According to the report by Expert Market Research (EMR), the global LED lighting market size reached a value of around USD 76.65 billion in 2023. Aided by the increasing demand for energy-efficient lighting solutions and the growing applications of LED lighting in various sectors, the market is projected to grow at a CAGR of 9.1% during 2024-32.
LED (Light Emitting Diode) lighting is a semiconductor device that emits light when an electric current passes through it. It is known for its high energy efficiency, long lifespan, and low maintenance costs. LED lighting is widely used in residential, commercial, and industrial applications, including street lighting, automotive lighting, and backlighting in electronic displays. The increasing consumer preference for energy-efficient and environmentally friendly lighting solutions is driving the global LED lighting market growth.
According to LED lighting market analysis, the technological advancements in LED lighting have led to significant improvements in performance, cost-effectiveness, and versatility. Innovations such as smart LED lighting systems, which can be controlled remotely via smartphones or integrated with home automation systems, are gaining popularity. These smart lighting solutions offer enhanced convenience, security, and energy management, contributing to the market growth.
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A significant driver for the LED lighting market growth is the global emphasis on energy conservation and reducing carbon emissions. With governments and regulatory bodies implementing stringent energy efficiency standards, there is a significant shift towards LED lighting solutions. The phasing out of incandescent and fluorescent bulbs in many countries has further propelled the adoption of LED lighting.
The declining prices of LED products due to advancements in manufacturing technologies and economies of scale have made LED lighting more affordable for consumers. The increasing disposable incomes and rising awareness about the benefits of LED lighting are also contributing to market expansion.
As per the LED lighting market outlook, the residential sector is a significant end-user of LED lighting, driven by increasing urbanization and the trend of smart homes, which leverage LED bulbs and fixtures for both indoor and outdoor applications, offering energy savings and enhanced lighting quality. Similarly, the commercial sector extensively utilizes LED lighting in offices, retail stores, hotels, and hospitals, motivated by the need to reduce operational costs and improve aesthetic appeal, while government regulations mandating energy-efficient lighting in commercial buildings further propel market growth.
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Looking ahead, the global LED lighting market share is poised for significant growth in the coming years, driven by the increasing demand for energy-efficient and environmentally friendly lighting solutions. The ongoing advancements in LED technology, the declining prices of LED products, and the growing adoption of smart lighting systems are expected to further boost the market growth.
The increasing focus on sustainable development and the implementation of stringent energy efficiency regulations are likely to drive the adoption of LED lighting in various sectors. The expanding applications of LED lighting in residential, commercial, industrial, and automotive sectors, along with the growing trend of smart cities and home automation, are expected to create lucrative opportunities for market players.
The global LED lighting market is dynamic and continues to evolve. Key players are expected to focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolios. The increasing investments in research and development and the focus on developing advanced LED lighting solutions are likely to drive the market growth in the forecast period.
Market Segmentation
The market can be divided based on product, application, end use, and region.
Market Breakup by Product
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Lamps
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A-LAMPS
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T-LAMP
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Others
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Luminaire
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Streetlight
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Downlight
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Troffers
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High Bay
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Track Lights
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Suspended Pendants
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Others
Market Breakup by Application
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Indoor
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Outdoor
Market Breakup by End Use
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Low
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Residential
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Commercial
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Industrial
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Government
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Highway and Roadway
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Architectural
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Others
Market Breakup by Region
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North America
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United States of America
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Canada
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Europe
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United Kingdom
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Germany
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France
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Italy
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Others
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Asia Pacific
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China
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Japan
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India
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ASEAN
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Australia
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Others
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Latin America
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Brazil
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Argentina
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Mexico
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Others
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Middle East and Africa
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Saudi Arabia
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United Arab Emirates
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Nigeria
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South Africa
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Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global LED lighting market. Some of the major players explored in the report by Expert Market Research are as follows:
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Nichia Corporation
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OSRAM Licht AG
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Samsung Electronics Co Ltd.
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Everlight Electronics Co. Ltd.
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Acuity Brands, Inc.
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Koninklijke Philips N.V.
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Epistar Corp.
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Seoul Semiconductor Co. Ltd.
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Panasonic Corporation
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CreeLED, Inc.
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Lumileds Holding B.V.
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Others
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