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The LED lighting market in North America is projected to grow by USD 5.81 billion with a CAGR of 9.1% during the forecast period 2021 to 2026.
This LED lighting market in North America research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the LED lighting market in North America segmentation by application (residential, commercial, industrial, outdoor, and others) and product (LED lamps and LED luminaires). The North American LED lighting market report also offers information on several market vendors, including Acuity Brands Inc., ams AG, Black Dog Grow Technologies Inc, Bridgelux Inc., Eaton Corp. Plc, EPISTAR Corp., General Electric Co., GrowRay Lighting Technologies, Kessil, Koninklijke Philips NV, LITE ON Technology Corp., LumiGrow Inc, Lumileds Holding BV, Sharp Corp., Signify NV, SMART Global Holdings Inc, Toyoda Gosei Co. Ltd., and Violet Gro Inc among others.
Download Report Sample to Unlock the LED Lighting Market Size in North America for the Forecast Period and Other Important Statistics
The declining manufacturing cost of LEDs is notably driving the LED lighting market in North America's growth, although factors such as the high average cost per LED fixture may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the LED lighting industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key LED Lighting Market in North America Driver
The declining manufacturing cost of LED is one of the key drivers supporting the North American LED lighting market growth. The decline in the manufacturing cost of LEDs is due to government subsidies for the purchase of semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD), which is used for manufacturing LEDs. This has encouraged LED manufacturers to ramp up their LED production capacities. In addition, government support has helped vendors reduce the variable costs associated with manufacturing by operating their manufacturing facilities at full capacity. This, in turn, will drive market growth during the forecast period.
Key LED Lighting Market in North America Trend
Growing traction for intelligent lighting systems is one of the key North American LED lighting market trends contributing to the market growth. In industrial applications, it is important to deploy lighting solutions that can operate for a long period and withstand industrial conditions without the need for frequent maintenance. LEDs are used in lighting control systems that have automated/mechanical capabilities. They use software to automate lighting operations. Intelligent lighting systems not only save energy but also provide valuable information that can be used for energy analysis and maintenance. Such factors will contribute to the market growth in the forecast period.
Key LED Lighting Market in North America Challenge
The high average cost per LED fixture is one of the factors hampering the North American LED lighting market growth. Though the total cost of owning LED lamps and fixtures is low when compared to traditional incandescent and halogen bulbs, the high initial cost acts as a hindrance. The total cost of installation includes the cost of LED luminaires and labor charges. In addition, consumers who install smart lighting fixtures require plenty of financial resources to set up an IoT infrastructure. The price of incorporating smart bulbs in a fixture also varies depending on the manufacturer. The price of products from major smart LED bulb manufacturers varies from $15 to $180. Such high costs will hamper the market growth during the forecast period.
This LED lighting market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio calculates the LED lighting market in North America as part of the electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the LED lighting market in North America during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the North American LED lighting market encompasses successful business strategies deployed by the key vendors. The North American LED lighting market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of the North American LED lighting market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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The LED lighting market in North America's share growth by the residential segment will be significant during the forecast period. The LED lighting market in North America is gaining traction in the residential application segment in North America. This is primarily because of the growing number of smart cities and increasing smart home penetration in the region.
This report provides an accurate prediction of the contribution of all the segments to the growth of the North American LED lighting market size and actionable market insights on the post-COVID-19 impact on each segment.
LED Lighting Market in North America Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 9.1% |
Market growth 2022-2026 |
$5.81 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.91 |
Regional analysis |
North America |
Key consumer countries |
US, Canada, and Mexico |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Acuity Brands Inc., ams AG, Black Dog Grow Technologies Inc, Bridgelux Inc., Eaton Corp. Plc, EPISTAR Corp., General Electric Co., GrowRay Lighting Technologies, Kessil, Koninklijke Philips NV, LITE ON Technology Corp., LumiGrow Inc, Lumileds Holding BV, Sharp Corp., Signify NV, SMART Global Holdings Inc, Toyoda Gosei Co. Ltd., and Violet Gro Inc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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