04-Mar-2022 | Zion Market Research
The global LED lighting market size is valued at $64.4 billion in 2021 and is expected to reach $190 billion by the end of 2028, with a fast-growing CAGR of 14.26% over the forecast period. The report is a comprehensive study of market definition, growth drivers, opportunities, and challenges. It presents a brief analysis of the current performance of the market at the global level.
LED light is a light-producing diode that is used in light fixtures. It is a semiconductor lighting source that emits light whenever an electric current is passed through it. It is used in backlighting as well as automotive lighting. LED lights have high operating life and are smaller in size. An LED light can produce different colors. It consists of two components of process material called P-type semiconductors and N-type semiconductors. These elements are kept in direct contact to form a space called a PN junction. Some LED lights are also referred to as infrared emitting energy and infrared imaging diodes.
The global LED lighting market is likely to grow indefinitely in the forthcoming years due to the growing strict regulations on the use of inefficient lighting solutions all across the world. Due to the high prices of smart LED solutions, the government is offering several incentives. In addition, the government has also launched a policy to replace traditional lighting solutions with these smart LEDs at lower prices. Rapid urbanization and economic growth are two key factors fostering growth in the global LED lighting market. Owing to its superior technology, the intensity of LED lights can be adjusted with the help of control zones. Manufacturers are also boosting their research capabilities to innovate technology that can further modernize advanced LEDs. The fast-growing construction activities all across the world are paving the way for sustainable solutions, which in turn are likely to increase the adoption rate of LED lighting. Tech advancements and growing initiatives to shift towards green lighting have also boosted product demand.
Browse the full “LED Lighting Market By Product Type (LED Fixtures and LED Lamps), By End-User (Commercial and Industrial Users), By Application, (Outdoor and Indoor lighting), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/led-lighting-market
The global LED lighting market can be segmented into product type, end-user, application, and region.
By product type, the market can be segmented into LED fixtures and LED lamps.
By end-user, the market can be segmented into commercial and industrial users.
By application, the market can be segmented into outdoor and indoor lighting. The indoor segment accounts for the largest share of the global LED lighting market due to its fast-growing adoption as an ideal alternative to incandescent, high-intensity discharge, and fluorescent lamps. Additionally, the growing deployment of LEDs in educational buildings, hospitals, retail stores, and offices has also surged in recent years. The outdoor segment includes healthcare infrastructure, government, industrial, corporate campuses, highways, roadways, and other public places like traffic signals. The segment is also likely to grow rapidly in the forthcoming years due to the pronounced initiatives taken by the government to increase the development of smart lighting solutions in these spaces.
Asia Pacific accounts for the largest share of the global LED lighting market due to the presence of growing economies like China, Japan, and India. The governments in the region have taken several initiatives to speed up the deployment of green solutions in the region. As LED lighting offers minimum carbon emission, the government is striving hard to encourage people to adopt LED lighting.
Some of the significant players in the global LED lighting market include Cree Lighting, Dialight, Zumtobel Group Ag, Semiconductor Co. Ltd., LSI Industries Inc., Signify Holding, Siteco GmbH, Hubbell, Panasonic Corporation, LumiGrow, Digital Lumens Inc., and Acuity Brands Lighting Inc.
The global LED lighting market is segmented as follows:
By Product Type
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