The global led lighting market size is expected to reach USD 191.80 billion by 2032. The report “LED Lighting Market Share, Size, Trends, Industry Analysis Report, By Product (LED Lamps, LED Fixtures); By Application; By End-user; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A light-emitting diode (LED) is a semiconductor light source that converts electrical energy directly into light energy. These devices are often used in lamps as replacement of incandescent light sources. LED lighting is expected to be one of the most energy-efficient and rapidly developing lighting technology in the global market. LED lights operate for a longer duration, are durable in nature, and offer better lighting quality compared to the traditional lighting technologies.
LED lighting products produce light approximately 90% more efficiently than incandescent light bulbs, such as fluorescent and incandescent lights. About 95% of the energy in LEDs is converted into light, and only 5% is wasted as heat, which leads consumers to opt for a more efficient form of lighting. The market is segmented by different LED lighting applications, such as indoor and outdoor, with various sub-applications.
Currently, the demand for LED lighting systems is primarily concentrated in the North and South regions due to growing urbanization rates and increasing number of government initiatives that encourage the use of LED lights. The government’s support through various regulations that promote the investments in energy efficient lighting technologies have expanded the applications of LED lights across various industrial, commercial and residential sectors.
A rapidly growing automotive industry also provides productive opportunities for the use of LEDs in head lamps, rear lamps, turn signal and brake lights. Other important factors such as increasing infrastructural investments, rapid growth of street lighting systems, decline in average prices of LEDs and various government and upcoming smart building projects are expected to drive the demand of LED lights in India.
The notable factors positively affecting the global LED market include increase in demand for cost-effective & energy-saving LED lighting, government initiatives toward LED adoption, and surge in need to replace traditional lighting system are expected to fuel the market growth. However, high initial cost of LED lighting system and voltage sensitivity & temperature dependence are expected to hinder the market growth
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The COVID-19 pandemic significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development and installation projects is expected to hamper the LED industry growth for residential, commercial, and industrial verticals.
The LED market revenue experienced decline in its growth rate, owing to delayed construction projects. However, the demand for UV LED from the medical industry accelerated during the pandemic. Furthermore, market players invested in R&D of smart lighting system, owing to new government initiatives across the globe. Therefore, the LED market size was anticipated to gain momentum by the end of 2021.
LED Lighting Market Report Highlights
LED lighting Market report based on Product, Application, End-user, and Region:
LED lighting, Product Outlook (Revenue - USD Billion, 2023- 2032)
LED lighting, Application Outlook (Revenue - USD Billion, 2023- 2032)
LED lighting, End-user Outlook (Revenue - USD Billion, 2023- 2032)
LED lighting, Region Outlook (Revenue - USD Billion, 2023- 2032)