by LED lighting solutions are growing rapidly owing to the increasing adoption of more energy-efficient lighting technologies. LED lights emit less heat as compared to traditional lighting sources and last significantly longer. LED lights consume up to 90% less energy as compared to traditional incandescent or halogen lights. With ongoing technological advancements, LED lights are becoming more affordable and their lifespan is increasing. The integration of LED lights with smart home technology is further propelling the market growth. Smart lighting systems allow remote monitoring and control of lights using smartphones or other connected devices. They offer features like scene setting, scheduling, automation based on occupancy & daylight, dimming control, and customizable lighting colors.
The global Led Lighting Market is estimated to be valued at Us$ 634.02 Bn in 2023 and is expected to exhibit a CAGR Of 4.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The adoption of smart lighting systems is expected to be a major driver for the LED lighting market growth over the forecast period. Smart lighting systems offer convenience by enabling lighting control through smartphones, voice assistants, sensors etc. Integration of lighting controls with other smart home systems allows automation of lighting based on various parameters like presence detection, scheduling, and scenes. This improves energy efficiency further and provides an enhanced user experience. Additionally, increasing initiatives towards smart city development are also fueling the adoption of connected and intelligent LED lighting infrastructure for public places like streets, parks, buildings etc. Governments across regions are introducing programs and policies to promote energy-efficient lighting technologies like LEDs. This is supporting the replacement of conventional lighting with LED lighting in both residential and commercial sectors.
Segment Analysis
The global LED lighting market is dominated by the commercial segment which accounts for over 40% of the total market share. With increasing adoption of LED lights in malls, shops, offices and other commercial spaces, the commercial segment has replaced conventional lighting and is the fastest growing segment. LED lights offer long life, energy efficiency and require low maintenance which makes them attractive for commercial use over traditional lighting options.
PEST Analysis
Political: Favorable government policies promoting use of energy efficient LED lights through subsidies and tax benefits have accelerated adoption of LED lighting. Many countries have formulated policies to replace conventional lights with LED equivalents.
Economic: Lower operating cost of LED lights due to their long lifespan and energy efficiency enhances their appeal. It offers significant savings over traditional lights. This has boosted sales and outlook of LED lighting market despite higher initial costs.
Social: Growing environmental consciousness among people and organizations has increased preference for green and sustainable lighting solutions. LED lights being an eco-friendly option with no harmful emissions is a preferred choice.
Technological: Continuous innovation in LED technology has improved luminous efficiency while lowering costs. Advanced packages with higher illumination and tunable light quality have augmented adoption across industries boosting market revenues.
Key Takeaways
The Global LED Lighting Market Demand is expected to witness high growth over the forecast period supported by large scale replacement of conventional lights with LED equivalents across industrial, commercial and residential sectors.
The North American region currently dominates the market owing to strong electronics industry and supportive regulatory environment encouraging sustainability. Government initiatives promoting LED adoption through incentives in countries like India and China are fueling market expansion in Asia Pacific which is expected to emerge as the fastest growing regional market.
Key players operating in the LED lighting market include HP Inc., Dell Technologies Inc., Lenovo Group Limited, Acer Inc. and Apple Inc. HP Inc. and Dell Technologies Inc. are the industry leaders offering a wide variety of LED backlit notebooks, monitors and displays. Lenovo also has a significant market share offering energy efficient LED products. Other players like Acer Inc. and Apple Inc. have strategically expanded their LED-based offerings to strengthen market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
