The global LED Lighting market is anticipated to grow at a considerable CAGR of 9.5% during the forecast period (2024-2031). The global LED lighting industry is highly driven by its growing adoption in several end-user industry to attain their sustainability goals. Severe environmental regulations and a growing global focus on sustainability are driving the adoption of LEDs as an eco-friendly alternative to traditional lighting solutions. These regulations aim to reduce energy consumption and carbon emissions, making LEDs a natural choice due to their superior energy efficiency. Furthermore, advancements in LED technology have resulted in significant cost reductions, making them a more economically viable option for a wider range of applications. Additionally, the superior performance of LEDs, including their exceptional lifespan, lower energy consumption, and improved light quality, incentivizes their adoption across various sectors. These factors, coupled with the growing awareness of the long-term cost benefits associated with LEDs, are propelling the global LED lighting market towards significant expansion.
Browse the full report description of “LED Lighting Market Size, Share & Trends Analysis Report by Product (LED Lamps and LED Fixtures), by End-User (Commercial, Residential, Industrial, and Others), by Applications (Indoor Lighting and Outdoor Lighting), and by Sales Channel (Direct, Retail, and E-commerce) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/led-lighting-market
In August 2023, the US Department of Energy announced the regulation for LED lights. This regulation encourages people to convert to more modern, energy-efficient LED lights by outlawing the manufacture and distribution of conventional light bulbs within the country. The transition is anticipated to lower carbon emissions by 222 million metric tons over 30 years.
Further, in June 2023, Mangaluru International Airport on the eve of World Environment Day has accomplished 100% LED light conversion by substituting 1111 conventional lights scattered across several functional areas with an equal number of LED lights. Such developments are anticipated to drive the global market growth.
Recent Launches-
In April 2023, Crescent Lighting has announced that it is adding more lighting options to its lineup for use in indoor and outdoor residential, commercial, industrial, and architectural settings. Products from Crescent Lighting are renowned for having exceptional energy efficiency—up to 80% energy savings without sacrificing the quality of the lighting. According to LM80 certification, the company's products have a long lifespan of up to 50,000 hours and are environmentally benign since they do not include mercury, UV/IR, or other potentially dangerous elements.
In July 2023, Philips Ultra Efficient LED lights, which use 60% less energy than other regular LED lighting solutions, were introduced by Signify Malaysia (previously Philips Lighting).Utilizing cutting-edge LED optics technology, the product line offers LED downlights, LED tubes, and LED bulbs that can provide up to 50,000 hours of light—more than 3.5 times the lifetime consumption of ordinary LED lighting products (based on 50,000 hours lifetime, 2.7 hours per day usage).
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Product
o By Application
o By End-User
o By Sales Channel
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Dialight plc, Everlight Electronics Co. Ltd., Koninklijke Philips N.V., Osram Licht AG, and Panasonic Industry Co., Ltd.among others.
Key questions addressed by the report
Global LED Lighting Market Report Segment
By Product
By End User
By Applications
By Sales channel
Global LED Lighting Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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