Light-Emitting Diode Lighting Market in North America by Product and Application - Forecast and Analysis 2020-2024

The light-emitting diode (LED) lighting market size in North America has the potential to grow by USD 5.12 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (LED luminaries and LED lamps) and application (residential, commercial, industrial, outdoor, and others). 

North America LED Lighting Market Size 

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Who are the Major LED Lighting Market Vendors in North America?

This light-emitting diode lighting market analysis report of North America provides information on the production, sustainability, and prospects of several leading companies, including:

• Acuity Brands Inc.
• Cree Inc.
• Dialight Plc
• Eaton Corporation Plc
• GE Current a Daintree Company
• OSRAM Licht AG
• Schneider Electric SE
• Signify NV
• USA LED
• Zumtobel Group AG

The LED lighting market in North America is fragmented with the presence of well-diversified international and regional vendors. The competitive environment in this market will further intensify with an increase in product or service extensions, innovations in technology, and M&A. To remain competitive in the market, vendors not only have to develop new technologies but also stay abreast of emerging technologies that can have an impact on their product lines. This light-emitting diode lighting market forecast report of North America provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.

Market drivers such as the declining manufacturing cost of LEDs will create immense growth opportunities for vendors. However, challenges such as the resurgence of incandescent lighting may impede the growth of the market participants.

What are the Major Product Segments in the LED Lighting Market in North America?

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The different luminaries considered for this report include high-bay lights, low-bay lights, downlights, floodlights, suspended pendants, troffers, track lights, and others. Luminaires are used extensively across applications as they have a longer lifespan, enhance energy efficiency, lower the maintenance costs, and provide better quality light. The numerous benefits of LED luminaires have led to their widespread adoption worldwide.

However, market growth in this segment will be slower than the growth of the market in the LED lamps segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the light-emitting diode lighting market size in North America.

What are the Major Application Segments in the LED Lighting Market in North America?

The residential segment of the LED lighting market in North America will post healthy growth during the forecast period. The stringent regulations introduced by the governments of North American countries will result in a drastic decline in the share of incandescent lamps during the forecast period. As a result, there will be high adoption of energy-efficient lighting, contributing to the growth of the LED lighting market in the residential segment. 

However, market growth in this segment will be slower than the growth of the market in the segment's segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the LED lighting market size in North America.

What are the Key LED Lighting Market Drivers and Trends in North America?

The declining manufacturing costs of LEDs will be one of the major factors driving LED lighting market growth. Due to the decreasing ASP of the chips and components used in manufacturing LED devices, the initial installation cost of LED lamps and fixtures is steadily decreasing. The decreasing manufacturing and installation cost of LED light fixtures is driving the installation of new LED lamps and fixtures across all application segments.

The growing demand for intelligent lighting systems will also drive LED lighting market growth in North America. The introduction of new-generation intelligent lighting systems and controls is boosting the lighting industry. Lighting products integrated with intelligence systems are capable of adapting to changing space needs. They enable the control of multiple lights that can be controlled using a single controller to dim, set a timer, or imbibe color-changing functionalities. As a result of such factors, the LED lighting market will grow at a CAGR of almost 8% during the forecast period.

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Key Highlights of the Light-Emitting Diode Lighting Market Report of North America for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive light-emitting diode lighting market growth in North America during the next five years
• Precise estimation of the LED lighting market size in North America and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of light-emitting diode lighting market vendors in North America

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