LED Lighting Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global LED lighting Market will record over 10% CAGR during 2024-2032, fueled by a global shift towards energy efficiency and environmental sustainability. In response to this trend, governments worldwide are tightening regulations, moving away from traditional incandescent and fluorescent lighting in favor of energy-efficient LEDs. A notable example is the Street Lighting National Programme (SLNP) in August 2024, which highlighted an annual energy saving of 8,806 million units in India, thanks to the installation of over 13.1 million LED streetlights by Energy Efficiency Services Limited (EESL).

Technological advancements have further bolstered the market, enhancing energy efficiency, lifespan, and light quality of LEDs. These improvements have broadened the appeal of LEDs across various applications, from residential and commercial to industrial and outdoor settings. Moreover, as manufacturing processes advance and economies of scale come into play, the cost of LED components has decreased, making LED lighting more accessible and accelerating its market penetration.

The overall LED Lighting Market is segmented based on Product Type, Application, Installation, Sales Channel, Wattage, Technology, and Region.

The market segments products into lamps and luminaires, with the luminaires segment projected to surpass USD 100 billion by 2032. The rising preference for integrated lighting solutions in residential and commercial spaces underscores the appeal of luminaires, which offer superior design flexibility and aesthetic value over standalone lamps. As technology progresses, these energy-efficient and long-lasting luminaires are becoming the go-to choice for both new installations and retrofits. The trend towards smart lighting systems, often featuring IoT and connectivity in luminaires, further propels this segment. Government incentives and regulations championing energy-efficient lighting bolster the adoption of these advanced luminaires, solidifying their growth trajectory.

The market's application segments include indoor and outdoor, with the outdoor segment emerging as the fastest-growing, boasting a CAGR exceeding 10% from 2024 to 2032. Global smart city initiatives are driving a heightened demand for sophisticated outdoor lighting solutions, such as streetlights, emphasizing energy efficiency and public safety. The global push for sustainability and reduced carbon emissions is catalyzing a shift from traditional outdoor lighting to energy-efficient LED solutions, celebrated for their longevity and reduced energy consumption. Moreover, technological strides, especially the melding of IoT and smart controls in outdoor lighting, are enhancing energy management and operational efficiency. Urbanization and infrastructure development in emerging economies further amplify the demand for modern outdoor lighting systems.

In 2023, North America led the global LED lighting market, capturing over 30% of the share. This dominance is attributed to robust regulatory backing and government incentives championing energy-efficient lighting. Policies in the region are keenly focused on curbing energy consumption and fostering sustainability. Coupled with an advanced infrastructure and a swift embrace of technology, these factors have paved the way for widespread LED lighting adoption. The region's inclination towards smart lighting systems, spurred by smart city initiatives and IoT integration, acts as a further catalyst for market expansion.

Product Code: 8983

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Energy efficiency and cost savings
  - 3.8.1.2 Government regulations and incentives
  - 3.8.1.3 Technological advancements in LED lighting
  - 3.8.1.4 Smart lighting and IoT integration
  - 3.8.1.5 Rising environmental sustainability awareness
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 High initial investment costs
  - 3.8.2.2 Rapid technological obsolescence issues
3.9 Growth potential analysis
3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, Product Type, 2021 - 2032 (USD million and Units)

5.1 Key trends
5.2 Lamps
- 5.2.1 A-Type
- 5.2.2 T-Type
- 5.2.3 Other lamp types (Type-B and Type-C LE Lamps)
5.3 Luminaires
- 5.3.1 Downlighting
- 5.3.2 Decorative lighting
- 5.3.3 Directional lighting
- 5.3.4 Other luminaire types (Surface Mounted, In-ground and Pendant Luminaires)

Chapter 6 Market Estimates and Forecast, By Application, 2021 - 2032 (USD million and Units)

6.1 Key trends
6.2 Indoor
- 6.2.1 Residential
- 6.2.2 Commercial
  - 6.2.2.1 Offices
  - 6.2.2.2 Retail stores
  - 6.2.2.3 Horticulture gardens
  - 6.2.2.4 Others (Hotels and Restaurants)
- 6.2.3 Industrial
- 6.2.4 Other indoor applications (Government Buildings and Public Spaces)
6.3 Outdoor
- 6.3.1 Streets and roadways
- 6.3.2 Architectural buildings
- 6.3.3 Sports complexes
- 6.3.4 Tunnels
- 6.3.5 Other outdoor applications (Urban Landscapes, Parks, Plazas, Event Lighting)

Chapter 7 Market Estimates and Forecast, By Installation, 2021 - 2032 (USD million and Units)

7.1 Key trends
7.2 New
7.3 Retrofit

Chapter 8 Market Estimates and Forecast, By Sales Channel, 2021 - 2032 (USD million and Units)

8.1 Key trends
8.2 Retail/Wholesale
8.3 Direct sales
8.4 E-commerce

Chapter 9 Market Estimates and Forecast, By Wattage, 2021 - 2032 (USD million and Units)

9.1 Key trends
9.2 Low wattage (Below 10W)
9.3 Medium wattage (10W to 50W)
9.4 High wattage (Above 50W)

Chapter 10 Market Estimates and Forecast, By Technology, 2021 - 2032 (USD million and Units)

10.1 Key trends
10.2 Chip on board (COB)
10.3 Surface mounted diode (SMD)
10.4 Others

Chapter 11 Market Estimates and Forecast, By Region, 2021 - 2032 (USD million and Units)

11.1 Key trends
11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
11.3 Europe
- 11.3.1 UK
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Italy
- 11.3.5 Spain
- 11.3.6 Rest of Europe
11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 ANZ
- 11.4.6 Rest of Asia Pacific
11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
- 11.5.3 Rest of Latin America
11.6 MEA
- 11.6.1 UAE
- 11.6.2 South Africa
- 11.6.3 Saudi Arabia
- 11.6.4 Rest of MEA

Chapter 12 Company Profiles

12.1 Acuity Brands
12.2 Cree Inc.
12.3 Dialight PLC
12.4 Eaton Corporation
12.5 Everlight Electronics
12.6 General Electric (GE)
12.7 Havells India Ltd.
12.8 Hubbell Lighting
12.9 Intematix Corporation
12.10 LEDVANCE (A company of OSRAM)
12.11 Legrand S.A.
12.12 Lextar Electronics Corporation
12.13 LG Innotek
12.14 Lite-On Technology
12.15 MLS Co., Ltd. (Forest Lighting)
12.16 Nichia Corporation
12.17 Osram Licht AG
12.18 Panasonic Corporation
12.19 Philips Lighting (Signify)
12.20 Samsung Electronics
12.21 Seoul Semiconductor
12.22 Sharp Corporation
12.23 Toyoda Gosei Co., Ltd.
12.24 Zumtobel Group