United States LED Market Expected to Grow With a CAGR Of 10.5% | Growth Market Reports
PUNE, India, Sept. 3, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "US LED Market by Type (Lamps and Luminaires), Application (Indoor and Outdoor) and Sector (Residential, Commercial, Industrial, Retail, Hospitality and Healthcare): Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 9.89 billion in 2020 and is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the declining prices of LED products, growing demand for energy-efficient lighting systems and stringent regulations by government bodies. LEDs have been experiencing drastic economic and technological development being the foremost source of lighting. The US is among the major innovators, adopters, and investors in the global LED market. The LED technology has an enormous scope of improvement and innovation. Nowadays, the quality of light is one of the important driving factors among the regional manufacturers, as energy savings are no longer the foremost driver.
The US Department of Energy (DOE) claimed that owing to the rising technological innovation, energy savings from LED lighting is likely to reach 569 terawatt-hours annually by 2035, which is equal to the annual output of more than 92 1,000-megawatt power plants, if DOE Lighting R&D program goals are accomplished.
The Covid-19 pandemic had an unpleasant impact on the US LED. The production has been on halt and reduced adoption of LED lighting from the residential sector in the country. The market suffered significant loss; however, the government's steps and strategies have helped to neutralized the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Key Market Players Profiled in the Report
- Emerson Electric Co
- Signify Holding (Philips Lighting)
- OsRam Licht AG
- Nichia Corporation
- Hubbell Incorporated
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the US LED Market
Based on Type, the US LED market is segregated into lamps and luminaires. The luminaires segment is expected to account for a key share of the market during the forecast period. They are widely used in industrial and commercial segments. New installations primarily drive the demand for LED luminaires. The segment includes lights used in high bays, streetlights, track lights, downlights, troffers, and suspended pendants for various applications. LED luminaires deliver more light per output power. However, lamps segment is anticipated to expand at a rapid pace during the forecast period due to their rising adoption in residential sectors. These lamps have various advantages over incandescent lamps, including energy efficiency, robustness, and right temporal stability.
Based on Application, the US LED market is divided into indoor and outdoor. The indoor segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to growing product adoption as an alternative to High-Intensity Discharge (HID), fluorescent, and incandescent lamps. The use of LED lights in retail stores and malls, offices, hospitals, and education buildings has increased in the country. However, outdoor segment is projected to expand at a robust pace during the forecast period owing to shifting focus of public policy interventions and municipality support along with government initiatives, such as the LightSavers program undertaken by The Climate Group.
Based on Sector, the US LED market is divided into residential, commercial, industrial, retail, hospitality and healthcare. Commercial segment is anticipated to expand at a robust CAGR during the forecast period. Demand for LED troffers and downlights are anticipated to boost the market growth over the coming years. The commercial end-use mainly includes museums, galleries, and other exhibition lighting applications that primarily use projectors, reflectors and downlights etc. However, residential segment is projected to expand at a robust pace during the forecast period owing to adoption of LED A-type lamps which has increased exponentially due to reduced product prices and increased subsidy programs by governments and agencies.
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Market Trends, Drivers, Restraints, and Opportunities:
- The rising demand for energy-efficient lighting systems, stringent policies and regulations by government and declining prices of LED products are the key factors fueling the adoption of LED lighting in the United States.
- The directional nature and high efficiency of LEDs are creating opportunities to upsurge the industrial adoption.
- With the growing tendency of smart home in the region, there has been an increasing demand for intelligent LED lighting systems connected with other electronic devices and can be controlled remotely.
- Automotive is among the evolving markets for LEDs, where autonomous vehicles and electric vehicles is likely to drive the deployment of LED components in the vehicles.
- Customizable LED lighting solutions is observing a rise in adoption and demand. In the US market, acquisitions, mergers, and collaborations are some of the recognized trends adopted in the market for inorganic growth and product innovation which is projected to propel the market growth in coming years.
- R&D investment and technological advancement in US LED market are expected to offer lucrative opportunities for the market players.
Read 154 Pages Research Report with Detailed ToC on "US LED Market by Type (Lamps and Luminaires), Application (Indoor and Outdoor) and Sector (Residential, Commercial, Industrial, Retail, Hospitality and Healthcare) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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Segments Covered in the Report
The US LED Market has been segmented on the basis of
Type
- Lamps
- Luminaires
Application
- Indoor
- Outdoor
Sector
- Residential
- Commercial
- Industrial
- Retail
- Hospitality
- Healthcare
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