LED Lighting Market to Grow by USD 41.5 Billion (2024-2028)

The global led lighting market size is estimated to grow by USD 41.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.08%  during the forecast period. Declining manufacturing cost of led lights is driving market growth, with a trend towards emergence of smart cities. However, limited thermal tolerance of leds installed in the industrial facilities  poses a challenge.

The LED lighting market is experiencing significant growth due to its energy efficiency and environmental sustainability. LED technology is replacing traditional lighting sources like incandescent, CFL, and halogen lights in various applications. In the residential sector, LED lights are popular for indoor situations, while LED bulbs, tube lights, and strips are preferred for outdoor applications. LED lighting is also used in horticulture, smart city initiatives, and building automation systems. LED manufacturers offer a range of products, including LED lamps, luminaires, and smart LED lighting. Wi-Fi, occupancy sensors, and daylighting are common features in LED products.

LED lighting systems are longer-lasting and energy-saving solutions for public institutions, construction sites, and the medical device sector. LED lighting is used in surgical illumination, exam lights, phototherapy, and endoscopy. The wholesale segment and luminaire product segment are major contributors to the market. LED lighting systems are also used in outdoor applications such as street lighting, highways, airports, and public areas. LED lighting is a network-connectivity-enabled, smart lighting solution that offers strong illumination and design flexibility. LED lighting systems are also used in track lighting, high bays, troffers, and various other categories like floor lamps, architectural LED lamps, and cabinet lights. The automotive sector is another significant market for LED lighting. LED lighting is an energy-saving solution for consumers, offering product certification, consumer safety, and energy use reduction.

The Led Lighting Market is experiencing growth due to government initiatives aimed at energy conservation and city development. Smart lighting systems, a crucial element of constructing smart cities, offer energy savings, quicker switching times, and cost reduction. These systems are not only energy-efficient but also provide practical benefits to city residents, such as real-time traffic information and updates on public spaces. Innovative lighting solutions in street lights include automatic brightness adjustment, remote control, fault alerts, anti-theft protection, and monitoring of power cables. These features contribute significantly to the energy efficiency of cities and enhance the overall quality of life for citizens.