North America Led Lighting Market Analysis Report 2022-2027 | CAGR of 9.8% – EIN News

June 22, 2022 by No Comments

North America Led Lighting Market

SHERIDAN, WY, UNITED STATES, June 21, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “North America LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the North America LED lighting market reached a value of US$ 17 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2027, exhibiting a CAGR of 9.8% during 2022-2027. A light-emitting diode (LED) refers to an electroluminescence device that emits light by combining current-carrying particles, such as electrons and holes, within the semiconductor material. They are commercially available in different colors, which can be attributed to the variation in the concentration of phosphors. As compared to conventional lighting technologies, LED lighting is more long-lasting, efficient, inherently controllable, and environment friendly. As a result, it is widely adopted in remote-control circuits, decorative lights, and fluorescent light applications across the industrial, infrastructural, and residential sectors.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic.

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North America Led Lighting Market Trends:

One of the key factors driving the LED lighting market in North America is the increasing demand for smart lighting solutions to conserve energy. In line with this, rapid expansion in smart city projects, along with the rising environmental consciousness, has led to a significant increase in the usage of LEDs in public construction projects, which is acting as another major growth-inducing factor. Additionally, the rising awareness toward the benefits associated with LED lighting solutions, such as higher operational life and lower maintenance, is further facilitating the overall product sales across the region.
Moreover, The Federal Government of the United States (US Federal Government) is undertaking several initiatives to promote the use of energy-efficient technologies, which, in turn, is expanding the applications of LED across various establishments. Besides this, LEDs are increasingly being used in aviation, general lighting, medical devices, camera flashes, automotive headlamps, and traffic signals, which is expected to drive the market further toward growth.

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North America Led Lighting Market 2022-2027 Analysis and Segmentation:

Breakup by Product Type:

• LED Lamps and Modules
• LED Fixtures

Breakup by Application:

• Retrofit
• Retail and Hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Others

Breakup by Region:

• United States
• Canada
• Mexico

Competitive Landscape :

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key Highlights of the Report:

• Market Performance 2016-2021
• Market Outlook 2022-2027
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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Source: https://www.einnews.com/pr_news/577903859/north-america-led-lighting-market-analysis-report-2022-2027-cagr-of-9-8

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