LED Lighting Market to be Worth $132.96 Billion by 2030: Million Insights

FELTON, Calif., Nov. 9, 2022 /PRNewswire/ -- The global LED lighting market size totaled USD 55.5 billion in 2021 and is anticipated to grow at a CAGR of 10.5% from 2022 to 2030. The ongoing technological advancements and increasing development in lighting technologies are the key factors driving the market growth. LED lights provide high-quality lumen power by consumption of less power. Moreover, the better service life, no flickering, and many other characteristics of LED lighting make them the most preferred products.

Key Industry Insights & Findings from the report:

• The Based on product insights, the LED luminaires segment accounted for over 55.7% of the total market share in 2021.
• LED lamp segment to gain traction during the forecast period. The increasing adoption of LED lamps in households is the rising prominence of LED lamps.
• Based on application insights, the indoor segment dominated the LED Lighting market accounting for over 68% of the total market share in 2021. The rising demand from supermarkets, malls, and retail stores for efficient lighting solutions is driving the segment growth. The use of LED lights can save electricity, generate less heat, and is cost-effective. Hence, the demand for LED lights is increasing in hospitals and educational institutes, benefitting the segment's growth.
• As the infrastructure development is enhancing, the outdoor segment is estimated to witness market growth during the forecast period.
• The commercial segment led the market in 2021, accounting for over 52.2% of the total market share.
• Based on regional insights, the Asia Pacific led the market accounting for over 42.8% of the total market share in 2021. The growth of the market is attributed to the rapid infrastructure development in the region.
• North America and Europe accounted for a significant market share in the global market. Stringent regulations implemented for energy savings and increased energy efficiency.

Read 140 page full market research report or Request for Sample for more Insights, "LED Lighting Market Size, Share & Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.

LED Lighting Market Growth & Trends

LED manufacturers are focusing on the integration of technologies such as Wi-Fi, occupancy sensor, and daylighting to enhance LED lighting. LED lights have surged as a powerful energy source over the past few years. Besides, the ease of working, skilled workers, and advantages over other lighting technologies are creating a sustainable environment for the LED market.

The growth of the automotive and construction industries is creating ample opportunities for LED market expansion. Moreover, the rising infrastructural investments, increasing demand for street lighting, and various government initiatives are taking up the LED demand across the globe.

LED Lighting Market Segmentation

Million Insights has segmented the global LED lighting market on the basis of product, application, end use, and region:

LED Lighting Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Lamps
• A-Lamps
• T-Lamps
• Others
• Luminaires
• Streetlights
• Downlights
• Troffers
• Other

LED Lighting Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Indoor
• Outdoor

LED Lighting Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Commercial
• Residential
• Industrial
• Others

LED Lighting Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

List of Key Players of LED Lighting Market

• Acuity Brands Lighting Inc.
• Cree Lighting
• Dialight
• Digital Lumens Inc.
• Hubbell
• LSI Industries Inc.
• LumiGrow
• Panasonic Corporation
• Siteco GmbH
• Signify Holding
• Semiconductor Co. Ltd.
• Zumtobel Group Ag

Check out more latest studies published by Million Insights:

• Medical Device Outsourcing Market - The global medical device outsourcing market size is projected to value USD 292.93 billion by 2030, advancing at a CAGR of 12.1% during the period in focus. The rapid expansion in the industry may be accredited to the rising prevalence of chronic diseases along with the regulatory framework pertaining to medical devices.
• Molecular Diagnostics Market - The global molecular diagnostics market size is projected to reach USD 31.9 billion by 2030, registering a CAGR of -1.6% from 2022 to 2030. Molecular diagnostics has a critical role to play in the testing of infectious diseases that offer speedy and accurate results.
• Private 5G Network Market - The global private 5G network market size is anticipated to reach USD 41.02 billion by 2030, advancing at a substantial CAGR of 49.0% from 2022 to 2030. Private (non-public) 5G network is considered to be a dedicated LAN (Local Area Network) delivering enhanced and more efficient internet connectivity for end-users that include enterprise and industrial sectors, among others.
• Quality Management Software Market - The global quality management software market is projected to expand to USD 20.66 by the end of 2030, advancing at a CAGR of 10.4% from 2022 to 2030. The expansion in the industry may be accredited to the surging demand for effective management of organizational processes along with the need to meet consumer expectations in an extremely competitive market.
• Disposable Face Mask Market - The global disposable face mask market size is estimated to reach USD 2.1 billion by 2030, registering a CAGR of -27.6% from 2022 to 2030. Factors including the global spread of the COVID-19 pandemic, increasing pollution levels, rapid industrialization, and rising awareness among consumers regarding the protection of health significantly drive market growth.
• Explore more Market Research Reports by Million Insights, for industry specific reports that provide real-time market trends and forecasts, by condensing the integral elements from our industry reports into bite-sized paragraphs, charts, and tables.

Access More Press Releases

About Million Insights:

Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact:

Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: 1-408-610-2300
Toll Free: 1-866-831-4085
Email: sales@millioninsights.com
Web: https://www.millioninsights.com/
Follow Us: LinkedIn | Twitter