LED Lighting Market by Product (Lamps, Luminaires), Installation (New, Retrofit), Application, Sales Channel, End Use - Global Forecast 2024-2030

LED Lighting Market by Product (Lamps, Luminaires), Installation (New, Retrofit), Application, Sales Channel, End Use - Global Forecast 2024-2030

The LED Lighting Market size was estimated at USD 83.39 billion in 2023 and expected to reach USD 92.44 billion in 2024, at a CAGR 11.13% to reach USD 174.60 billion by 2030.

The LED (light emitting diode) lighting market encompasses developing, manufacturing, and selling energy-efficient, environmentally friendly, and long-lasting light sources. The market is primarily driven by applications in various sectors, including residential, commercial, industrial, outdoor, and automotive lighting. Growing stringent government regulations favoring energy-efficient alternatives, such as LEDs, led to increased adoption rates among consumers and businesses. Moreover, the rising preference for LEDs in SUVs and premium vehicles and demand for LED lighting in outdoor applications is driving the market growth. High initial costs associated with product acquisition and installation often deter potential customers from switching to LED lighting solutions. Discrepancies in product quality due to irregular manufacturing processes can also hinder consumer confidence in LED products. Technological advancements in LED lighting resulting in improved product performance are expected to support growth in the market. Furthermore, growth in infrastructure development coupled with investment in smart city projects presents lucrative opportunities for companies operating within this sector.

Regional Insights

The Americas region has been an early adopter of LED technology, driven by stringent government regulations and consumer awareness about energy efficiency. The United States is the largest market for LED lighting in this region due to supportive federal policies such as the Department of Energy's Energy Star program, which encourages consumers to opt for more energy-efficient products. In Latin America, key markets such as Brazil and Argentina are witnessing a transition towards LEDs due to increasing electricity prices and growing environmental concerns. Europe leads this growth with the European Union implementing strict regulations such as the ErP Directive 2009/125/EC that mandates energy-efficient product designs, including requirements for 'phase-out' of incandescent bulbs. Middle East and Africa markets are witnessing an upsurge in demand for energy-efficient solutions due to rapid urbanization, causing strain on power infrastructure & a growing focus on sustainability practices. The APAC region is witnessing significant growth in the LED lighting market owing to rapid urbanization and increasing demand for energy-efficient solutions. Additionally, the growing smart city initiatives across the region drive demand for connected LED lighting systems that enable improved energy management.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the LED Lighting Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing stringent government regulations in favor of energy-efficient alternatives
Rising preference of LEDs in SUVs and premium vehicles
Increasing demand for LED lighting in outdoor applications

Market Restraints

Capital intensive associated with LED lighting

Market Opportunities

Growth in infrastructure development coupled with investment in smart city projects
Technological advancements in LED lighting

Market Challenges

Discrepancies in product quality due to irregular manufacturing processes

Market Segmentation Analysis

Product: Growing demand for luminaires for superior performance in terms of light quality
Installation: Growing adoption of new installations for greater design flexibility and seamless integration with modern building systems
Application: Rising use of outdoor LED lighting solutions for functional and aesthetic needs
End Use: Significant usage of LED lighting for residential settings as an energy savings option

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the LED Lighting Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the LED Lighting Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Olympia Lighting Unveils Cutting-Edge High Mast Roadway and Area Luminaire, Harnessing the Latest in High-Efficiency LED Technology

Olympia Lighting introduced its latest innovation, the High Mast Shoebox, signifying advancements in the LED lighting industry. This High Mast Roadway and Area Luminaire provides superior efficiency, delivering an efficacy of 186 Lumens per Watt. These luminaires are energy-efficient, exceptionally durable, and versatile. With the capacity to produce up to 83,000 Lumens and available in models up to 450W, they aim to provide exceptional performance for extensive areas.

IKEA ORMANÄS smart LED lighting strip launches in more countries

The IKEA ORMANÄS LED lighting strip has expanded its availability to several European countries, including the UK, France, Spain, and Sweden. This smart lighting solution offers both dimmable white and colored illumination options, boasting a maximum brightness of 640 lumens and a peak color temperature of 2700K. The 4-meter-long, bendable strip can be custom-trimmed to fit specific spaces and is easily installed with its 3M adhesive backing. It integrates smoothly into smart home ecosystems and voice control devices.

Lighting the Path to Spirituality: Halonix launches 'Wall De-Light - Spiritual Series LED Lights'

Halonix Technologies, an entity in the Indian electrical landscape, has unveiled its ‘Wall De-Light – Spiritual Series' LED lights. This series blends the rich historical and cultural ethos with contemporary lighting solutions. The series introduces LED lights adorned with emblems of spiritual significance, thereby integrating traditional spiritual values with modern design principles.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the LED Lighting Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the LED Lighting Market, highlighting leading vendors and their innovative profiles. These include Acuity Brands, Inc., ams-OSRAM International GmbH, Apollo Lighting Ltd., Bridgelux, Inc., Dialight PLC by Roxboro Group PLC, Digital Lumens, Inc., Eaton Corporation PLC, Everlight Americas, Inc., Feit Electric, Havells India Limited, Ledure Lightings Limited, LSI Industries Inc., Nichia Corporation, Olympia Lighting, Panasonic Corporation, Polycab India Limited, ROHM Co, Ltd., Samsung Electronics Co., Ltd., Savant Systems, Inc., Seoul Semiconductor Co., Ltd., Signify Holding, Siteco GmbH, Syska Led Lights Pvt Ltd, Technical Consumer Products, Inc., US LED, Ltd., Wipro Limited, and Zumtobel Lighting GmbH.

Market Segmentation & Coverage

This research report categorizes the LED Lighting Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Lamps
A-type
T-Type
Luminaires
Downlights
Streetlights
Troffers
Installation
New
Retrofit
Application
Indoor
Outdoor
Sales Channel
Offline
Online
End Use
Commercial
Industrial
Residential
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year