IMARC Group's latest report, titled "LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global LED lighting market size reached US$ 75.7 Billion in 2022. LEDs, short for light-emitting diodes, are tiny semiconductor devices that emit light when electric current flows through them. They are used as a lighting source in homes, businesses, and industrial settings due to their small size, long lifespan, quick switching capability, and low energy consumption. They also produce very little heat and have minimal radiation emissions, making them a superior alternative to traditional incandescent and fluorescent lights. As a result, LED lighting solutions are gaining immense traction across the globe as they offer numerous benefits over conventional lighting systems.
Global LED Lighting Market Trends:
Rising awareness about energy conservation represents the primary factor driving the market growth. Moreover, the increasing demand for power due to expanding population, changing climate conditions, and improving lifestyles are positively influencing market growth. Additionally, the surging adoption of energy-efficient LED lighting solutions owing to the high electricity cost resulting from a power production shortage has catalyzed market growth. Along with this, the shifting consumer inclination toward eco-friendly lighting and rising focus on sustainable development are other major growth-inducing factors. Besides this, several favorable initiatives by governments of numerous countries to promote energy-efficient technologies and ban inefficient lighting solutions are propelling market growth. Furthermore, the rising focus of key players on launching innovative LED lighting products and the increasing investments in marketing activities to boost product awareness among consumers has accelerated the product adoption rate. Apart from this, the rapid expansion of smart city projects that use LED lights as a key component of housing plans is contributing to the market growth. In addition, the rising use of LED lights in automotive, general lighting, signal and signage, healthcare, forensics, academics, mobile devices, and street lighting is creating a positive market outlook. Other factors, including rising construction activities in the commercial sector, increasing display backlighting applications, and rapid urbanization, are also anticipated to drive the market further. Looking forward, IMARC Group expects the market value to reach US$ 131 Billion by 2028, expanding at a CAGR of 9.8% during 2023-2028.
- The market has been divided based on the application into retrofit, retail and hospitality, outdoor, offices, architectural, homes, and industrial. Currently, retrofit dominates the market, holding the largest market share.
- Region-wise, the market has been segregated into India, China, Europe, the United States, Japan, Brazil, and Russia. Amongst these, China is the leading market, accounting for the majority of the global market share.
- The competitive landscape of the market has also been examined, with some of the key players being Nichia Corporation, Osram Licht AG, Samsung Electronics Co. Ltd., Everlight Electronics Co. Ltd., and LG Innotek.
|Base Year of the Analysis
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||United States, Canada, United Kingdom, Germany, France, Spain, Italy, Russia, China, Japan, India, South Korea, Saudi Arabia, Iran, Turkey, Brazil, Mexico
||Allergan Plc, AMAG Pharmaceuticals, Inc., Emotional Brain BV, Endoceutics, Inc., GlaxoSmithKline Plc, Ovoca Bio Plc, Pivot Pharmaceuticals, Inc., Palatin Technologies, Inc., S1 Biopharma, Inc., and Sprout Pharmaceuticals, Inc.
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