Global LED Lighting Market Report 2024: Market Size is Projected to Reach $128.15 Billion by 2030 - LEDs Illuminate the Path to Energy Efficiency and Sustainability

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Jan 09, 2024, 20:30 ET

DUBLIN, Jan. 9, 2024 /PRNewswire/ -- The "LED Lighting Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.

LED Lighting Market size is projected to reach US$ 128.15 Billion by 2030. The LED lighting market was worth US$ 65.28 Billion in 2023. LED Lighting Market will grow at a CAGR of 10.12% during the forecast period (2023-2030).

LED lighting finds extensive applications across residential and commercial settings, outdoor spaces, automotive lighting, and decorative installations. LEDs come in various shapes and sizes, from traditional bulb designs to tube lights, spotlights, and floodlights. This lighting technology is anticipated to lead the global energy efficiency and rapid development market.

LEDs consume 75% less power and have a lifespan of 25 times longer than incandescent bulbs, making them highly efficient and cost-effective. Replacing older lighting systems with LED alternatives has proven beneficial, and there is a growing demand for new outdoor LED lighting installations. Due to its advanced features, LED can outpace conventional lighting technologies like compact fluorescent lamps (CFLs) and cold cathode fluorescent lamps (CCFLs).

Besides being a cost-effective lighting solution, LEDs find applications in backlighting for large-screen and non-backlight displays (OLEDs). Although the initial cost of LED lighting is relatively high, its longer lifespan significantly lowers overall costs than CFLs. Increased consumer awareness about the advantages of LED lamps' extended life expectancy drives adoption, particularly in products like LED lamps and ceiling lights. Growth in display backlighting, declining LED lamp costs, extended lifespan, and high efficacy drive the global led market's growth.

Rising construction activities in developing and developed nations and government regulations promoting energy-efficient lighting are primary led lighting market growth. LEDs are known for their long lifespan, absence of flicker, and intense illumination while consuming less energy. Manufacturers also incorporate features like Wi-Fi, occupancy sensors, and day-lighting to attract customers and boost product sales, further fueling market growth.

The increasing adoption of LED bulbs and luminaires aligns to achieve net-zero emissions by 2050. A global shift from inefficient incandescent and fluorescent lighting, which posed environmental and health risks, is evident. Climate scientists and governments support LED bulbs to combat escalating electricity consumption, where lighting accounts for 20% and contributes 6% of the world's carbon emissions. Without LEDs, global energy consumption for illumination could surge by 60% by 2030. Currently, more than half of the lights sold worldwide are LEDs, putting the lighting industry on track to meet its net-zero targets by 2030.

Short-to-medium-term market prospects encounter hurdles amid the U.S.-China trade conflict and the ongoing Russia-Ukraine war. Major lighting producers in the U.S. and China are central to global import-export dynamics. Tariffs on around USD 370 Billion Chinese exports to the U.S. have substantially curtailed imports, impacting LED lighting products. The prolonged Russia-Ukraine conflict will also affect global trade, presenting extra challenges to the LED lighting market's revenue growth.

Luminaires segment is anticipated to hold a more significant portion of the worldwide LED lighting market

The LED Lighting Market is segmented by Product Type into Lamps and Luminaires. The luminaires segment is positioned to dominate the global LED lighting market, securing the largest share. This segment encompasses various lighting fixtures and solutions, including lamps, institutions, and integrated lighting systems incorporating LED technology.

With the growing adoption of energy-efficient and long-lasting LED lighting solutions across residential, commercial, industrial, and outdoor applications, the luminaires segment is expected to thrive. Its versatility, durability, and cost-effectiveness make it the preferred choice for modern lighting needs, reinforcing its pivotal role in shaping the future of the global LED lighting industry.

Indoor segment will secure the highest global LED lighting market revenue share

By Application, the LED Lighting Market is divided into Indoor and Outdoor. The indoor segment is forecasted to capture the most substantial global LED lighting market revenue share. This segment encompasses various indoor lighting applications, including residential, commercial, industrial, and institutional settings. LED lighting's efficiency, versatility, and longevity make it an ideal choice for indoor illumination.

As businesses and consumers increasingly transition to energy-efficient and environment friendly lighting solutions, the indoor segment is well-positioned to meet these demands and lead the market in revenue generation. Its prominence highlights the integral role of LED lighting in modern indoor environments across various sectors.

Commercial sector achieved the largest market share in the LED lighting industry

By End User, LED Lighting Market is split into Commercial, Residential, Industrial and Others. The commercial sector has secured the leading market share within the LED lighting industry. This dominance reflects the widespread adoption of LED lighting solutions in commercial applications such as office spaces, retail establishments, hospitality venues, and industrial facilities.

The energy efficiency, cost-effectiveness, and versatility of LED lighting have made it the preferred choice for businesses aiming to reduce operational costs and environmental impact. As the demand for efficient and sustainable lighting continues to grow in the commercial sector, LED lighting remains at the forefront, serving as a pivotal component in modernizing and enhancing commercial lighting environments worldwide.

E-commerce has witnessed a surge in sales within the LED lighting industry

The LED Lighting Market is classified into Retail/Warehouse, E-Commerce and Direct Sales by Sales Channel. E-commerce has experienced a notable surge in sales within the LED lighting industry. This growth can be attributed to several factors, including the convenience and accessibility of online shopping platforms, a wide range of online LED lighting products, and the increasing trend towards energy-efficient and sustainable lighting solutions.

Consumers and businesses are turning to e-commerce channels to source LED lighting products due to their ease of purchase, competitive pricing, and ability to compare different options quickly. As the online marketplace continues to thrive, it plays a pivotal role in shaping the distribution and accessibility of LED lighting solutions, driving industry growth.

China and India regional market growth is expected to grow as Numerous Manufacturers are Launching New Products

The regional market is on the verge of substantial growth, primarily propelled by the robust construction sectors in China and India. These two nations are witnessing unprecedented growth in construction activities, driving the demand for various construction materials and technologies, including LED lighting.

Moreover, the market is further energized by a considerable influx of manufacturers actively launching new and innovative LED lighting products within these countries. With flourishing construction and a surge in product innovation, this convergence of factors positions the regional market for significant expansion, offering many opportunities and potential for development in the LED lighting industry.

Company Analysis: Overviews, Recent Developments, Revenues

Acuity Brands Inc.
Koninklijke Philips N.V.
Emerson Electric Co
Hubbell Inc.
Daktronics Inc.
DialightPlc
LSI Industries Inc.
Samsung Electronics Co. Ltd

Product Type has been covered from 2 viewpoints

Lamps
Luminaires

Application has been covered from 2 viewpoints

Indoor
Outdoor

End Use has been covered from 4 viewpoints

Commercial
Residential
Industrial
Others

Sales Channels has been covered from 3 viewpoints

Retail/warehouse
E-Commerce
Direct sales

Country - This report covers the 26 countries LED Lighting Market

North America
United States
Canada
Europe
France
Germany
Italy
Spain
United Kingdom
Belgium
Netherland
Turkey
Asia Pacific
China
Japan
India
Australia
South Korea
Thailand
Malaysia
Indonesia
New Zealand
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Saudi Arabia
UAE
South Africa
Rest of the World

For more information about this report visit https://www.researchandmarkets.com/r/ackq7i

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