LED Lighting Market Size in North America to Grow by USD 5.81 Bn, Declining Manufacturing Cost of LEDs to Drive Growth — Technavio – Yahoo Finance
NEW YORK, Oct. 18, 2022 /PRNewswire/ — The LED lighting market size in North America is expected to grow by USD 5.81 billion between 2021 and 2026. However, the growth momentum of the market will decelerate at a CAGR of 9.1% during the forecast period. The report analyses the market size, growth, and provides accurate predictions on the growth of the market.
Technavio has announced its latest market research report titled LED Lighting Market in North America 2022-2026
The report recognizes the following as the key players in the LED lighting market in North America: Acuity Brands Inc., ams AG, Black Dog Grow Technologies Inc, Bridgelux Inc., Eaton Corp. Plc, among others.
LED lighting market in North America is fragmented in nature.
Market to observe 10.91% YOY growth in 2022.
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The LED lighting market in North America is expected to witness substantial growth during the forecast period, primarily due to the declining manufacturing cost of LEDs. The decline in cost is primarily due to government subsidies for semiconductor equipment, such as metal-organic chemical vapor deposition (MOCVD). Hence, LED manufacturers are ramping up their LED production capacities. Moreover, government support has enabled vendors to lower variable costs associated with manufacturing. This, in turn, will fuel market growth during the forecast period.
The report also covers information on the upcoming trends and challenges that will influence the market growth. Explore additional information by Downloading our FREE PDF Sample Report
The North American LED lighting market is fragmented, characterized by the presence of well-diversified international and regional vendors. The vendors are deploying organic and inorganic growth strategies to compete in the market. Vendors are identified based on revenue and market dominance in terms of experience, product portfolio, geographical presence, financial condition, R&D, and customer base. The competitive environment in this market is expected to intensify, with an increase in product or service extensions, innovations in technology, and M&A.
The LED lighting market in North America is segmented by application into residential, commercial, industrial, outdoor, and others. The residential segment is expected to be the largest segment of the market during the forecast period. The segment is driven by the growing number of smart cities and increasing smart home penetration in the region. The rise in urban population impact leads an increase in the use of LED lighting systems. In addition, consumers are focusing on personalized lights for home decoration. To promote the use of energy-efficient lighting, governments of North American countries such as the US are offering subsidies on LED lighting, which is leading to a decline in the prices of LED lights. The sales of LED lights are expected to be high during the forecast period because of their benefits, including color tuning, brightness tuning, and a longer lifespan compared with other lights.