The worldwide LED luminaires market was valued at USD 71.24 billion in 2022 and is predicted to increase at an 11.6% CAGR over the forecast period. Thomas Edison created the first light bulb in 1879, and since then, the lighting business has advanced significantly. The way we light our homes, streets, and workplaces has changed dramatically with the introduction of light-emitting diodes, or LEDs. Compared to conventional incandescent lights, LEDs are more environmentally friendly, long-lasting, and energy-efficient. Because of this, over the past ten years, there has been a steady increase in demand for LED luminaires.
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LED Luminaires Market Segmentation
By Application
- Indoor
- Outdoor
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
- Acuity Brands Lighting Inc.
- Cree Lighting
- Dialight
- Digital Lumens Inc.
- Hubbell
- LSI Industries Inc.
- LumiGrow
- Panasonic Corporation
- Siteco GmbH
- Signify Holding
- Semiconductor Co. Ltd.
- Zumtobel Group Ag
Market Driver
Energy efficiency is the main factor propelling the market for LED luminaires. LED lighting uses up to 90% less energy than conventional incandescent lighting, which saves a lot of money and energy for both homes and businesses. The demand for LED lighting has increased even more as a result of the global push for sustainable energy solutions. Governments everywhere have launched a number of programs to encourage the use of LED luminaires after realizing the advantages of energy-efficient lighting. LED luminaires are among the lighting devices that must meet energy efficiency criteria specified by the US Department of Energy. The Unnat Jyoti by Affordable LEDs for All (UJALA) initiative, introduced by the Indian government, offers LED lights to homes and businesses at reduced prices.
The market for LED luminaires has expanded in part due to developments in LED technology. These days, LED luminaires come in an array of sizes, styles, and colors, which allows them to be used in a multitude of applications. Customers now have more control over their lighting systems because of the growing popularity of smart LED luminaires with integrated sensors and networking capabilities.
Market Trend
The need for smart lighting solutions has grown as a result of the Internet of Things (IoT) development. With their ability to sense motion, occupancy, and daylight levels, smart LED luminaires provide increased energy savings and customizable possibilities. Moreover, these systems may be operated remotely via a central hub or a smartphone. An increasing trend in the market for LED luminaires is human-centric illumination. Using this method, lighting systems are designed to provide the appropriate light at the appropriate time of day by imitating the natural daylight cycle. It has been demonstrated that human-centric lighting enhances wellbeing overall, productivity, and mood.
Rather than using the conventional take-make-dispose linear economic paradigm, the circular economy places more emphasis on resource reuse and recycling. Given their durability and ease of disassembly and recycling at the end of their useful lives, LED luminaires are a good fit for a circular economy. As a result of offering take-back programs and employing recycled materials in their goods, several firms have already integrated circular ideas into their business strategies.
Scope of the Report
This study provides estimates and data for the global LED luminaire market for the past, present, and future. An extensive research approach was used to establish the market estimations that are included in the study. Multiple research channels are used in the accepted research approach, including primary, secondary, and subject-related expert input. The Seasonal Affective Disorder Market is estimated by taking into account the impact of many economic, social, and political aspects in addition to the present market dynamics. The market data is also defined by different laws, government expenditures, and the expansion of research and development. The market projections take into account both favorable and unfavorable changes in the market.
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