LED Lighting Solution Market projected to reach USD 166.7 Billion by 2030, growing at a CAGR of 11.8% during the forecast period of 2023-2030 – professed by MarketDigits in its recent study

The LED Lighting Solution Market was valued USD 68.3 Billion in 2022 and projected to reach USD 166.7 Billion by 2030, growing at a CAGR of 11.8% during the forecast period of 2023-2030.

Richmond, Feb. 07, 2024 (GLOBE NEWSWIRE) — According to a research report LED Lighting Solution Market”, By Product Type (LED Bulbs, Bare LED Tubes, LED Luminaire, LED Down Lights, Others), Services, End User, Industry and Region – Global Forecast to 2030.

Global LED Lighting Solution Market Report Scope:

Report Details
Market size value in 2022 USD 68.3 Billion
Market size value in 2030 USD 166.7 Billion
CAGR (2023-2030) 11.8%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Product Type, Services, Industry, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Acuity Brands Lighting, Inc
 
  • Cooper Industries PLC
Sample of Companies Covered
  • GE Lighting
  • Surya Brasil
 
  • Dialight plc

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TOC Covers in Depth & Breath on LED Lighting Solution Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.             

Market Overview

The global LED lighting solution market plays a vital role in the overall ecosystem by revolutionizing lighting technology with its energy efficiency and longevity. LED solutions offer significant benefits to industries by reducing energy consumption, lowering maintenance costs, and providing versatile lighting options for various applications. Moreover, LED lighting solutions contribute to sustainability efforts by minimizing carbon footprints and reducing environmental impact, aligning with global initiatives for energy conservation and emissions reduction.

Furthermore, the LED lighting solution market fosters innovation and competitiveness within the industry by driving research and development efforts to enhance performance and expand applications. As industries continue to prioritize efficiency and sustainability, the adoption of LED lighting solutions is expected to further accelerate, driving market growth and reshaping the landscape of the lighting industry. In essence, the global LED lighting solution market not only provides economic advantages but also promotes environmental responsibility, making it an essential component of the modern industrial ecosystem.

Major vendors in the global LED Lighting Solution Market:

  • Acuity Brands Lighting, Inc.
  • Cooper Industries PLC (Eaton Corporation)
  • GE Lighting
  • Hubbell Lighting, Inc.
  • SMART Global Holding
  • SYSKA LED
  • Osram Licht Ag
  • Signify NV (Philips Lumileds Lighting)
  • Tridonic GmbH
  • Zumtobel Group
  • Everlight Electronics Co. Ltd.
  • Havells India Ltd.
  • Samsung Electronics Co. Ltd.
  • Seoul Semiconductor Co., Ltd.
  • Sharp Corporation
  • Surya Brasil
  • Toshiba Lighting and Technology Corporation
  • Dialight plc
  • Fagerhult Group
  • Foshan Electrical & Lighting Co Ltd
  • Endo Lighting Corp
  • LSI Industries Inc.
  • FW Thorpe Plc

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Energy Efficiency Regulations and Environmental Concerns

The global LED lighting solution market is significantly influenced by energy efficiency regulations and growing environmental concerns. As governments worldwide aim to reduce energy consumption and carbon emissions, they have implemented stringent regulations promoting the adoption of energy-efficient lighting solutions. LEDs (Light Emitting Diodes) have emerged as a frontrunner in this regard due to their superior energy efficiency and longevity compared to traditional lighting technologies like incandescent and fluorescent bulbs.

For instance, the European Union’s Energy Efficiency Directive sets ambitious targets for reducing energy consumption and encourages the use of LED lighting in both residential and commercial settings. Similarly, initiatives such as the U.S. Energy Policy Act and China’s Energy Conservation Law mandate the phase-out of inefficient lighting technologies, thereby driving the demand for LED lighting solutions.

Furthermore, increasing environmental awareness among consumers and businesses has led to a growing preference for sustainable lighting options. LEDs not only consume less energy but also contain no hazardous materials like mercury, which is commonly found in fluorescent lamps. As a result, the adoption of LED lighting solutions is propelled by both regulatory requirements and consumer-driven sustainability initiatives.

Technological Advancements and Cost Reductions

Technological advancements and continual innovation in LED lighting technology have significantly contributed to market growth. Over the years, manufacturers have focused on improving LED efficacy, color rendering index (CRI), and overall performance while reducing production costs. The evolution of chip-on-board (COB) LED technology, for example, has enabled higher light output and better thermal management, enhancing the efficiency and reliability of LED lighting solutions.

Moreover, economies of scale and increased competition in the LED industry have driven down prices, making LED lighting solutions more affordable for consumers and businesses alike. As a result, the total cost of ownership for LED lighting systems has become increasingly competitive compared to traditional lighting alternatives, further accelerating market adoption.

In summary, the global LED lighting solution market is propelled by stringent energy efficiency regulations, environmental concerns, technological advancements, and cost reductions. These drivers collectively contribute to the widespread adoption of LED lighting solutions across residential, commercial, and industrial sectors, driving market growth and innovation.

Market Dynamics

Drivers:

  • Energy efficiency regulations
  • Decreasing LED prices
  • Environmental awareness and sustainability initiatives
  • Technological advancements in LED technology

Opportunities:

  • Smart lighting integration
  • Urbanization and infrastructure development
  • Retrofitting traditional lighting systems
  • Increasing demand for energy-efficient solutions

India’s Rising Demand for LED Lighting: Government Initiatives and Market Dynamics Fuel Growth Potential

India emerges as a key market with high growth potential for LED lighting solutions due to several factors. Firstly, the Indian government’s initiatives such as the Unnat Jyoti by Affordable LEDs for All (UJALA) scheme promote the adoption of energy-efficient lighting across the country. The scheme offers LED bulbs at subsidized rates, driving consumer awareness and uptake. Secondly, India’s ambitious targets for energy efficiency and sustainability align with the adoption of LED lighting solutions. As the country faces challenges related to energy security and environmental sustainability, LED lighting presents a viable solution to mitigate energy consumption and reduce carbon emissions.

Furthermore, India’s growing urban population, infrastructure development, and increasing disposable incomes contribute to the rising demand for quality lighting solutions. With favorable demographics and supportive government policies, India is poised to emerge as a significant market for LED lighting solutions in the coming years. In conclusion, while Asia-Pacific, particularly China, dominates the global LED lighting solution market, India represents an upcoming market with substantial growth potential driven by government initiatives, energy efficiency goals, and demographic trends. As LED technology continues to evolve and prices become more competitive, these regions are expected to play pivotal roles in shaping the future of the global LED lighting industry.

Regional Insight

The Asia-Pacific region, particularly China, dominates the global LED lighting solution market in terms of production, consumption, and export. China’s dominance can be attributed to several factors, including its robust manufacturing infrastructure, technological expertise, and large domestic market demand. China’s LED lighting industry benefits from extensive government support, favorable policies, and a strong ecosystem of suppliers and manufacturers.

China’s leadership in LED lighting production has enabled it to capture a significant share of the global market. With the largest population in the world and rapid urbanization, China presents a massive opportunity for LED lighting adoption across various applications, including residential, commercial, and outdoor lighting.

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