The LED Lights market is expected a CAGR of 14% during the gauge time frame, up from US$ 76 Bn in 2022 to arrive at a valuation of US$ 161 Bn by 2026.
Sales of LED Lights are expected to rise as usage of energy-efficient lighting solutions is exploding. In addition to this, demand for LED Lights is increasing on account of growing consumer preferences for energy-efficient lighting systems.
Increasing Infrastructure development operations are rising. As a result, LED lamps and luminaires have been steadily decreasing in price, which is also projected to contribute to the growth of LED Lights.
Vast Energy Savings to Bolster Demand
World over, the pressing need for advanced lighting to get over the drawbacks of conventional technologies, notably incandescent, fluorescent and halogen lighting systems, is a vital factor that has propelled the demand for light-emitting diodes (LED) lights.The growing adoption LED lights is attributed to several advantages they offer such as higher energy-efficiency, extended lifespan, and lower maintenance requirements.
The growing concern of a fast depleting non-renewable energy sources in various parts of the world is a key trend bolstering the demand for such energy-efficient technologies. The decline in prices of lamps and fixtures in several developing and developed countries is a key trend further fortifying the demand of LED among facility managers.
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The vast energy savings associated with LED lighting owing to directional lighting is a crucial aspect that has bolstered their uptake in a variety of outdoor applications, such as in traffic lights, large parking lot, extensive building perimeter, and massive signage. The growing popularity of LED lights among facility managers is expected to boost their uptake for industrial applications, thereby accentuating the overall market.
Some the prominent players operating in the global LED lights market include Hyundai Mobis Co., Ltd., Magneti Marelli S.p.A., EPISTAR Corporation, Cooper Industries, LLC, Cree, Inc., General Electric Company, Nichia Corporation, Texas Instruments, Valeo SA, and Koninklijke Philips N.V. Other leading players are Stanley Electric Co. Ltd, Koito Manufacturing Co., Ltd, HELLA KGaA Hueck & Co, and OSRAM Licht AG, finds Future Market Insights (FMI).
Several players are capitalizing on opportunities arising out substantial investments by end-use industries to install LED lighting on a massive scale in various developing and developed countries. A number of electronics companies are entering into the market while some semiconductor players are exploring lucrative avenues, which is expected to intensify the competition in the market. Furthermore,service providers as well as component manufacturers are expected to benefit from the vastly emerging opportunities in the market in the coming years, notes FMI.
Adoption in Automotive Products to Create Lucrative Opportunities
Equipped with lower maintenance requirements and higher operational benefits, including durability and almost instant luminescence, LED lighting system is gaining traction in various commercial applications in various parts of the world. However, the lack of cold-temperature conditions and inclement weather might dim the intensity of the light in some outdoor applications. This is a key factor reducing the viability of these systems.
Nevertheless, advancements in solid state technologies will enable manufacturers get over these constraints in the coming years. The rising adoption of LED lights to replace conventional incandescent lights automotive products is expected to open up lucrative avenues for manufacturers. The advent of LED lights that combine style with safety features is expected to open up exciting avenues in the automotive industry. A burgeoning demand for smart lighting in exterior and interior automotive parts is likely to bolster uptake.
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LED Lights Market: Segmentation
- Modern Trade
- Departmental Stores
- Convenience Store
- Other Retail Format
- Shop/ Stores