The global LED lighting market is set to experience significant growth, projected to reach USD 118.4 billion by 2029. This growth is driven by key factors such as energy efficiency, environmental sustainability, technological advancements, and decreasing production costs. LED technology offers substantial reductions in energy consumption compared to traditional lighting sources and produces fewer carbon emissions, making it a popular choice among consumers and businesses alike.
LED lamps are expected to lead the product segment due to their versatility, energy efficiency, and longevity. The ease of retrofitting existing fixtures with LED lamps and their compatibility with smart lighting features contribute to their dominance in the market. New installations are also expected to record a high growth rate as the demand for energy-efficient lighting solutions increases globally, especially in new construction projects.
In terms of geographic market share, Asia Pacific is expected to hold the largest share by 2029. Factors such as rapid urbanization, government initiatives promoting energy efficiency, and increasing investments in infrastructure contribute to the region’s market dominance. Key players in the LED lighting market include Signify Holding, Acuity Brands, Cree Lighting, ams OSRAM, LG Electronics, and others.
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SOURCE: MarketsandMarkets
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