USD 70.94 Billion
Report ID:
SQMIG45J2152 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
63
|Figures:
75
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% during the forecast period (2025-2032).
Rapidly surging demand for energy efficient lighting solutions around the world is projected to primarily augment the demand for LED lighting over the coming years. Launch of incentives and subsidies from governments to promote the adoption of LED lighting products is also expected to help boost market development. Growing investments in LED technology R&D and advancements in the same are also expected to create new opportunities for LED lighting suppliers going forward. Reducing LED lighting product prices is also expected to be a key driver for the global LED lighting market growth in the future. High emphasis on sustainability and rising awareness regarding environmental benefits of LED adoption are also expected to uplift the sales of LED lighting products in the long run. On the contrary, competition from alternative lighting technologies, lack of awareness in developing regions, heat sensitivity in certain applications, and complex retrofitting requirements are estimated to hurt the adoption of LED lighting across the study period and beyond.
US LED Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 70.94 Billion
Largest Segment
Luminaires
Fastest Growth
Lamps
Growth Rate
11% CAGR
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Global LED Lighting Market is segmented by Product type, Installation, Sales Channel, Application and region. Based on Product type, the market is segmented into Lamps, and Luminaires. Based on Installation, the market is segmented into New and Retrofit. Based on Sales Channel, the market is segmented into Retail/Wholesale, Direct Sales and E-commerce. Based on Application, the market is segmented into Indoor, and Outdoor. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The luminaires segment is projected to account for a dominant global LED lighting market share in the future. Extensive use of LED luminaires in track lighting, high bays, troffers, and street lighting applications is estimated to help it hold sway over other segments. The rising use of LED lighting in commercial and infrastructure applications coupled with increased infrastructure development activity is projected to help this segment generate the most revenue over the coming years. High reliability and easy installation of LED luminaires is also contributing to the dominant stance of this segment through 2032.
Meanwhile, the demand for lamps is forecasted to rise at a notable pace across the study period and beyond. High stability, better luminosity, and high reliability over traditional lighting offered by LED lamps is projected to bolster their sales in the long run. Increasing emphasis on use of energy efficient lighting and rising awareness regarding the benefits of LED lamps are also expected to present new opportunities for LED lighting providers via this segment. Launching decorative LED lamps can also help companies stand out from their competition. Supportive government initiatives to promote adoption of LED lighting are also slated to help this segment bring in more revenue going forward.
The indoor segment is forecasted to account for a prominent share of the global LED lighting industry. Rapidly increasing popularity of LED lighting fixtures for indoor lighting and availability of wide variety of products for this application are helping this segment hold sway over others. Less heat generation of LED lighting as compared to other alternatives also makes it highly suitable for indoor use. Rising adoption of LED lighting fixtures in hypermarkets, hospitals, homes, and other infrastructure is also expected to help this segment maintain its dominance in the long run.
On the other hand, the demand for LED lighting in outdoor applications is slated to rise at an impressive pace over the coming years. The growing number of public infrastructure projects opting for LED lighting and availability of high-power LED lighting solutions are expected to boost sales via this segment. Efforts to achieve net zero emissions and decarbonization are also expected to push the adoption of LED lighting in outdoor applications. The launch of new LED lighting solutions especially for outdoor applications is also estimated to present new opportunities for LED lighting vendors in the future.
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The Asia Pacific region is projected to emerge as a leading market for LED lighting companies across the study period and beyond. Rapid urbanization, high emphasis on energy efficiency, and growing infrastructure development activity are projected to be key factors bolstering the dominance of this region. China, Japan, and India are estimated to be the leading markets for LED lighting manufacturers owing to supportive government initiatives to promote economic development. Increasing popularity of smart home solutions and rising energy costs in this region are also estimated to present new opportunities for LED lighting suppliers over the coming years,
Meanwhile, the demand for LED lighting in Europe is slated to rise at an impressive pace across the study period. Growing emphasis on reducing energy consumption, launch of supportive government initiatives to promote use of LEDs, and launch of decarbonization efforts are all expected to bolster the demand for LED lighting going forward. The presence of an eco-conscious consumer base and availability of a wide variety of LED lighting solutions are also expected to bolster the sales of LED lighting products in Europe. Germany, the United Kingdom, and France are estimated to emerge as the most opportune markets for LED lighting companies looking to make a mark in this region.
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LED Lighting Market Drivers
Emphasis on Energy Efficiency
LED lighting fixtures are known to be more efficient than other lighting technologies, which has led to their widespread adoption across multiple industry verticals and consumers. Lower energy bills and high emphasis on sustainability are also expected to boost the global LED lighting market outlook in the future.
Declining Prices of LED Products
Advancements in LED product manufacturing and continual investments in LED technology R&D are helping to make LED lighting more affordable and cheaper. Lower costs of LED lighting products make them more accessible to a broader consumer base and thereby boost the sales of LED lighting fixtures in the long run.
LED Lighting Market Restraints
Heat Sensitivity in Particular Applications
LED products are highly sensitive to high temperatures, and this is known to affect their performance and lifespan in certain environments. This issue inhibits the adoption of LED lighting products in applications where the temperature is high or at a risk of increasing than normal.
Competition from Alternative Technologies
LED lighting is still one of the most widely used type of lighting technology on a global level. However, there are other technologies such as OLED (Organic Light Emitting Diode) that are gaining traction and this competition from other lighting technologies could impede the global LED lighting market forecast over the coming years.
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LED lighting companies should invest in the development of advanced lighting solutions with smart capabilities to boost revenue generation potential. Targeting industrial and commercial applications is expected to offer lucrative returns for LED lighting suppliers in the long run. Integration of smart technologies with LED lightings is also expected to present new opportunities for market players going forward.
Top Players in the LED Lighting Market
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing emphasis on energy efficiency and declining costs of LED lighting products are projected to drive LED lighting market development in the future. On the contrary, high temperature sensitivity and competition from alternative lighting technologies are expected to impede the sales of LED lighting across the study period and beyond. The Asia Pacific region is forecasted to spearhead the global LED lighting demand owing to the robust urbanization and industrialization in countries such as China and India. Development of smart LED lighting systems and customization are expected to present new revenue generation opportunities for LED lighting providers in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 70.94 Billion |
Market size value in 2032 | USD 187.45 Billion |
Growth Rate | 11% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the LED Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the LED Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the LED Lighting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the LED Lighting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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