared to traditional incandescent light bulbs like incandescent and fluorescent lights, light-emitting diode (LED) lighting products are about 90% more efficient at producing light. Customers are encouraged to adopt a more efficient type of lighting since the energy in light-emitting diodes is transformed into light to the tune of 94% and only 5% is lost as heat.

Market Drivers

NASA, which continues to undertake tests for the growth of the plant under light-emitting diode (LED) illumination, is to account for the rise in popularity of light-emitting diode (LED) lighting in the floriculture industry.

Cos of LED's low energy requirements, ability to operate quietly, and flexibility to adjust their spectrum output to create particular wavelengths, these lights have a great deal of potential as floriculture lighting fixtures. The floriculture industry's expanding use of light-emitting diode (LED) technology is anticipated to propel the market's growth pace.

The demand for light-emitting diode (LED) lighting is predicted to grow throughout the forecast period due to rising construction activities and increasing urbanisation in the commercial sectors of various countries. In both residential and commercial applications, LED lighting has eclipsed the purchase of fluorescent lighting, and in the upcoming years, the proportion of LED technology is anticipated to rise.

By 2025, global sales of LED lighting fixtures and bulbs must reach 100%, to meet the target of net-zero emissions by 2050. This is anticipated to hasten the implementation of LED lighting technology throughout the ensuing years, serving as one of the primary growth drivers for the LED lighting market.

Market Restraints

The lack of knowledge about installation and the expensive cost of light-emitting diode (LED) lighting in many emerging economies are the main obstacles limiting the spread of LED lighting. In addition, the absence of technological diversification will provide the biggest obstacle to market expansion over the predicted period.

To make it available from anywhere, all data is kept in the cloud. Hackers can take advantage of connected or "smart" lighting devices because they are typically connected over the internet. This could lead to negative outcomes.

Furthermore, someone accessing a home's smart systems would get access to controlling the property, unlocking doors and turning off monitoring cameras. An intruder could also remotely turn off the lights in places like hospitals and other public places, which could have serious consequences. Thus, the main areas of concern for smart lighting systems are security and privacy breaches.

Market Segmentation

By Product Type

Luminaire
Lamp

By Installation Type

New
Retrofit
A-lamp
T-lamp
Reflector

By Functionality

Dimmable
Non-dimmable

By Application

Indoor
Residential
Commercial
Industrial
Outdoor
Highways
Streets
Stadiums
Parking lots
Tunnels

By Region

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

For more information about this report visit https://www.researchandmarkets.com/r/wzjndq

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SOURCE Research and Markets