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The north america led lighting market size is forecast to increase by USD 7.81 billion at a CAGR of 11.6% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is experiencing significant growth due to the increasing urban population and consumer preference for energy-efficient and personalized lighting solutions. Government initiatives, such as subsidies on LED lighting, further promote their adoption. LED lights offer benefits including color tuning, brightness tuning, and a longer lifespan compared to traditional lighting solutions like Incandescent and Fluorescent lights. Smart lighting systems, incorporating Internet of Things (IoT) technology, enable advanced functionalities like lighting control systems, energy conservation, and CO2 emissions reduction. LEDs, semiconductor devices that emit light through electric current, are used in various applications, including indoor and outdoor, e-commerce, and retrofit installations.
Companies like Signify Holding, Acuity Brands, Cree Lighting, LG Electronics, Dialight, and others offer a range of LED luminaires, lamps, and fixtures for different sectors, including horticulture, building automation systems, and smart home integration. Technologies like AI in lighting, smart sensors, and LightGPM further enhance the functionality of LED lighting.
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The Residential segment was valued at USD 3590.30 million in 2018 and showed a gradual increase during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Declining manufacturing cost of LED is the key driver of the market.
Growing traction for intelligent lighting systems is the upcoming trend In the market.
High average cost per LED fixture is a key challenge affecting the market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to the increasing adoption of energy-efficient solutions and the integration of smart technologies. Traditional lighting solutions, such as incandescent and fluorescent lights, are being replaced by LEDs in both indoor and outdoor applications. LED lighting offers several advantages over traditional lighting. First and foremost, it is energy-efficient, consuming up to 80% less electricity than incandescent lights and up to 50% less than fluorescent lights. Moreover, LEDs have a longer lifespan, reducing the frequency of replacements and maintenance costs. Smart lighting systems, which integrate LEDs with IoT technologies, are gaining popularity in various sectors.
In the building automation systems market, LED lighting is being used to optimize energy usage and improve occupant comfort. In the horticulture sector, LEDs are being used for controlled environment agriculture to enhance plant growth and reduce water usage. Functional problems, such as heat management and color consistency, are being addressed through advancements in LED technology. SMD LEDs, for instance, emit light more efficiently and uniformly than traditional LEDs, while also generating less heat. The market is also being driven by the growing demand for energy conservation and CO2 emissions reduction. In urban areas, LED lighting is being used for illumination applications in consumer electronics, automotive lighting, OLED technology, backlighting, and highway and roads.
LED lighting is also being integrated into building automation systems for smart home integration and residential and commercial construction. Retrofit installations are a significant market for LEDs, as they offer electricity savings and reduce the need for new installations. The LED market in North America is highly competitive, with several key players offering a range of LED products. These include Signify Holding, Acuity Brands, Cree Lighting, LG Electronics, Dialight, and others. The market is also being driven by advancements in semiconductor devices and light emission technologies, which are leading to the development of new and innovative LED products.
In conclusion, the market is experiencing robust growth due to the increasing demand for energy-efficient and smart lighting solutions. The market is being driven by various factors, including energy conservation, functional problems, and the integration of IoT technologies. The competition is fierce, with several key players offering a range of LED products, and advancements in semiconductor devices and light emission technologies are leading to new and innovative LED solutions.
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Market Scope |
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Report Coverage |
Details |
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Page number |
154 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.6% |
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Market growth 2024-2028 |
USD 7809.6 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.1 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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