(MENAFN- GlobeNewsWire - Nasdaq) Westford,USA, Oct. 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the LED Lighting market will attain a value of USD 168.87 billion by 2031, with a CAGR of 11% over the forecast period (2024-2031). Growing emphasis on promoting energy efficiency and the rising availability of novel LED lighting products around the world are primarily driving market development. The launch of new government initiatives to promote the use of LED lighting coupled with advancements in LED lighting technologies will also create new business scope for LED lighting market players in the long run. Download a detailed overview:
Browse in-depth TOC on "LED Lighting Market"
Pages - 165 Tables - 63 Figures – 75
LED Lighting Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 70.94 billion |
| Estimated Value by 2031 | $ 168.87 billion |
| Growth Rate | Poised to grow at a CAGR of 11% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Development of smart LED lighting products |
| Key Market Drivers | High emphasis on promoting energy efficiency |
Indoor Use of LED lighting Projected to Bring in the Most Revenue Going Forward
Use of LED lighting in indoor applications has increased exponentially over the past couple of decades allowing this segment to hold a dominant market share. High intensity light offered by LED lighting with less heat emission helps LED lighting become a first choice for indoor applications. Low costs of LED lighting are also contributing to their high demand.
Demand for LED lighting in Residential Settings Estimated to Rise Rapidly
Growing urbanization around the world has resulted in high adoption of LED lighting in the residential segment. The increasing number of residential projects to accommodate the rapidly increasing global population is expected to create new opportunities for LED lighting companies in the future. High efficiency of LED lighting products is making them a favorite choice for budget-conscious residential users. The development of novel LED lighting products will also bolster market growth in the future via this segment.
Rapidly Increasing Infrastructure Development Activity Helping Asia Pacific Lead Global LED lighting Demand
Rapid urbanization and industrialization are estimated to be key factors promoting infrastructure development activity in this region. Growing use of LED lighting in these new and existing infrastructure projects will help Asia Pacific region maintain its dominance going forward. China, India, and Japan are slated to be the top markets for LED lighting providers in the long run. Rising availability of novel LED lighting products will also help market growth in the Asia Pacific region.
Request Free Customization of this report:
LED Lighting Market Insights:
Drivers
Rising emphasis on promoting energy efficiency Advancements in LED technologies Supportive government initiatives and regulations to promote LED lighting adoption
Restraints
Thermal sensitivity of LED lighting Limited awareness in developing and underdeveloped countries High costs compared to traditional lighting
Prominent Players in LED Lighting Market
The following are the LED Lighting Top Companies
Philips Lighting OSRAM Licht AG General Electric (GE) Lighting Cree Inc. Eaton Corporation plc Zumtobel Group AG Samsung Electronics Co. Ltd. LG Innotek Nichia Corporation Acuity Brands Lighting Inc.
View report summary and Table of Contents (TOC):
Key Questions Answered in LED Lighting Market Report
What drives the global LED Lighting market growth? Who are the leading LED Lighting providers in the world? Which region leads the demand for LED Lighting in the world?
This report provides the following insights:
Analysis of key drivers (rising emphasis on energy efficiency, advancements in LED lighting technologies, supportive government initiatives), restraints (high costs compared to traditional lighting, thermal sensitivity, limited awareness in developing countries), and opportunities (development of smart LED lighting solutions), influencing the growth of LED Lighting market. Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches. Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the LED Lighting market. Market Development: Detailed analysis of potential regions where the market has potential to grow. Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets. Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Robotic Process Automation Market
Wireless Charging Market
Power Electronics Market
ATM Market
Social Media Analytics Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: ...
Visit Our Website:
MENAFN10102024004107003653ID1108766433
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.