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LED Lighting - Global Strategic Business Report

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    Report

  • 737 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 2769236

Global LED Lighting Market to Reach $94 Billion by 2030

The global market for LED Lighting estimated at US$55.4 Billion in the year 2022, is projected to reach a revised size of US$94 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2022-2030. Lamps, one of the segments analyzed in the report, is projected to record 7.6% CAGR and reach US$36.3 Billion by the end of the analysis period. Growth in the Luminaires segment is estimated at 6.4% CAGR for the next 8-year period.

The U.S. Market is Estimated at $8.9 Billion, While China is Forecast to Grow at 8.3% CAGR

The LED Lighting market in the U.S. is estimated at US$8.9 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$17.7 Billion by the year 2030 trailing a CAGR of 8.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 6.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR.

Select Competitors (Total 190 Featured) -

  • Acuity Brands Lighting Inc.
  • Cree Lighting
  • Dialight PLC
  • Digital Lumens, Inc.
  • Hubbell Incorporated
  • LSI Industries Inc.
  • Osram Licht AG
  • Surya Roshni Ltd.
  • Signify
  • Wipro Lighting
  • Zumtobel Lighting GmbH

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
Frequently Asked Questions about the LED Lighting Market

What is the estimated value of the LED Lighting Market?

The LED Lighting Market was estimated to be valued at $55.4 Billion in 2022.

What is the growth rate of the LED Lighting Market?

The growth rate of the LED Lighting Market is 6.8%, with an estimated value of $94 Billion by 2030.

What is the forecasted size of the LED Lighting Market?

The LED Lighting Market is estimated to be worth $94 Billion by 2030.

Who are the key companies in the LED Lighting Market?

Key companies in the LED Lighting Market include Acuity Brands Lighting Inc., Cree Lighting, Dialight PLC, Digital Lumens, Inc., Hubbell Incorporated, LSI Industries Inc., Osram Licht AG, Surya Roshni Ltd., Signify and Wipro Lighting.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • LED Lighting - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • LED Lighting: An Introduction
  • Market Facts
  • LED and Other Lighting Technologies: A Comparison
  • LED’s Longevity and Digital Connectivity to Aid Lighting Industry Achieve Sustainability
  • Key Drivers for LED Lighting Demand
  • Adoption of Energy-Efficient Lighting Options
  • Supportive Policies and Regulations
  • Growing Significance of Energy-Efficient Certifications
  • Non-Residential Buildings: Key Growth Areas for LED Lighting Manufacturers
  • Emphasis on Achieving Energy and Cost Savings amidst Spiraling Electricity Consumption: The Fundamental Growth Driver
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Market Outlook
  • Global General Lighting Market by Type: 2016, 2018 & 2020
  • industrial Commercial LED Lighting Market to Witness Strong Growth
  • Emerging Markets Lead Growth Prospects
  • LED Luminaires: The Leading Segment
  • Leading LED Producing Countries Worldwide
  • China: Largest LED Producer Worldwide
  • Competition
  • LED Lighting Marketplace: Highly Competitive and Fragmented
  • Competitive Landscape in the Global Market for LED Lighting: Leading Companies by Geographic Region
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Smart Intelligent LED Lighting Catalyze Growth Prospects
  • Li-Fi to Emerge as Game Changer
  • Growing Number of Smart Homes Create Significant Demand
  • Smart Home Penetration Rate (%) by Region/Country: 2020
  • Global Smart Home Penetration Rate (%): 2017-2025
  • Global Home Automation Market by Application (in %): 2019
  • Smart Cities Drive Installation of Smart & Connected Lighting Systems
  • Smart Street Lighting
  • LED Chips Offering Higher Lumens per Watt and More Savings Drive Demand in Industrial Applications
  • Rise in Integration of LED Lighting in Industrial Automation
  • LED Components Witnessing Continued Advancements to Result in Increased Growth for LED Lighting Market
  • LED Grows as the Preferred Medium of Lighting in Horticulture
  • Growing Focus on Tourism Drives Demand for Architectural and Landscape Lighting
  • Organic LEDs (OLEDs): The Future Growth Avenue
  • Exceptional Color Rendering of LEDs Spurs Penetration in the Retail Display Segment
  • Increasing Adoption of LEDs in Innovative Niche Lighting Markets Favor Market Expansion
  • Focus of SSL Technology Augurs Well for the Market
  • Favorable Demographic Trends Strengthens Market Prospects
  • World Population by Geographic Region (in Millions): 2010-2040
  • Rise in Urbanization Drive Development of Higher Quality, More Efficient, and Longer Lasting LED Solutions
  • World Urban Population in Thousands: 1950-2050
  • Burgeoning Middle Class Population
  • Global Middle Class Population (in Millions) and as a Percentage of Total Population: 2005, 2015, 2025 & 2035
  • Select Product Innovations and Developments
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for LED Lighting by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 2: World Historic Review for LED Lighting by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 3: World 16-Year Perspective for LED Lighting by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Lamps by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 5: World Historic Review for Lamps by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 6: World 16-Year Perspective for Lamps by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Luminaires by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 8: World Historic Review for Luminaires by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 9: World 16-Year Perspective for Luminaires by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Indoor by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 11: World Historic Review for Indoor by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 12: World 16-Year Perspective for Indoor by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 13: World Recent Past, Current & Future Analysis for Outdoor by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 14: World Historic Review for Outdoor by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 15: World 16-Year Perspective for Outdoor by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 16: World Recent Past, Current & Future Analysis for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 17: World Historic Review for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 18: World 16-Year Perspective for Residential by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 19: World Recent Past, Current & Future Analysis for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 20: World Historic Review for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 21: World 16-Year Perspective for Commercial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 22: World Recent Past, Current & Future Analysis for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 23: World Historic Review for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 24: World 16-Year Perspective for Industrial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 25: World Recent Past, Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 26: World Historic Review for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 27: World 16-Year Perspective for Other End-Uses by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 28: World LED Lighting Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Market Overview
  • Regulatory Changes Transform the Country’s Lighting Landscape
  • Impact of COVID-19 on the Construction Sector Tones Down Nearterm Growth Prospects
  • Construction Industry in the US by Sector (2016-2022): Breakdown of Value (US$ Million) for Residential Buildings, Non-Residential Buildings, and Non-Building Structures
  • Growing Demand for Connected LED Lighting Drive Strong Market Growth
  • Increasing Use of LEDs in Retrofit Applications Benefit Market Expansion
  • Emerging Trends in LED Luminaire Designs Drive Adoption in Indoor Applications
  • LED Industrial Luminaires Grow in Prominence over Conventional Industrial Luminaires
CANADA
JAPAN
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
CHINA
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • Competitive Landscape
  • Significant Urbanization Levels Spur Demand
  • Urbanization in China in Terms of Percentage Share of Total Population Living in Cities: 2010-2020
EUROPE
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Market Overview
  • Competition
FRANCE
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
GERMANY
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
ITALY
UNITED KINGDOM
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • Market Overview
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Market Overview
AUSTRALIA
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
INDIA
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Market Overview
  • Rapid Urbanization and Rising Affluence Drive Demand for Higher Priced and Designer Luminaires
  • Spurt in Residential and Commercial Construction in Tier-2 and Tier-3 Cities Drives Adoption
  • LEDs taking over from HIDs in Street Lighting Space
  • Emergence of Smart LED Lights
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • LED Lighting Witness Soaring Popularity in the Middle East
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • LED Lighting Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Acuity Brands Lighting Inc.
  • Cree Lighting
  • Dialight PLC
  • Digital Lumens, Inc.
  • Hubbell Incorporated
  • LSI Industries Inc.
  • Osram Licht AG
  • Surya Roshni Ltd.
  • Signify
  • Wipro Lighting
  • Zumtobel Lighting GmbH