April 20, 2024
LED Lighting Market

The LED Lighting Market Propelled by Transition towards Energy Efficient Lighting

LED lighting refers to the use of light-emitting diode (LED) technology for illumination. LED lighting offers various advantages over conventional lighting such as high energy efficiency, lower operating costs, robustness, and flexibility in terms of design and form factor. LED lighting is used various applications including residential, commercial, outdoor, roadway, and industrial lighting.

The global LED lighting market is estimated to be valued at US$ 634.02 Billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Transition towards Energy Efficient Lighting: The demand for energy efficient lighting has grown significantly over the past decade due to growing awareness about energy conservation and cost savings associated with LED lighting. According to the U.S. Department of Energy, LED lights use at least 75% less energy and last 25 times longer than incandescent lighting. LED lighting also emits very less heat as compared to traditional lighting, which makes them more durable and long lasting. Transition towards energy efficient solid state lighting like LEDs from conventional lighting is expected to be a major trend in the global LED lighting market during the forecast period.

SWOT Analysis
Strength: LED lighting offers energy efficiency and lower power consumption compared to traditional lighting solutions. It can significantly reduce energy bills.
Weakness: High initial investment is required for LED lighting infrastructure. Rapid changes in LED technology can make existing fixtures obsolete quickly.
Opportunity: Growing emphasis on sustainability and energy conservation will drive demand for LED lighting in residential and commercial applications. Supportive government policies for adoption of energy efficient lighting presents an opportunity.
Threats: Stiff competition from existing players can squeeze profit margins. Fluctuation in price of rare earth materials used in LED manufacturing poses a challenge.

Key Takeaways

Global LED Lighting Market Size is expected to witness high growth.

Regional analysis: Asia Pacific dominates the global LED lighting market led by China, Japan and India. The region accounts for over half of the global LED lighting demand owing to large consumer base, rapid urbanization and supportive policies promoting energy efficient lighting.

Key players: Key players operating in the LED lighting market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany), among others. Illumina and Thermo Fisher are among the leaders in the life sciences tools and diagnostic sectors with robust portfolios of sequencing and other technologies used widely in scientific research and clinical applications. Roche is a major player with diagnostic products and kits for molecular testing.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it