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on January 18, 2024
LED lighting products are used to offer energy efficient, durable and eco-friendly lighting solutions. LED lights have longer lifespan, generate less heat and consume less energy as compared to conventional lighting solutions. Growing infrastructure development projects around the world along with construction of new residential and commercial buildings are boosting demand for LED lighting.
The global Led Lighting Market is estimated to be valued at Us$ 634.02 Billion in 2024 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 key trends:
Rising infrastructure development is one of the key trends driving growth of the LED lighting market. Several countries around the world are investing heavily in infrastructure development projects such as construction of new highways, roads, buildings and rail networks. Governments are also undertaking projects to upgrade and modernize existing infrastructure. Such large scale infrastructure projects require huge amounts of lighting solutions and LED lights are increasingly being used due to their various advantages. Growing infrastructure spending is hence creating significant demand for LED lighting products globally. This is expected to remain a major growth driver for the LED lighting market over the forecast period from 2023 to 2030.
Segment Analysis
The global LED lighting market is dominated by the commercial segment. With technological advancements and decline in LED prices, there is increasing adoption of LED lighting across various commercial sectors including offices, hospitals, retail outlets among others. LED lighting offers benefits of energy efficiency, durability and flexibility of designs which makes them suitable for large commercial spaces. They also require low maintenance which helps commercial customers reduce operating costs in the long run.
Key Takeaways
The Global LED Lighting Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
Asia Pacific dominates the global LED lighting market and is expected to continue its dominance over the forecast period. Rapid development of infrastructure and growing construction industry in countries such as China and India is driving demand for LED lighting systems in the commercial and residential sectors. In addition, government initiatives and subsidy schemes for adoption of energy efficient lighting further supports market growth in the region.
Key players operating in the LED lighting market are HP Inc., Dell Technologies Inc., Lenovo Group Limited, Acer Inc., Apple Inc. The global LED lighting market is highly fragmented with the presence of several global as well as regional players. Market players are focusing on new product launches, partnerships and expanding regional presence to strengthen market share. For instance, in 2022, HP Inc. launched new commercial desktops and monitors with enhanced performance and security features.
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Posted in: Technology