LED Lighting Market Size in North America to Grow by USD 5.81 Bn

The LED lighting market size in North America is expected to grow by USD 5.81 billion between 2021 and 2026. However, the growth momentum of the market will decelerate at a CAGR of 9.1% during the forecast period. The report analyses the market size, growth, and provides accurate predictions on the growth of the market.

The LED lighting market in North America is expected to witness substantial growth during the forecast period, primarily due to the declining manufacturing cost of LEDs. The decline in cost is primarily due to government subsidies for semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD). Hence, LED manufacturers are ramping up their LED production capacities. Moreover, government support has enabled vendors to lower variable costs associated with manufacturing. This, in turn, will fuel market growth during the forecast period.

The LED lighting market in North America is segmented by application into residential, commercial, industrial, outdoor, and others. The residential segment is expected to be the largest segment of the market during the forecast period. The segment is driven by the growing number of smart cities and increasing smart home penetration in the region. The rise in urban population impact leads an increase in the use of LED lighting systems. In addition, consumers are focusing on personalized lights for home decoration. To promote the use of energy-efficient lighting, governments of North American countries such as the US are offering subsidies on LED lighting, which is leading to a decline in the prices of LED lights. The sales of LED lights are expected to be high during the forecast period because of their benefits, including color tuning, brightness tuning, and a longer lifespan compared with other lights.