Illuminating Growth: Key Statistics in the LED Lighting Market
In our previous article, we explored the growth trajectory of the global LED market, delving into future forecasts, recent trends, and notable developments. Building on that foundation, this article will present a detailed analysis of current trends supported by relevant statistics, providing a clearer picture of the market dynamics and what to expect in the near future.
Global Demand For LED Lighting Market Across Diverse Sectors in 2023
LED lighting offers energy-efficient solutions for homes, productive illumination in commercial spaces, conducive environments in healthcare and education, safety in public areas, enhanced lighting in parking lots, aesthetic appeal outdoors, and durable illumination in sports arenas.
In 2023 the market distribution was Commercial (31%), Residential (27%), Industrial (24%), Agricultural Lighting (10%), and Others (8%).
Worldwide, there is a growing demand for LEDs owing to their energy-saving features, cost advantages, and superior overall performance.
Diverse LED Applications And Global Market Revenue Growth In 2021
The LED Lighting market thrives with innovative lighting solutions, driving global revenue.
In 2021, the market revenue share for LED applications was dominated by General Lighting (33%), followed by Automotive (18%), and Video Wall (11%), Consumer and Others (10%), Large Display Backlight (9%), Mobile Appliance (6%), Architecture Lighting (6%), and Invisible LED (5%).
The expanding adoption of LEDs across diverse applications amplifies revenue share, promising sustained market growth and enhanced energy efficiency.
Top 10 Lighting Manufacturers Third Quarter Revenue in 2023
In 2023, as per a report, the revenue of the top 10 Lighting Manufacturers for the 3rd quarter was Signify ($1.745 billion), Acuity Brands ($1 billion), and Panasonic ($0.477 billion) lead the top three, collectively accounting for about 63% of the total revenue, followed by Ledvance ($0.448), Zumbtobel ($0.314), Current ($0.283), Opple ($0.274), Savant Systems (0.258), Toshiba ($0.210) and Fagerhult($0.190).
Outdoor lighting and renovation projects surged, while subdued demand is noticeable in retail and indoor sectors stabilizing the overall market demand.
Global LED Lighting Market Shift in 2021
In 2021, As per a report, The Global LED lighting market shows a significant adoption of new installations (60%) and Retrofit Installation (40%). This trend arises from the necessity to replace conventional lighting systems with advanced lamps and controls, particularly in newly constructed commercial, industrial, and residential spaces.
The progression of the global LED market is evident in the increasing adoption of advanced lighting solutions and a decrease in retrofit installations.
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Data Sources: Statista, Fortune Business Insights, Data Bridge Market Research, and others
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