Product ID: SQMIG45J2152
Global LED Lighting Market Size, Share, Growth Analysis, By Application(Indoor, Outdoor), By End-User(Commercial, Residential) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2152 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
63 |
Figures:
75
Global LED Lighting Market Dynamics
LED Lighting Market Driver
- A light-emitting diode, an electronic driver, a cooling system, and optics make up LED lighting. As opposed to standard high-wattage bulbs, these components are neither brittle nor sealed under high pressure. Maintenance costs are significantly reduced when LED lighting technology is used. Significant energy savings are achieved by using LED lights, which use roughly 50% less electricity than conventional halogen, incandescent, and fluorescent lights. Additionally, LED lighting has low voltage operation, no UV emissions, a long lifespan, design flexibility, and durability. As a result, LED lighting is growing in popularity among businesses and communities since it is more affordable and provides better service.
- Depending on the fixture, LEDs typically last 30,000–50,000 hours as opposed to 1,000–8,000 hours for incandescent bulbs and 8,000–30,000 hours for fluorescent lamps, respectively. Low maintenance expenses are a result of LED luminaires' long lifespan. Additionally, because LED lighting uses a lower wattage yet still produces a brighter light, it requires less energy to power. In turn, this aids in lowering energy consumption and expenses, which is predicted to fuel led lighting market revenue growth between 2022 and 2030. One such precaution that might lower the likelihood of accidents at construction sites is the installation of LED lighting. LEDs increase visibility and protect workers from burns while moving the lights, which is anticipated to drive LED Lighting Market expansion. Since LED lights are composed of robust epoxy resin and have a higher Return on Investment than traditional lighting, it is anticipated that more construction companies and architects will switch to LED lighting (ROI)
LED Lighting Market Restraint
- The difficulty would be to establish minimal pricing that the vast majority of people could afford while also reducing spending on bills and upkeep. Despite the fact that LED lighting has a number of benefits, the majority of people still prefer fluorescent lighting. Due to a lack of knowledge about the advantages and benefits of LED lighting solutions, the overall revenue share of fluorescent lamps is on the upper side. Additionally, the cost of LED lighting solutions is higher than that of incandescent bulbs, and the introduction of cheap lighting products with short lifespans is anticipated to limit the use of LED lighting in the near future.
Global LED Lighting Market Report Snapshots
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