FELTON, Calif., Nov. 9, 2022 /PRNewswire/ -- The global LED lighting market size totaled USD 55.5 billion in 2021 and is anticipated to grow at a CAGR of 10.5% from 2022 to 2030. The ongoing technological advancements and increasing development in lighting technologies are the key factors driving the market growth. LED lights provide high-quality lumen power by consumption of less power. Moreover, the better service life, no flickering, and many other characteristics of LED lighting make them the most preferred products.
Key Industry Insights & Findings from the report:
- The Based on product insights, the LED luminaires segment accounted for over 55.7% of the total market share in 2021.
- LED lamp segment to gain traction during the forecast period. The increasing adoption of LED lamps in households is the rising prominence of LED lamps.
- Based on application insights, the indoor segment dominated the LED Lighting market accounting for over 68% of the total market share in 2021. The rising demand from supermarkets, malls, and retail stores for efficient lighting solutions is driving the segment growth. The use of LED lights can save electricity, generate less heat, and is cost-effective. Hence, the demand for LED lights is increasing in hospitals and educational institutes, benefitting the segment's growth.
- As the infrastructure development is enhancing, the outdoor segment is estimated to witness market growth during the forecast period.
- The commercial segment led the market in 2021, accounting for over 52.2% of the total market share.
- Based on regional insights, the Asia Pacific led the market accounting for over 42.8% of the total market share in 2021. The growth of the market is attributed to the rapid infrastructure development in the region.
- North America and Europe accounted for a significant market share in the global market. Stringent regulations implemented for energy savings and increased energy efficiency.
Read 140 page full market research report or Request for Sample for more Insights, "LED Lighting Market Size, Share & Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
LED Lighting Market Growth & Trends
LED manufacturers are focusing on the integration of technologies such as Wi-Fi, occupancy sensor, and daylighting to enhance LED lighting. LED lights have surged as a powerful energy source over the past few years. Besides, the ease of working, skilled workers, and advantages over other lighting technologies are creating a sustainable environment for the LED market.
The growth of the automotive and construction industries is creating ample opportunities for LED market expansion. Moreover, the rising infrastructural investments, increasing demand for street lighting, and various government initiatives are taking up the LED demand across the globe.
LED Lighting Market Segmentation
Million Insights has segmented the global LED lighting market on the basis of product, application, end use, and region:
LED Lighting Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Lamps
- A-Lamps
- T-Lamps
- Others
- Luminaires
- Streetlights
- Downlights
- Troffers
- Other
LED Lighting Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Indoor
- Outdoor
LED Lighting Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Commercial
- Residential
- Industrial
- Others
LED Lighting Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
List of Key Players of LED Lighting Market
- Acuity Brands Lighting Inc.
- Cree Lighting
- Dialight
- Digital Lumens Inc.
- Hubbell
- LSI Industries Inc.
- LumiGrow
- Panasonic Corporation
- Siteco GmbH
- Signify Holding
- Semiconductor Co. Ltd.
- Zumtobel Group Ag
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