Illuminating the Future: Trends Driving Global LED Lighting Market Growth
LEDs are solid-state light sources that directly convert electrical energy into light, making them highly energy-efficient and long-lasting compared to traditional lighting technologies.
LEDs are rapidly gaining popularity in the global market for their superior efficiency, longevity, and light quality, often replacing incandescent light sources in lamps.
Global LED Lighting Market Growth and Forecast
In 2023, the Global Led Lighting market was valued at $87.10 billion. The market is expected to increase and reach approximately $298.38 billion by 2030.
During the forecast period, the market will be growing at an approximate CAGR of 19.2%.
The superior energy efficiency, cost savings, technological advancements, government incentives, and significant environmental benefits are contributing to the growth of the LED market.
Global Led Lighting Market Recent Trends and Developments
In 2021, Signify (formerly Philips Lighting) expanded its WiZ smart lighting ecosystem to enhance its product range and technological capabilities. This technology enhances home ambiance with vibrant colors, even light distribution, and dynamic outdoor lighting options.
In 2022, Wipro Lighting in India established a new business unit merging commercial lighting and seating solutions with a focus on offering comprehensive B2B solutions. The new entity aims to enhance customer value by investing in current markets while exploring opportunities in new segments and markets.
In 2023, Nichia Corporation partnered with Infineon Technologies AG to launch a fully integrated micro-LED light engine for high-definition adaptive driving beam applications. This collaboration aims to innovate in the automotive lighting sector with enhanced road safety, energy-efficient, and customizable headlight technology .
In 2022, GE Lighting unveiled a new range of ornamental light fixtures and pendants with integrated LED lighting, combining aesthetics and functionality for modern homes and offices. This innovation offers stylish, energy-efficient lighting options with versatile designs, color temperature choices, and smart bulb compatibility for customization.
In 2023, Dialight invested in expanding its ProSite High Mast series, designed for industrial applications such as airports and rail yards. ProSite High Mast emits 65,000 lumens, offering clear illumination for enhanced site security in diverse outdoor environments. The fixture’s powerful lighting ensures crisp and uniform brightness, improving visibility in a range of outdoor settings.
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Data Sources: Fortune Business Insights, Mordor Intelligence, MarketsAndMarkets, Maximize Market Research, and others
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