Dublin, July 17, 2024 (GLOBE NEWSWIRE) – “The global LED lighting market is segmented by product (lamps, luminaires), application (indoor, outdoor), installation (new construction, renovation), sales channel (direct sales, retail, e-commerce ) ) and regions (North America, Europe, Asia Pacific, Rest of the World) – Forecast 2029” report has been added to ResearchAndMarkets.com Dedication.
The LED lighting market is expected to increase from US$78.9 billion in 2024 to US$118.4 billion in 2029; the compound annual growth rate from 2024 to 2029 is expected to be 8.5%
The report will help the leaders/new entrants in this market with the closest approximation of revenue figures for the overall market and sub-segments. The report will help stakeholders understand the competitive landscape and gain additional insights to better position their businesses and plan a suitable go-to-market strategy. The report also helps stakeholders understand the pulse of the LED lighting market and provides information on key market drivers, constraints, challenges, and opportunities.
The report includes statistics on the LED lighting market based on product type, application, installation, sales pipeline, and region. This report details the key drivers, constraints, opportunities, and challenges of the LED Lighting market. The report includes illustrative segmentation, analysis, and forecast of the LED Lighting market on a segment-based basis.
The growth of demand in this market is driven by the increasing use of smart lighting systems, favorable government measures and regulations, and increasing R&D investments due to growing demand for bulbs and lamps.
The LED lighting market is dominated by established players such as Signify Holding (Netherlands), Acuity Brands, Inc. (U.S.), Cree Lighting USA LLC (U.S.), ams-OSRAM AG (Austria), LG Electronics (South Korea), Dialight (UK), Panasonic Corporation (Japan), Hubbell (USA), Zumtobel Group (Germany) and Savant Systems, Inc. (USA).
Favorable government measures and regulations around the world for energy-saving LED lighting solutions will drive the growth of the LED lighting market
Governments around the world are increasingly recognizing the importance of energy efficiency and sustainability, resulting in supportive regulations designed to encourage the adoption of LED lighting solutions. These regulatory measures are strategically designed to incentivize the shift from traditional lighting technologies to more energy-efficient and environmentally friendly alternatives.
The outdoor segment is expected to grow at a higher CAGR during the forecast period
The outdoor market is expected to grow at a CAGR of 10.8% throughout the forecast period. This growth is attributed to the continued deployment of energy-efficient lighting systems in street and road lighting, tunnel lighting, floodlighting, and outdoor events such as stadiums and sports venues.
Given that outdoor programs are primarily funded by government entities, there is an increased focus on energy conservation and cost efficiency. Currently, there are approximately 317 million street lights in operation worldwide, and this number is expected to increase to 363 million by 2027, providing numerous opportunities for the adoption of LED lighting solutions in outdoor applications.
The new installations segment is expected to hold the majority of the market share during the forecast period
The new installation involved a complete setup of an advanced LED lighting system, incorporating the latest LED lights and fixtures. Integrating new LED fixtures is a simple process, similar to other lighting technologies, and is compatible with new construction projects. In contrast to retrofit installations, which require partial upgrades to the lighting system, new installations include the complete replacement of traditional lighting fixtures.
This required the phased removal of the existing lights and their associated controls and fixtures to make way for the installation of LED lights and their associated controls and fixtures. When comparing LED lighting fixtures to retrofits, one significant difference is the cost impact. Implementing LED lighting fixtures may be more expensive due to the need to replace existing lighting infrastructure, resulting in the additional cost of hiring a qualified electrician.
The lighting market is expected to grow at a higher CAGR during the forecast period
The lighting segment is expected to grow at a CAGR of 6.9% throughout the forecast period. This growth is attributed to the expanding deployment of energy-efficient lighting systems in outdoor projects such as street and road lighting, tunnel lighting, floodlighting, stadiums and sports venues. In addition, growing awareness among contractors and project managers of the benefits associated with LED luminaires, including extended service life and significant energy-saving potential, is helping the luminaire sector grow.
The Asia-Pacific region will occupy the largest market share of the LED lighting market in 2023
Asia Pacific will lead the LED lighting market throughout the forecast period and is expected to register the highest CAGR. An important driving force for the growth of the LED lighting market in the Asia-Pacific region is the growing demand for LED lighting solutions in major economies such as China, India, Japan, Australia and South Korea.
At the same time, the surge in construction activities in the residential, commercial and industrial sectors of developing economies in the Asia-Pacific region, including Southeast Asian countries, is a key catalyst for the growth of the LED lighting market in the region.
Key attributes:
| Report properties | detail |
| Number of pages | 265 |
| forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $78.9 billion |
| Forecast market value by 2029 (USD) | $118.4 billion |
| CAGR | 8.5% |
| Coverage area | Global |
quality insights
- The growing adoption of LED lights as a replacement for traditional lights is driving the growth of the LED lighting market
- The lighting segment will occupy a larger market during the forecast period
- The new installations segment will capture a larger market during the forecast period
- A-type lamp segment will hold the largest market share during the forecast period
- The retail/wholesale segment will hold the largest market share during the forecast period
- The residential market will account for the largest market during the forecast period
- China and indoor market will hold significant market share during the forecast period
- India will emerge as a lucrative market during the forecast period
case analysis
- Uline raises performance levels with high-efficiency Kbl fixtures from Cree Lighting Usa LLC
- Atl hired Brooks Berry Haynie & Associates to manage and execute a lighting conversion for Adb Airport Solutions within a very tight timeframe
- Franklin Institute implements new lighting system from Stouch Lighting to reduce energy consumption and improve lighting quality
- Washington State Department of Ecology upgrades Cree Lighting USA LLC’s LED lighting system to reduce maintenance costs
- St Luke's Primary School in Skerton installs LED lighting system from UK Energy Watch to reduce running costs
- Port of Houston adopts Constellation Lighting’s Led high-mast lighting to improve safety and operational efficiency
Market dynamics
driver
- Increasing use of smart lighting systems
- Global Warming and Energy Consumption Demand
- Growing demand for LED lighting systems in residential interior design and home decoration
- R&D investment continues to increase due to growing demand for light bulbs and luminaires
- LED lighting has a positive impact on human health and well-being
- Favorable government measures and regulations
limit
- Large project installation costs are high
- The U.S.-China trade conflict and the ongoing Russia-Ukraine war
- Functional issues related to LED technology
Chance
- Government initiatives to achieve carbon neutrality
- Prices of LED chips and other components of lighting systems continue to fall
- Outdoor applications increasingly adopt wireless LED lighting technology
- LED lighting adoption continues to rise in horticulture
challenge
- Emerging economies are slow to adopt LED technology
- Threats of data/security vulnerabilities in IoT-based lighting systems
- LED lighting lacks common open standards
technical analysis
- Wireless network connection
- People-centered lighting
- IoT lighting
- Natural light robot
- Quantum dot LED
Government regulations and standards
- IEEE 1789-2015 Modulation frequency of light-emitting diodes (LEDs)
- Energy Star – Developed by the U.S. Department of Energy (Doe) and the U.S. Environmental Protection Agency (EPA)
- Nema – Ansi C78.51: Electric Lamps – Led (Light Emitting Diode) Lamps – Method of Specification
Company Profile
key figure; main force; important member
- Signify Holdings
- Acumen Brands Inc.
- Panasonic Holdings Co., Ltd.
- ams OSRAM AG
- LG Electronics
- Cree Lighting America LLC
- Dialet
- Hubbell (part of GE Current)
- Odebel Group
- Savant Systems
other companies
- Current Lighting Solutions LLC
- Samsung
- Sharp Corporation
- Siteco Limited (GE)
- Havells India Ltd.
- Trilux Ltd.
- Fagerhuz Belisning GmbH
- Siska
- Go Green Ryder
- forest lighting
- Everlight Electronics Co., Ltd.
- Wibro Lighting
- Op Lighting Co., Ltd.
- NVC Lighting Co., Ltd. (subsidiary of NVC International Holdings)
- gravel
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Global LED lighting market
