LED Lighting Market worth $124.7 billion by 2027 – Exclusive Report by MarketsandMarkets™ – PR Newswire

June 8, 2022 by No Comments

CHICAGO, June 8, 2022 /PRNewswire/ — According to a research report “LED Lighting Market by Installation (New, Retrofit), Product Type (A-type, T-type, Decorative, Directional), Sales Channel (Retail, Direct, E-commerce), Application (Residential, Commercial, Industrial) and Geography – Global Forecast to 2027”, published by MarketsandMarkets™, the global LED Lighting Market size is estimated to be USD 75.3 billion in 2022 and is projected to reach USD 124.7 billion by 2027, at a CAGR of 10.6% during the forecast period. Some of the key factors propelling the market growth includes increasing utilization of smart lighting systems in several applications, surging adoption of LED bulbs and luminaires to achieve goal of net-zero emissions by 2050, rising demand for LED lighting systems in residential interior designing and home decorating applications, and ongoing release of new innovative LED products due to constant technological advances.

 

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Luminaires segment of LED lighting market expected to grow at a higher CAGR during the forecast period

The market for the luminaires segment is expected to grow at a higher CAGR during the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, tunnel lighting, and floodlighting; stadiums; and sports complexes. Further, the increasing awareness among contractors/project managers of benefits associated with LED luminaires in terms of longer lifespan and substantial energy saving potential is further driving the growth of the luminaires segment.

The increasing awareness among contractors/project managers toward the benefits associated with LED luminaires in terms of longer lifespan and substantial energy-saving potential further drive the growth of the luminaires segment. The downlighting luminaire segment is likely to dominate the overall market for luminaires during the forecast period, whereas the decorative lighting segment is expected to witness the highest CAGR between 2022 and 2027.

Outdoor application segment likely to witness higher growth between 2022 and 2027 due to the increasing installation of energy-efficient lighting systems in street and road, tunnel, and stadiums and sports complexes

The market for the outdoor segment is expected to grow at a higher during the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, tunnel lighting, floodlighting, and stadiums and sports complexes. Outdoor projects are mostly government-funded; hence, the emphasis is more on energy-saving and cost-cutting. As several types of roads such as streets, main roads, and highways need different control strategies, many projects need multiple solutions to take full advantage of energy savings. Scheduling, occupancy, and daylight harvesting are the most prominent light control strategies used in these application areas. LED street lighting is a cost-effective and sustainable choice for city roads today.

Browse in-depth TOC onLED Lighting Market” 135 – Tables
64 – Figures
247 – Pages

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E-commerce-based sales channels likely to be the fastest growing market for LED lighting throughout the forecast period

E-commerce-based sales channels are expected to witness the highest CAGR during the forecast period. The …….

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