Market Overview:

The global LED Lighting Market is projected to reach USD 128 billion by 2030, expanding at a CAGR of 7.5% during the forecast period from 2024 to 2030. Key drivers for this market growth include the growing emphasis on energy-efficient lighting solutions across commercial, industrial, and residential sectors, as well as the increasing adoption of smart home technologies. Additionally, LED lighting’s superior longevity, durability, and cost efficiency over traditional lighting systems, coupled with ongoing technological advancements such as GaN substrate-based LEDs, are fueling the market.
Regional Insights:

The Asia-Pacific (APAC) region is expected to dominate the LED lighting market, accounting for the highest market share during the forecast period, with a CAGR of 8%. Countries like China, India, and Japan are leading the growth, driven by urbanization, smart city projects, and government initiatives to phase out incandescent lighting. For instance, China’s dominance is underscored by Signify's investment in a large-scale LED production facility, which will serve both the domestic and international markets.

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Scope of the Report:

      Report Metric

                        Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

7.5%

Market Size in 2030

$128 Billion

Segments Covered

By Product Type, By LED Type, By Application, By Wattage, By Luminous Efficacy, By CRI, By End-User and By Region


Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), Rest of the World (Middle East and Africa).



Key Market Players

  1. Signify N.V. (Philips)

  2. Nichia Corp

  3. Osram AG

  4. Acuity Brands Inc

  5.  Cree Lighting

  6. Hubbell Inc.

  7.  Zumtobel Group

  8.  Lumileds

  9. Advanced Lighting Technologies (ADLT)

  10. Panasonic Corp

 
Recent Developments:
  • Signify, the world’s leading lighting company, expanded its manufacturing base with the largest LED facility in China in August 2023, focusing on producing high-end Philips-branded LED products for the global market.
  • Zumtobel Group launched its new Light Centre in London in 2023, showcasing cutting-edge indoor lighting solutions for offices, homes, and commercial spaces, highlighting the shift towards smart and sustainable lighting.
  • AMS Osram introduced the ALIYOS™ LED-on-foil technology in September 2023, revolutionizing automotive lighting with unprecedented design flexibility and enhanced durability.

LED lighting Market: Competitive Landscape

The LED lighting market is competitive, with key players focusing on product innovation, strategic partnerships, and geographical expansion. Major companies include: Signify N.V. (Philips), Nichia Corp, Osram AG, Acuity Brands Inc, Cree Lighting, Hubbell Inc., Zumtobel Group, Lumileds, Advanced Lighting Technologies (ADLT), Panasonic Corp.

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