LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A540
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LED Lighting Market Outlook 2023-2028:

The global LED lighting market size reached US$ 73.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 122.2 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028. The growing demand for energy-efficient and cost-saving lighting solutions, rising environmental concerns among individuals across the globe, and favorable government initiatives to reduce emissions are some of the major factors propelling the market.

Report Attribute
 Key Statistics 
Base Year
2022
Forecast Years
2023-2028
Historical Years
2017-2022
Market Size in 2022
US$ 73.1 Billion
Market Forecast in 2028
US$ 122.2 Billion
Market Growth Rate 2023-2028
8.8%


Light emitting diode (LED) lighting is a highly energy-efficient and long-lasting lighting technology. It is a semiconductor device that emits light when an electric current passes through it. It is a cost-effective lighting solution that has lower carbon emissions and consumes less energy as compared to incandescent and fluorescent bulbs. It is also resistant to shock, vibration, and temperature fluctuations and provides improved durability. It produces directional light that allows for precise illumination without the need for additional reflectors or lenses. It assists in offering a long lifespan while reducing maintenance and replacement costs.

At present, the increasing adoption of LED lighting, as it offers enhanced color rendering that ensures accurate representation of colors, is impelling the growth of the market. Additionally, the growing employment of LED lighting due to the increasing demand for durable and long-lasting lighting solutions among the masses across the globe is offering a positive market outlook. Apart from this, the rising consumer preference for environmentally friendly products is offering lucrative growth opportunities to industry investors. In line with this, technological advancements in LED lighting to provide enhanced lighting quality, efficiency, and versatility are bolstering the growth of the market. Besides this, the rising employment of LED lighting on account of the increasing number of renovation and construction activities around the world is strengthening the growth of the market.

LED Lighting Market Trends/Drivers:

Rising demand for energy-efficient and cost-saving lighting solutions

There is a rise in the demand for energy-efficient and cost-effective lighting solutions among the masses around the world. LEDs convert a higher percentage of electrical energy into light, which saves a significant amount of energy. There is also an increase in the demand for LED lighting, as it assists in reducing electricity bills. In addition, LED lighting systems offer substantial long-term savings as compared to traditional lighting options. LED lighting has a longer lifespan that reduces the frequency of bulb replacements. Moreover, the energy efficiency of LED lighting aids in reducing electricity consumption and lowering utility bills over time. Various businesses are increasingly adopting LED lighting solutions to maintain a sustainable environment, which is contributing to the growth of the market.  

Increasing environmental concerns among individuals  

There is a rise in the adoption of LED lighting due to the increasing environmental awareness among the masses around the world. People are increasingly preferring sustainable lighting solutions that assist in reducing pollution in the environment. They are seeking eco-friendly alternatives to traditional lighting options. LED lighting does not contain hazardous substances, such as mercury, which is commonly found in fluorescent bulbs. In addition, LED is safer for both human health and the environment, which is positively influencing the market. Apart from this, the rising demand for energy-efficiency lighting, as it aids in lowering greenhouse gas (GHG) emissions is contributing to the growth of the market.

Favorable government initiatives

Governing agencies of various countries are encouraging the adoption of energy-efficient lighting solutions to curb pollution in the environment. They are implementing numerous policies and regulations to reduce emissions across the globe. In addition, they are also offering several incentives and subsidies and mandating energy efficiency standards, which is providing a positive market outlook. Various organizations are increasingly promoting energy efficiency measures to encourage the adoption of LED lighting. Governing authorities are also focusing on meeting energy efficiency targets and promoting a cleaner environment. Apart from this, LED lighting is gaining popularity due to the increasing concerns about climate change and environmental sustainability.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global LED lighting market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on application.

Breakup by Application:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Retrofit
  • Retail and Hospitality
  • Outdoor
  • Offices
  • Architectural
  • Homes
  • Industrial
     

Retrofit represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the application. This includes retrofit, retail and hospitality, outdoor, offices, architectural, homes, and industrial. According to the report, retrofit represented the largest segment.

Retrofit application refers to the replacement of existing lighting fixtures with LED lighting solutions. It comprises residential, commercial, and industrial retrofit projects wherein traditional lighting technologies, such as incandescent, fluorescent, and halogen bulbs, are replaced with energy-efficient LED alternatives. In addition, retrofitting offers a cost-effective way to upgrade lighting systems without changing the entire infrastructure.

There is a rise in the employment of LED lighting in retail and hospitality applications, such as supermarkets, shopping malls, stores, hotels, and restaurants, to enhance product visibility, improve color rendering, and create appealing lighting environments for showcasing merchandise is propelling the market growth. Moreover, LED lighting is widely adopted in entertainment venues to highlight architectural features and enhance guest experiences.

The outdoor lighting segment comprises a wide range of applications, such as street lighting, parking lots, stadiums, and public spaces. In line with this, LED streetlights are increasingly replacing traditional high-pressure sodium or mercury vapor lamps in urban and rural areas due to their energy-saving potential and improved lighting quality. Additionally, the rising utilization of LED lighting outdoors for providing enhanced aesthetics, safety, and efficiency is bolstering the market growth.

Offices require adequate lighting for optimal productivity, comfort, and the well-being of employees. LED lighting offers an enhanced light distribution, reduced glare, and creates a more pleasant and conducive work environment. LED lighting systems can be easily integrated with smart controls and lighting management systems that allow precise control of lighting levels and scheduling and dimming options.

Breakup by Region:

  • India
  • China
  • Europe
  • Japan
  • Brazil
  • Russia
  • United States
     

China exhibits a clear dominance, accounting for the largest LED lighting market share

The report has also provided a comprehensive analysis of all the major regional markets, which include India, China, Europe, United States, Japan, Brazil, and Russia. According to the report, China accounted for the largest market share.

China held the biggest market share, as it is the manufacturing powerhouse for the LED lighting industry. In addition, rising technological advancements in LED lighting for improved efficiency are propelling the growth of the market. Apart from this, governing agencies in the country is rapidly promoting the adoption of LED lighting by offering various incentives and subsidies, which is supporting the growth of the market. Additionally, the growing demand for LED lighting in residential areas is positively influencing the market in China.   

The United States is estimated to expand further in this domain, owing to the increasing number of infrastructure projects. In line with this, the rising awareness about energy conservation among individuals in the country is bolstering the growth of the market. Furthermore, the increasing demand for LED lighting due to favorable government initiatives is contributing to the growth of the market.

Competitive Landscape:

Key players are focusing on improving energy efficiency, lifespan, brightness, color accuracy, and functionality of LED lighting solutions. They are also offering a wide range of LED lighting in different shapes, sizes, color temperatures, and smart lighting features to cater to the diverse needs of customers. Apart from this, major manufacturers are developing specialized lighting solutions, such as retrofitting LED bulbs, downlights, spotlights, linear fixtures, high-bay lights, and streetlights, for residential, commercial, industrial, and outdoor environments. In line with this, many companies are participating in energy efficiency certification programs and adhering to industry standards to showcase eco-friendly and energy-efficient products. Furthermore, they are optimizing manufacturing processes and supply chain management to reduce the production costs of LEDs.     

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Nichia Corporation
  • Everlight Electronics
  • LG Innotek
  • OSRAM GmbH (ams OSRAM AG)
  • Samsung Electronics


Recent Developments:

  • In November 2018, Samsung Electronics Co., Ltd. announced new horticulture LED lineups, such as full-spectrum packages and modules and color (monochromatic) LEDs that reduce lighting costs and enhance plant cultivation.
  • In December 2021, Signify announced the agreement with OSRAM to acquire Austin, which will strengthen the global agriculture lighting growth platform and extend their position in the attractive North American horticultural lighting market.
  • In January 2023, Nichia Corporation and Infineon Technologies AG announced the launch of the industry’s first fully integrated micro-LED (hereinafter µPLS light engine) light engine for high-definition (HD) adaptive driving beam applications.
     

LED Lighting Market Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion, Billion Units
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Application
  • Region
Applications Covered Retrofit, Retail and Hospitality, Outdoor, Offices, Architectural, Homes, Industrial
Regions Covered Europe
Countries Covered India, China, United States, Japan, Brazil, Russia
Companies Covered Nichia Corporation, Everlight Electronics, LG Innotek, OSRAM GmbH (ams OSRAM AG) and Samsung Electronics
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the LED lighting market from 2017-2028.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global LED lighting market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the LED lighting industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global LED lighting market was valued at US$ 75.7 Billion in 2022.

We expect the global LED lighting market to exhibit a CAGR of 9.8% during 2023-2028.

The rising infrastructural development across the retail, industrial, and commercial sectors, coupled with the increasing demand for energy-efficient lighting sources, is primarily driving the global LED lighting market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units and disrupted supply chains for LED lighting components.

Based on the application, the global LED lighting market can be categorized into retrofit, retail and hospitality, outdoor, offices, architectural, homes, and industrial. Among these, retrofit accounts for the majority of the total market share.

On a regional level, the market has been classified into India, China, Europe, Japan, Brazil, Russia, and United States, where China currently dominates the global market.

Some of the major players in the global LED lighting market include Nichia Corporation, Everlight Electronics, LG Innotek, OSRAM GmbH (ams OSRAM AG) and Samsung Electronics.

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LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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