LED Lighting Market Updates

Global LED Lighting Market size was valued at USD 70.94 Billion in 2023 and is poised to grow from USD 78.74 Billion in 2024 to USD 187.45 Billion by 2032, growing at a CAGR of 11.2% in the forecast period (2025-2032).

The global market for LED lighting has become very competitive with several major players leading the charge by maintaining extensive product portfolios and constant innovation as a standard business practice. Signify (formally Philips Lighting), Osram, Cree Inc., and General Electric Company devote significant resources to R&D to improve product efficiency and develop smart products that meet changing consumer needs. The market growth has been driven by government programs that aim to encourage energy efficiency and energy efficient lighting technology, such as the European Union's Eco-design Directive and India's UJALA program, as they promote energy efficiency and by doing and providing visibility and access to energy efficient lighting solutions. The Zhaga Consortium's efforts to normalize components with respect to LED interfaces should move the market toward interoperability and further integration.'Signify Holding', 'Acuity Brands, Inc. ', 'Panasonic Holdings Corporation ', 'ams-OSRAM AG ', 'Cree Lighting USA LLC ', 'Zumtobel Group ', 'Samsung Electronics ', 'LG Electronics ', 'Everlight Electronics Co, Ltd. ', 'Dialight ', 'Havells India Ltd.', 'Wipro Lighting', 'Syska', 'Sharp Corporation', 'Siteco GmbH'

Smart city projects throughout the world are accelerating LED adoption through energy-efficient urban infrastructure. For example, the Smart Cities Mission in India features LED investments as part of city master plans worth $31 billion and the Smart City of Dubai invested $8 billion on green lights. The U.S. DOE committed $200 million in financing smart LED street lighting networks, to enhance public safety and energy efficiency. Businesses such as Signify and Osram are incorporating adaptive, IoT-enabled LEDs into projects globally, as visions from governments for achieving carbon neutrality and reducing urban electricity usage by 30-50% gain speed.

IoT Integration in LED Lighting for Smart Cities: Government across not only North America but globally are spending vast resources to implement IoT-enabled LED lighting in an effort to improve urban governance. For example, in 2024, Singapore spent USD 12 million to launch Singapore Smart Nation Initiative with smart LED streetlights that improved energy efficiency, improved public safety and improved equitable planning futures for city planners using real-time data analysis.

What makes Asia Pacific the top market for LED lighting in 2024?