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LED Lighting Market Size, Share & Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts, 2022 - 2030
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
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LED Lighting Market Size, Share & Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06278018/?utm_source=GNW
LED Lighting Market Growth & Trends
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. Increasing consumer demand for energy-efficient lighting solutions is expected to increase demand for LED lighting products such as A-lamps and T-lamps. 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.
LED Lighting Market Report Highlights
• The flourishing hospitality sector globally is resulting in a demand for an advanced lighting solution that would enhance the aesthetic of hotels and resorts and also save energy consumption. This factor contributes to the market growth
• The LED luminaires segment dominated the global market with more than 55.7% share in 2021 and is expected to continue its dominance due to increasing demand from the commercial & industrial sectors
• The Asia Pacific accounts for a major revenue share of 42.8% in the global market in 2021. This can be attributed to the rapid increase in infrastructure development projects in developing countries, coupled with rising awareness among consumers related to the benefits of LED such as energy-saving, bright light, and low cost
Read the full report: https://www.reportlinker.com/p06278018/?utm_source=GNW
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