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SAN FRANCISCO , June 21, 2022 /PRNewswire/ -- The global LED lighting market size is anticipated to reach USD 132.96 billion by 2030, expanding at a CAGR of 10.5% from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing consumer demand for energy-efficient lighting solutions is expected to increase demand for LED lighting products such as A-lamps and T-lamps.
Key Industry Insights & Findings from the report:
Get more Insights from 140-page full market research report, "LED Lighting Market Size, Share & Trends Analysis Report By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), By End Use (Commercial, Residential, Industrial), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
LED Lighting Market Growth & Trends
LED lighting offers advantages such as less heat emission, more bright light, energy-saving, and low cost which is attracting consumers. These mentioned benefits of LED lighting compared to other lighting solutions and high demand from the construction sector for residential & commercial applications are factors expected to drive market.
In addition, auto manufacturers are focused on introducing vehicles with an unmistakable modern look to attract customers. LED lighting solutions provide players the flexibility to manufacture products with complex shapes, compact sizes with aesthetic design, resulting in high adoption of LED lighting solutions from automotive manufacturers. This high adoption of LEDs from auto manufacturers in headlight, fog light, and interior lighting applications is expected to support the target market growth.
Moreover, rapid advancements in semiconductor technology, coupled with favorable government policies and initiatives to encourage the adoption of LED lighting technology are aspects driving the market growth. Major players approach towards introduction of advanced products with long service life, Wi-Fi enabled, nanosecond switching, and are flicker-free which is expected to support the target market growth. For instance, in August 2021 , Signify N.V., a lighting solution provider announced the launch of smart LED downlighter, T-Bulb, T-Beamer, and Batten under Wiz smart bulb brand portfolio. The newly launched products operate on Wi-Fi and are expected to attract new customers to support company growth.
A noticeable increase in construction activities in the industrial sector, coupled with rising demand for energy-efficient lighting solutions is expected to positively impact the target market growth. However, the global outbreak of COVID-19 had slowdown the construction and infrastructure development activities resulting in low demand for LED lighting. Also, low awareness among consumers related to installation costs are factors challenging the market growth.
COVID-19 negatively impacted the industry. With strict lockdown imposed by government at workplaces including manufacturing facilities, resulting in halt at production plants disrupted the supply chain, further stopping the production of lights. However, post-second-quarter 2021 the market started to witness growth as the government took off the imposed regulation.
Grand View Research has segmented the global LED lighting market on the basis of product, application, end use, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2030)
Application Outlook (Revenue, USD Billion, 2018 - 2030)
End Use Outlook (Revenue, USD Billion, 2018 - 2030)
Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of key players in the LED Lighting Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Electronic Devices Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Grand View Compass | Astra ESG Solutions Follow Us: LinkedIn | Twitter
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SOURCE Grand View Research, Inc.
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