United States LED Lighting Market Report and Forecast 2023-2028

United States LED Lighting Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the United States LED lighting market reached a value of USD 10.75 billion in 2022. Aided by the growing demand for energy-efficient and environmentally friendly lighting solutions, the market is expected to grow at a CAGR of 8.6% between 2023 and 2028, to reach a value of USD 17.75 billion by 2028.

LED (Light Emitting Diode) lighting is a type of solid-state lighting technology that converts electrical energy directly into light. Compared to conventional incandescent and compact fluorescent lamps, LED lights provide a number of advantages, including lower energy usage, a longer lifespan, and less heat production. They have several uses, including in outdoor, commercial, industrial, and residential environments.

The rising demand for energy-efficient and environmentally friendly lighting solutions is the key factor driving the United States LED lighting market growth. The rapid use of LED lights across numerous sectors can be attributed to the increased awareness of their advantages, including decreased energy costs and carbon emissions. Additionally, the transition to LED lighting has been accelerated by the phase-out of incandescent bulbs and the implementation of energy efficiency standards.

Additionally, the increasing focus on smart lighting solutions and the integration of LED lights with IoT (Internet of Things) and connected devices are expected to create new growth opportunities for the United States LED lighting market during the forecast period. The development of innovative LED lighting products with advanced features, such as colour tunability, dimming capabilities, and smart controls, is anticipated to further drive the market expansion.

The advancements in LED technology and the increasing investment in research and development by market players are also expected to boost the growth of the LED lighting market in the United States. The development of high-performance LED chips with better luminous efficacy, improved colour rendering, and enhanced thermal management is expected to contribute to the United States LED lighting market expansion.

The need for stylish and versatile LED lighting solutions is rising as aesthetics and design become more and more important in the architecture and interior design fields. The development of innovative LED products, such as flexible LED strips, decorative fixtures, and smart bulbs, is expected to propel the United States LED lighting market development during the forecast period.

Market Segmentation

The market can be divided based on type, technology, application, end use, and country.

Market Breakup by Type

• Downlight
• Street Light
• Bulbs
• Tube Lights
• High Bay
• Troffers
• Track Lights
• Suspended Pendants
• Others

Market Breakup by Technology

• Smart LED Lighting
• Regular LED Lighting

Market Breakup by Application

• Indoor
• Outdoor

Market Breakup by End Use

• Residential
• Commercial
• Industrial
• Highways and Roadways
• Others

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the United States LED lighting companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Signify S.A
• ams-OSRAM AG
• Eaton Corporation Inc.
• Acuity Brands Lighting, Inc.
• SMART Global Holdings, Inc.
• GE Lighting, Inc.
• Hubbell Incorporated.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.