The forecast report of the global LED Lighting Market indicates that this industry is expected to grow at a CAGR of 15% during the period 2022 to2028. The expected LED Lighting Market Revenue during the forecast period is approximately USD 1,90,000 million by 2028.
The demand for LED lights is increasing because of their long life, high efficiency, high brightness, and reliable features. These lights are also safe to be used as they do not emit any type of harmful gases. LED lights are cost-efficient and reliable to be used in commercial as well as residential places.
During the COVID-19 pandemic, there was a temporary halt in the growth of the LED Lighting Market but the market has already revived and is expected to grow at a steady pace in the coming years.
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The global LED Lighting Market is expanding. For the detailed study of the market trends, the market is segmented based on end-users, distribution channel, product type, installation type, and region.
Based on the type of installation, the market is further segmented into retrofit and new installation. Both the sectors are expected to do well in the coming years as people’s awareness of LED lights is increasing.
Based on the types of distribution channels, the LED Lighting Market is further segmented into the sectors store-based and non-store-based.
Based on the end-users, the segmentation of the LED Lighting Market is done into the outdoor and indoor sectors. The outdoor sector is further fragmented into highways & roadways, public places, architecture, and others. The indoor sector is further divided into residential, commercial, and industrial places. Both the indoor and outdoor sectors are expected to have steady growth during the forecast period.
Based on the type of product, the LED Lighting Market is further segmented into luminaires and lamps. The luminaries sector is again divided into strip luminaires, downlight luminaires, and ceiling luminaires. The lamps sector is again divided into spot lamps, bulb lamps, T-lamps, and A-lamps.
Based on region, the LED Lighting Market is further segmented into Asia Pacific, Europe, North America, and the rest of the world. The largest LED Lighting Market Share is occupied by the Asia Pacific Region.
The second-largest market share of this sector will be occupied by North America. The increasing demand for energy-efficient lights, favorable government policies, and increasing construction & building projects across the globe are the market drivers for the consistent growth of the LED Lighting Market.
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The global LED Lighting Market is occupied by regional, national, and global companies who adopting strategies to reach more customers. The main focus of the key players is to get cost-effective and innovative products so huge investments are made in Research and Development. The key players are also going for acquisitions, partnerships, mergers, and the setting up of new branches across the globe to remain in the competition.
- June 2021- Cooper Lighting Solutions launched its new product McGraw-Edison Galleon II to be used in various commercial spaces.
- September 2021- Skyview Capital acquired Encelium businesses and the Digital Lumens.
- October 2021- GE Current announced plans to acquire the Industrial & Commercial business of Hubbell Inc.
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