LED Lighting Market accounted for US$ 51.54 billion in 2020 and is estimated to be US$ 153.302 billion by 2030 and is anticipated to register a CAGR of 11.5%. Increasing demand for energy-efficient lighting systems, and reduction in prices of LEDs is expected to drive the global LED lighting market. Light emitting diode (LED) is a semiconductor device that emits light when an electric current is passed through it. Further, LEDs can produce different range of colors, which include red, yellow, blue, green, white, purple, bi-color, tri-color and infrared. LEDs are typically used for indoor lighting, outdoor lighting and as a backlight source in LCD display.
The report “LED Lighting Market, By Product Type (LED Bulbs, LED Fixtures, Bare LED Tubes, LED Down Lights, and Others), By Service Type (Installation Services, Consulting Services, and Maintenance and Support), By End-User (Commercial, Industrial and Residential), By Application (Indoor, Outdoor, Automotive, Backlighting, Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2029’’
• In October 2021, Tivoli Lighting introduces Litesphere 2.0 LED strand light for precise lighting control.
• In October 2021, Precision Lighting and Remote Controlled Lighting, two British lighting manufacturers, announced that Luminii, a Chicago-based manufacturer of industry leading specification-grade architectural LED lighting systems, has acquired the companies.
Government’s offers, incentives, and rebates on the replacement of traditional lamps with LED lighting is expected to foster the growth of global LED lighting market. In addition, stringent regulatory policies regarding conventional lighting and energy consumption across the U.S., the European Union (EU), China, and Canada are anticipated to favor the product demand over the forecast period. However, COVID-19 pandemic has disrupted the overall market growth.
To know the upcoming trends and insights prevalent in this market, click the link below:
Key Market Insights from the report:
Global LED Lighting Market accounted for US$ 51.54 billion in 2020 and is estimated to be US$ 153.302 billion by 2030 and is anticipated to register a CAGR of 11.5%. Global LED Lighting Market is segmented into product type, services type, end user, application, and region.
• Based on Product Type, Global LED Lighting Market is segmented into LED Bulbs, LED Fixtures, Bare LED Tubes, LED down Lights, and Others.
• Based on Service type Global LED Lighting Market is segmented into Installation Services, Consulting Services, and Maintenance and Support.
• Based on End User, Global LED Lighting Market is segmented into Commercial, Industrial and Residential.
• Based on Application, Global LED Lighting Market is segmented into Indoor, Outdoor, Automotive, Backlighting, and Others.
• By Region, the Global LED Lighting Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global LED Lighting Market:
The key players in the Global LED Lighting Market includes Philips Lighting Holding B.V., General Electric Company, OSRAM Licht AG, Cree, Inc., Cooper Industries, Inc., Virtual Extension, Dialight PLC, Zumtobel Group AG, Samsung Electronics, and Sharp Corporation.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.