LED Lighting Market is Anticipated to reach USD 135.36 billion, grow at a CAGR of 11.20 % from 2022 to 2030
Research Reports
Aug 03, 2023
LED Lighting Market Insights:
According to MRFR analysis, the Global LED Lighting Market is expected to register a CAGR of~11.20% from 2022 to 2030 and hold a value of over USD 135 billion by 2030.
The global LED lighting market refers to the industry involved in the manufacturing, distribution, and sale of LED (Light Emitting Diode) lighting products worldwide. LED lighting is a type of energy-efficient lighting technology that uses semiconductor diodes to produce light.
The market for LED lighting has been driven by several factors, including the increasing demand for energy-efficient lighting solutions, stringent government regulations promoting the adoption of energy-saving technologies, and the declining costs of LED products. LED lights offer advantages such as longer lifespan, higher energy efficiency, lower maintenance costs, and environmental friendliness compared to traditional lighting technologies.
The COVID-19 pandemic had significant impacts on the global LED lighting market. The outbreak of COVID-19 led to significant disruptions in global supply chains due to factory closures, travel restrictions, and logistics challenges. Many LED lighting manufacturers faced difficulties in sourcing raw materials and components, resulting in delays in production and delivery of products.
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Key Players:
- Phillips Lighting Holding B.V. (Netherlands)
- GE Lighting (US)
- Osram Licht AG (Germany)
- Cree Inc. (US)
- Cooper Lighting Solutions (US)
- Virtual Extension Dialight PLC (UK)
- Zumtobel Group (Austria)
- Samsung Electronics (South Korea)
- Sharp Corporation (Japan)
- Eaton Corporation (Ireland),
are notable vendors in the LED Lighting market.
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LED Lighting Market Regional Analysis:
The Asia-Pacific region is the largest region in the global LED lighting market. The Asia-Pacific region, particularly China, has emerged as a major manufacturing hub for LED lighting products. The region benefits from lower production costs, a large labor force, and a well-established manufacturing infrastructure.
The Asia-Pacific region has experienced rapid urbanization and infrastructure development, particularly in countries like China and India. This has led to an increased demand for LED lighting in residential, commercial, and public infrastructure projects such as smart cities, transportation networks, and industrial facilities.
LED Lighting Market Segmentation:
The Global LED Lighting Market has been segmented into products, sales channels, and applications.
Based on the product, the market has been segmented into lamps and luminaries.
Based on the sales channel, the market has been segmented into Store Based and Non-Store Based
Based on the application, the market has been segmented into indoor lighting and outdoor lighting
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