According to the latest report by IMARC Group, titled "North America LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America LED lighting market reached a value of US$ 17 Billion in 2021. A light-emitting diode (LED) refers to an electroluminescence device that emits light by combining current-carrying particles, such as electrons and holes, within the semiconductor material. They are commercially available in different colors, which can be attributed to the variation in the concentration of phosphors. As compared to conventional lighting technologies, LED lighting is more long-lasting, efficient, inherently controllable, and environment friendly. As a result, it is widely adopted in remote-control circuits, decorative lights, and fluorescent light applications across the industrial, infrastructural, and residential sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America LED Lighting Market Trends:
One of the key factors driving the LED lighting market in North America is the increasing demand for smart lighting solutions to conserve energy. In line with this, rapid expansion in smart city projects, along with the rising environmental consciousness, has led to a significant increase in the usage of LEDs in public construction projects, which is acting as another major growth-inducing factor. Additionally, the rising awareness toward the benefits associated with LED lighting solutions, such as higher operational life and lower maintenance, is further facilitating the overall product sales across the region. Moreover, The Federal Government of the United States (US Federal Government) is undertaking several initiatives to promote the use of energy-efficient technologies, which, in turn, is expanding the applications of LED across various establishments. Besides this, LEDs are increasingly being used in aviation, general lighting, medical devices, camera flashes, automotive headlamps, and traffic signals, which is expected to drive the market further toward growth. Looking forward, the market is expected to reach a value of US$ 29.79 Billion by 2027, growing at a CAGR of 9.80% during 2022-2027.
- Based on the type, the market has been bifurcated into LED lamps and modules, and LED fixtures.
- On the basis of the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and others.
- On the geographical front, the market has been segregated into the United States, Canada and Mexico.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players
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