LED Lighting Market To Generate $152,842 Million Revenue by 2030

The global LED lighting market revenue is expected to reach $152,842.0 million by 2030, recording a compound annual growth rate of 10.5% during 2022–2030. This can be imputable to the increasing construction projects in both developed and developing countries coupled with government mandates for energy efficiency, the rising consumer awareness regarding the environment, and the durability of these lights.

LED producers are concentrating on incorporating features, such as Wi-Fi, occupancy sensors, and daylighting, which are drawing customers and increasing product sales. When compared to traditional lights, LED lights are typically a better choice. Moreover, the ever-growing adoption of lights in several properties has contributed to their increased production. The longevity, low maintenance, and energy efficiency of LEDs translate to savings that can be further utilized toward improving the quality of other construction materials. Thus, these factors drive the market.

With appropriate care and maintenance, lights such as LED tri-proof lights have an exceptionally long operating life. With an accurately designed luminaire, they are expected to operate for more than 100,000 hours. They also alleviate uncontrolled light and escalate light uniformity throughout the lighting design. Moreover, they provide extraordinary optical control, allowing commercial buildings to administer unique color displays and special ceremony lighting.

Lamp Category To Escalate at a Higher Rate

Based on type, the lamp is expected to be the faster-growing category during the forecast period. This can be due to the rising focus on the replacement of conventional lamps, such as incandescent and fluorescent lamps, with energy-efficient LED lamps in the residential and commercial sectors across the world. They are offered in several designs and provide benefits such as high stability and energy efficiency in comparison to other products such as incandescent lamps and compact fluorescent lamps (CFL), which, in turn, fuel their demand.

Further, the indoor category recorded a revenue share of around 60% in the market in 2022. This is ascribed to the high demand for LED lighting, on account of the increased focus on the construction of residential buildings in the U.S., India, China, and the U.A.E., and favorable government support. For instance, the New South Wales (NSW) Government Energy Conservation Plan offers financial incentives for households and businesses to cut the use of electricity and natural gas, including incentives to replace old lamps with new energy-efficient LED bulbs.

The surging demand from supermarkets, malls, and retail stores, as in these settings, right luminaries yield financial benefits beyond tumbling the cost of energy. Moreover, in healthcare, lights contribute to improvements in patient healing, which, in turn, bolsters their sales globally. Furthermore, in academic institutes, LED lights offer big cost savings throughout, enhance concentration, and improve learning performance. In addition to this, these lights dwindle the occurrence of headaches in classrooms.

Geographically, APAC led the LED lighting market in 2022 and is projected to retain its position in the coming years as well. This is because consumers are looking and preferring to upgrade the lighting systems for their homes, the surging number of construction projects, the increasing disposable income, the rising focus on energy-efficient lights, and developing infrastructure in the region.

With the introduction of artificial intelligence (AI) and internet of things (IoT), the world is transforming into a smart world along with smart technologies, smart cities, and smart buildings. Smart lighting enables handling and controlling indoor as well as outdoor lighting with the help of tablets and smartphones or devices such as Alexa. As a result, these factors are inflating their popularity among consumers and encouraging players to introduce new and innovative products so as to generate higher sales revenue and achieve a huge customer base.

Key players in the market include Signify N.V., General Electric Company, OSRAM Licht AG, Acuity Brands Inc., Zumtobel Group AG, Samsung Electronics Co. Ltd., Hubbell Incorporated, Cree Inc., Syska LED Lights Private Limited, and Wipro Enterprises (P) Ltd.