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LED Lighting Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-12 I 220 Pages I Global Market Insights
The LED Lighting Market size will grow at over 10% CAGR during 2024-2032, driven by the growing environmental and sustainability concerns. According Clean Energy Wire, the UNDP's Peoples' Climate Vote signified that 56% people worldwide reported that they think about climate change regularly, either daily or weekly. LED lighting consumes up to 80% less energy compared to traditional incandescent and fluorescent lighting, thereby reducing overall carbon emissions. Additionally, LEDs have a longer lifespan, which minimizes waste and the frequency of replacements. Governments are implementing regulations and incentives to promote energy-efficient technologies, further accelerating the adoption of LED lighting.
Modern LED chips are efficient, offering higher light output while consuming less power. This progress translates to brighter, more energy-efficient lighting solutions with longer lifespans. Moreover, advancements in driver technologies are improving the control and regulation of LED systems, allowing for greater flexibility in dimming and color temperature adjustments. As manufacturers continue to invest in research and development, the integration of cutting-edge LED chip and driver technologies is expected to drive market growth.
The LED lighting industry is classified based on product type, application, sales channel, wattage, technology, and region.
The lamp segment will grow rapidly through 2032. LED lamps, characterized by their ability to produce high-quality light while consuming less power, are increasingly being favored across residential, commercial, and industrial applications. This leads to significant cost savings on energy bills and supports global sustainability efforts by reducing carbon footprints. As technology continues to advance, LED lamps are expected to become even more versatile, with innovations such as smart lighting and color-tuning capabilities, enhancing their appeal.
The retrofit segment will witness steady growth through 2032, as it offers a cost-effective and environmentally friendly alternative to complete replacements. This approach is particularly attractive for businesses and institutions looking to improve their energy efficiency without undergoing major overhauls. Retrofit installation delivers immediate energy savings and a swift return on investment. It reduces maintenance costs associated with traditional lighting systems, which often require frequent replacements and repairs.
Europe LED Lighting Industry will grow at a fast pace through 2032, fueled by supportive policies and regulations aimed at promoting energy efficiency and sustainability. The European Union's commitment to reducing GHG emissions and advancing energy-efficient technologies is driving the widespread adoption of LED lighting solutions. Countries such as Germany, France, and the United Kingdom are leading the charge, with extensive initiatives and incentives designed to accelerate the transition to LED lighting. In particular, the EU's directives on energy-efficient products and the implementation of national programs to encourage retrofitting and the use of LEDs are contributing to a favorable market environment.
Report Content
Chapter 1 Methodology and Scope
1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 360synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Energy efficiency and cost savings
3.8.1.2 Government regulations and incentives
3.8.1.3 Technological advancements in LED lighting
3.8.1.4 Smart lighting and IoT integration
3.8.1.5 Rising environmental sustainability awareness
3.8.2 Industry pitfalls and challenges
3.8.2.1 High initial investment costs
3.8.2.2 Rapid technological obsolescence issues
3.9 Growth potential analysis
3.10 Porter's analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, Product Type, 2021 - 2032 (USD million and Units)
5.1 Key trends
5.2 Lamps
5.2.1 A-Type
5.2.2 T-Type
5.2.3 Other lamp types (Type-B and Type-C LE Lamps)
5.3 Luminaires
5.3.1 Downlighting
5.3.2 Decorative lighting
5.3.3 Directional lightlightingng
5.3.4 Other luminaire types (Surface Mounted, In-ground and Pendant Luminaires)
Chapter 6 Market Estimates and Forecast, By Application, 2021 - 2032 (USD million and Units)
6.1 Key trends
6.2 Indoor
6.2.1 Residential
6.2.2 Commercial
6.2.2.1 Offices
6.2.2.2 Retail stores
6.2.2.3 Horticulture gardens
6.2.2.4 Others (Hotels and Restaurants)
6.2.3 Industrial
6.2.4 Other indoor applications (Government Buildings and Public Spaces)
6.3 Outdoor
6.3.1 Streets and roadways
6.3.2 Architectural buildings
6.3.3 Sports complexes
6.3.4 Tunnels
6.3.5 Other outdoor applications (Urban Landscapes, Parks, Plazas, Event Lighting)
Chapter 7 Market Estimates and Forecast, By Installation, 2021 - 2032 (USD million and Units)
7.1 Key trends
7.2 New
7.3 Retrofit
Chapter 8 Market Estimates and Forecast, By Sales Channel, 2021 - 2032 (USD million and Units)
8.1 Key trends
8.2 Retail/Wholesale
8.3 Direct sales
8.4 E-commerce
Chapter 9 Market Estimates and Forecast, By Wattage, 2021 - 2032 (USD million and Units)
9.1 Key trends
9.2 Low wattage (Below 10W)
9.3 Medium wattage (10W to 50W)
9.4 High wattage (Above 50W)
Chapter 10 Market Estimates and Forecast, By Technology, 2021 - 2032 (USD million and Units)
10.1 Key trends
10.2 Chip on board (COB)
10.3 Surface mounted diode (SMD)
10.4 Others
Chapter 11 Market Estimates and Forecast, By Region, 2021 - 2032 (USD million and Units)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 ANZ
11.4.6 Rest of Asia Pacific
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.5.3 Rest of Latin America
11.6 MEA
11.6.1 UAE
11.6.2 South Africa
11.6.3 Saudi Arabia
11.6.4 Rest of MEA
Chapter 12 Company Profiles
12.1 Acuity Brands
12.2 Cree Inc.
12.3 Dialight PLC
12.4 Eaton Corporation
12.5 Everlight Electronics
12.6 General Electric (GE)
12.7 Havells India Ltd.
12.8 Hubbell Lighting
12.9 Intematix Corporation
12.10 LEDVANCE (A company of OSRAM)
12.11 Legrand S.A.
12.12 Lextar Electronics Corporation
12.13 LG Innotek
12.14 Lite-On Technology
12.15 MLS Co., Ltd. (Forest Lighting)
12.16 Nichia Corporation
12.17 Osram Licht AG
12.18 Panasonic Corporation
12.19 Philips Lighting (Signify)
12.20 Samsung Electronics
12.21 Seoul Semiconductor
12.22 Sharp Corporation
12.23 Toyoda Gosei Co., Ltd.
12.24 Zumtobel Group
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