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| Global LED Lighting Market Size |
Light emitting diode (LED) lights offer benefits such as energy efficiency,
longer lifespan, lower maintenance costs, convenient size and design
flexibility. LED bulbs and fixtures last 25 to 50 times longer than
incandescent bulbs and 10 times longer than CFLs. This extended product
lifecycle reduces maintenance and replacement costs for consumers and
commercial establishments.
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 12 %
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market key trends:
The uptake of LED lighting is being accelerated by its extended product
lifecycle compared to traditional lighting technologies. LED lights last
significantly longer without loss of brightness or quality of light emitted.
This reduces the maintenance and replacement expenses for users over the
lifetime of the product. It is estimated that LED bulbs last 4-5 times longer
than CFLs and more than 20 times longer than incandescent bulbs. The longevity
enhances the total cost of ownership of LED lights, making them an affordable
option despite the higher upfront cost compared to other lights. The extended
lifespan is a major driver behind the increasing preference for and sales of
LED lights.
Segment
Analysis
The global LED Lighting market is segmented into LED lamps and LED fixtures.
The LED lamps segment currently dominates the market and accounts for the major
revenue share. This is because LED lamps offer advantages such as longer
operational life, lower power consumption and higher luminous efficiency
compared to traditional incandescent and CFL lamps. However, the LED fixtures
segment is expected to witness faster growth during the forecast period due to
their increasing use across various indoor and outdoor lighting applications
including residential, commercial and industrial sectors.
Key Takeaways
Global
LED Lighting Market Size is
expected to witness high growth during the forecast period of 2023 to 2030.
Regional
analysis: The Asia Pacific region currently holds the largest share in the
global LED lighting market and is expected to maintain its dominance during the
forecast period. This is attributed to factors such as rapid urbanization,
rising disposable incomes and supportive government policies and initiatives in
countries such as China and India. Europe and North America are also
significant markets and are expected to grow at notable rates due to rising
awareness about energy efficiency and increasing integration of LEDs across
various residential and commercial establishments.
Key players: Key players operating in the LED Lighting market are Illumina,
Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd.
(Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany), among
others.
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