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LED Lighting Market to be Worth $132.96 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 21, 2022 /PRNewswire/ -- The global LED lighting market size is anticipated to reach USD 132.96 billion by 2030, expanding at a CAGR of 10.5% from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing consumer demand for energy-efficient lighting solutions is expected to increase demand for LED lighting products such as A-lamps and T-lamps.

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Key Industry Insights & Findings from the report:

  • The flourishing hospitality sector globally is resulting in a demand for an advanced lighting solution that would enhance the aesthetic of hotels and resorts and also save energy consumption. This factor contributes to the market growth
  • The LED luminaires segment dominated the global market with more than 55.7% share in 2021 and is expected to continue its dominance due to increasing demand from the commercial & industrial sectors
  • The Asia Pacific accounts for a major revenue share of 42.8% in the global market in 2021. This can be attributed to the rapid increase in infrastructure development projects in developing countries, coupled with rising awareness among consumers related to the benefits of LED such as energy-saving, bright light, and low cost

Get more Insights from 140-page full market research report, "LED Lighting Market Size, Share & Trends Analysis Report By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), By End Use (Commercial, Residential, Industrial), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

LED Lighting Market Growth & Trends

LED lighting offers advantages such as less heat emission, more bright light, energy-saving, and low cost which is attracting consumers. These mentioned benefits of LED lighting compared to other lighting solutions and high demand from the construction sector for residential & commercial applications are factors expected to drive market.

In addition, auto manufacturers are focused on introducing vehicles with an unmistakable modern look to attract customers. LED lighting solutions provide players the flexibility to manufacture products with complex shapes, compact sizes with aesthetic design, resulting in high adoption of LED lighting solutions from automotive manufacturers. This high adoption of LEDs from auto manufacturers in headlight, fog light, and interior lighting applications is expected to support the target market growth.

Moreover, rapid advancements in semiconductor technology, coupled with favorable government policies and initiatives to encourage the adoption of LED lighting technology are aspects driving the market growth. Major players approach towards introduction of advanced products with long service life, Wi-Fi enabled, nanosecond switching, and are flicker-free which is expected to support the target market growth. For instance, in August 2021, Signify N.V., a lighting solution provider announced the launch of smart LED downlighter, T-Bulb, T-Beamer, and Batten under Wiz smart bulb brand portfolio. The newly launched products operate on Wi-Fi and are expected to attract new customers to support company growth.

A noticeable increase in construction activities in the industrial sector, coupled with rising demand for energy-efficient lighting solutions is expected to positively impact the target market growth. However, the global outbreak of COVID-19 had slowdown the construction and infrastructure development activities resulting in low demand for LED lighting. Also, low awareness among consumers related to installation costs are factors challenging the market growth.

COVID-19 negatively impacted the industry. With strict lockdown imposed by government at workplaces including manufacturing facilities, resulting in halt at production plants disrupted the supply chain, further stopping the production of lights. However, post-second-quarter 2021 the market started to witness growth as the government took off the imposed regulation.

LED Lighting Market Segmentation

Grand View Research has segmented the global LED lighting market on the basis of product, application, end use, and region:

Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Lamps
    • A-Lamps
    • T-Lamps
    • Others
  • Luminaires
    • Streetlights
    • Downlights
    • Troffers
    • Others

Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Indoor
  • Outdoor

End Use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Commercial
  • Residential
  • Industrial
  • Others

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa (MEA)

List of key players in the LED Lighting Market

  • Acuity Brands Lighting Inc.
  • Cree Lighting
  • Dialight
  • Digital Lumens Inc.
  • Hubbell
  • LSI Industries Inc.
  • LumiGrow
  • Panasonic Corporation
  • Siteco GmbH
  • Signify Holding
  • Semiconductor Co. Ltd.
  • Zumtobel Group Ag

Check out more related studies published by Grand View Research:

  • Smart LED Lighting Market - The global smart LED lighting market size is expected to reach USD 34.18 million by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 24.6% during the forecast period. High demand for smart home appliances as a result of improved standard of living of working class professionals is expected to drive the market.
  • Outdoor Solar LED Market - The global outdoor solar LED market size is expected to reach USD 24.75 billion by 2028, registering a CAGR of 24.6% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The use of solar PV cells in urban spaces for outdoor lighting applications has substantially increased over the last couple of years. The increased demand for these products can be attributed to their benefits on the fronts of energy efficiency, maintenance cost, and power cost over traditional lighting.
  • Mini LED Market - The global mini LED market size is expected to reach USD 5.9 billion by 2025, at a CAGR of 86.6% over the forecast period, according to a new report by Grand View Research, Inc. Amidst rapid development of Organic Light-Emitting Diodes (OLEDs), mini LEDs have gradually forayed into the industry to bridge the application and technology gap between micro LEDs, which have not been able to overcome their inherent technical hurdles, and traditional LEDs.

Browse through Grand View Research's Electronic Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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