PUBLISHER: Meticulous Research | PRODUCT CODE: 1518449
PUBLISHER: Meticulous Research | PRODUCT CODE: 1518449
LED Lighting Market by Offering (Lamps, Luminaires), Type (Smart LED, Conventional LED), Application (Indoor (Residential, Commercial & Industrial), Outdoor (Highways, Roadways, Others), Installation Mode (New, Retrofit), Geography-Forecast to 2031.
The research report titled 'LED Lighting Market by Offering (Lamps, Luminaires), Type (Smart LED, Conventional LED), Application (Indoor (Residential, Commercial & Industrial), Outdoor (Highways, Roadways, Others), Installation Mode (New, Retrofit), Geography-Forecast to 2031,' provides an in-depth analysis of the LED lighting market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031. The LED lighting market is projected to reach $178.6 billion by 2031, at a CAGR of 11.8% from 2024 to 2031.
The growth of the LED lighting market is driven by the increasing demand for energy-efficient lighting systems and the longer lifespan of LED lights compared to conventional lighting. However, the high costs of LED lighting restrain the growth of this market.
Furthermore, rising government initiatives to reduce energy consumption and greenhouse gas emissions are expected to offer significant market growth opportunities. However, data privacy & safety concerns for smart lighting systems are challenges impacting the market's growth.
The LED lighting market is segmented based on offering (lamps (A-lamps, T-lamps, and other lamps), luminaires (streetlights, downlights, troffers, and other luminaires), type (smart LED and conventional LED), application (indoor [residential, commercial, and industrial] and outdoor (highways & roadways, public infrastructure, structures [bridges & tunnels], and other outdoor applications), installation mode (new installation and retrofit installation). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the LED lighting market is segmented into lamps and luminaires. In 2024, the lamps segment is expected to account for the larger share of the global LED lighting market. The large market share of this segment is attributed to the potential energy- and money-saving benefits offered by LED lamps and the rising adoption of LED lamps in various applications such as street lights, parking garage lighting, outdoor area lighting, refrigerated case lighting, modular lighting, and task lighting.
However, the luminaires segment is expected to record the highest CAGR during the forecast period. LED luminaires are gaining popularity due to their energy efficiency, long lifespan, and low maintenance requirements. They are widely used in various lighting applications in residential, commercial, and industrial settings. The growth of this segment is being driven by factors such as the increasing demand for efficient distribution and control of illumination and the focus of key players on product development. For instance, in June 2022, Evluma (U.S.), an LED lighting solution provider, launched its Low-Glare LED Roadway Luminaire. Similarly, in May 2022, Signify Holding (Netherlands) launched the latest generation of the Pacific LED gen5 waterproof luminaire, a solution designed for optimal performance in the most demanding environments such as industry and parking areas.
Based on type, the LED lighting market is segmented into conventional LED lighting and smart LED lighting. In 2024, the conventional LED lighting segment is expected to account for the larger share of the global LED lighting market. The large market share of this segment is the growing demand for energy-efficient lighting solutions, supportive government initiatives, and increased awareness of the benefits of LED lights.
However, the smart LED lighting segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing adoption of smart lighting solutions in residential, commercial, and government sectors, the demand for customized and remotely controlled lighting, and the rise of home automation trends. Furthermore, the growing focus on technological advancements by major manufacturers is expected to provide opportunities for this segment's growth. For instance, in March 2023, Signify Holding (Netherlands) expanded its Philips Smart WiFi range by launching a new smart LED downlighter powered by WiZ.
Based on application, the LED lighting market is segmented into indoor and outdoor. In 2024, the outdoor segment is expected to account for the larger share of the global LED lighting market. The large market share of this segment is primarily attributed to the increasing adoption of energy-efficient lighting solutions, government initiatives aimed at promoting energy efficiency, infrastructure modernization, declining prices of LEDs, and the widespread use of LEDs in outdoor lighting applications such as architectural lighting, highways, roadways, and public spaces.
However, the indoor segment is expected to record the highest CAGR during the forecast period. Indoor LED lighting offers several advantages over conventional lighting solutions, including lower maintenance requirements, improved lighting quality, and reduced overhead costs. The growing need for energy savings, maintenance cost reduction, and enhanced lighting performance drives the growth of the indoor LED lighting segment.
Based on installation mode, the LED lighting market is segmented into new installation and retrofit installation. In 2024, the new installation segment is expected to account for the larger share of the global LED lighting market. The large share of this segment is primarily attributed to the increasing adoption of LED lighting across various end-use industries, the growing focus on achieving net-zero emissions through energy-efficient solutions, and the rising demand for eco-friendly lighting products.
However, the retrofit installation segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the cost-effectiveness of LED retrofitting compared to installing new lighting fixtures and the increasing focus on replacing conventional lighting systems with LEDs.
Based on geography, the LED lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of the LED lighting market. Europe's major market share is attributed to the growing awareness about energy conservation, favorable government policies promoting energy efficiency and environmental protection, high disposable income levels, improved standard of living, and widespread deployment of LED lighting solutions across residential, commercial, and government sectors.
However, Asia-Pacific is expected to register the highest CAGR during the forecasted period. The growth of this regional market is driven by the increasing government initiatives aimed at promoting energy-efficient lighting systems, an increasing number of smart city projects, and substantial investments by governments in public infrastructure development.
The key players operating in the LED lighting market are Acuity Brands, Inc. (U.S.), Cree Lighting (U.S.), Dialight (U.K.), Digital Lumens, Incorporated. (U.S), Hubbell (U.S.), LSI Industries Inc. (U.S.), Panasonic Holdings Corporation (Japan), Siteco GmbH (Germany), Signify Holding (Netherlands), Zumtobel Group (Austria), OSRAM GmbH (Germany), LG Electronics (South Korea), Samsung Electronics Co., Ltd. (South Korea), Fagerhult (Sweden), and TRILUX GmbH & Co. KG (Germany).
LED Lighting Market Assessment-by Offering
LED Lighting Market Assessment-by Type
LED Lighting Market Assessment-by Application
LED Lighting Market Assessment-by Installation Mode
LED Lighting Market Assessment-by Geography