LED Lighting Market size was valued at USD 63.83 billion in 2022 and is poised to grow from USD 70.94 billion in 2023 to USD 168.87 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).
Download a detailed overview:
https://www.skyquestt.com/sample-request/led-lighting-market
Advancements in LED (light emitting diode) technologies and growing demand for advanced lighting products around the world are slated to primarily drive LED lighting market growth. High demand for energy efficient lighting solutions is also expected to promote the sales of LED lighting over the coming years.
LED lighting providers should focus on developing novel products that stand out from the market as the competition is quite intense. Integration of LED lighting with other advanced technologies could also open new business scope for almost all market players in the future. Innovation will be the top priority for any LED lighting company looking to stand out in this highly consolidated and saturated market.
Launching New Products to Stay Competitive – Key Strategy for LED lighting Providers
LED lighting companies should be focused on continually launching new products to stay competitive. High demand for smart lighting owing to rising popularity of smart home technologies and devices is also expected to create new opportunities for market players going forward. New product designs and better lamination capabilities are some key factors that most LED lighting companies are investing in. Penetrating emerging and underdeveloped countries will also be a key trend for LED lighting companies looking to maximize their sales potential and increase global market share.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/led-lighting-market
- Halonix Technologies, a renowned provider of electrical products in India announced the launch of its new range of LED lighting products in January 2024. Wall De-Light – Spiritual Series LED lights were launched to capitalize on the spiritual heritage of India and featured inscriptions of Lord Ram’s name and Lord Ganesh’s image.
- LUXEON 5050 HE Plus, a new LED lighting product range for industrial and outdoor lighting applications was launched in September 2024. The new offering launched by Lumileds is capable of 199 lumens per Watt and reduces power consumption by around 18% to promote energy efficiency as well.
- A new range of LED grow lights was launched in September 2024 by FOHSE. The company is known for its expertise in horticulture science for cannabis industry and its new A3i Pro Series 1500W Industrial LED Grow Lights are also designed to improve yields of cannabis in high bay, single level growing environments
- A new surface mount aluminium channel LED light was launched by Alloy LED in June 2024. SurfaFlex 1 was designed for curved surfaces and provides hotspot-free illumination for residential as well as commercial applications.
This report covers the following segments:
- A. Application
- Indoor
- Outdoor
- B. End User
- Commercial
- Residential
- Industrial
- Others
This report covers the following players:
- Philips Lighting
- OSRAM Licht AG
- General Electric (GE) Lighting
- Cree Inc.
- Eaton Corporation plc
- Zumtobel Group AG
- Samsung Electronics Co. Ltd.
- LG Innotek
- Nichia Corporation
- Acuity Brands Lighting, Inc.
- Panasonic Corporation
- Koninklijke Philips N.V.
- Toshiba Corporation
- Bridgelux Inc.
- Dialight plc
- MLS Co. Ltd.
- Seoul Semiconductor Co. Ltd.
- Luminus Devices Inc.
- Everlight Electronics Co. Ltd.
20. Sharp Corporation
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/led-lighting-market
Launching new products will be the top priority of any LED lighting company and this is estimated to be a key strategy for all new as well as established market players. Integration of smart technologies and capitalization of the smart home trend will also be key opportunities for LED lighting providers looking to make a mark in the long run.
Related Reports:
Artificial Intelligence Market
Augmented, Virtual and Mixed Reality Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Media Contact
Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
Email: Send Email
Phone: +1 351-333-4748
Address:1 Apache Way, Westford,
Country: United States
Website: https://www.skyquestt.com/report/led-lighting-market