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LED Lighting Solutions Market Segmented By LED Bulbs, Bare LED Tubes, LED Fixtures, LED Downlights Product with Consulting Services, Installation Services, Maintenance & Support Services
The LED lighting solutions market was worth US$ 67,821.4 Mn in 2022. The LED lighting solutions market size is estimated to reach US$ 75,001.8 Mn by the end of 2023; and is estimated to grow at a CAGR of 11.1% from 2023-2033.
LED lighting solutions refer to light-emitting diode lighting solutions, and as the name suggests, they use LED technology for emitting light. Compared to CFL bulbs and incandescent bulbs, they are much more energy efficient, making them the more attractive lighting solution among consumers.
LED lights are useful for producing the lighting requirements for industrial, infrastructure, and living purposes, and because the solution is more energy and heat efficient, the electricity charges for LED lighting solutions are much less compared to the other lighting solutions, making it a more efficient and cost-effective solution.
Growing population, industrialization and urbanization are factors that will positively influence the LED lighting solutions market. The market in South Asia and Pacific held the largest market share of 29.1% in in 2022 and is expected to retain its leading position throughout the forecast period. Meanwhile, demand for LED lighting solutions in North America region held around 21.1% of the market in 2022.
LED Lighting Solutions Market Size (2023)
US$ 75,001.8 Mn
Projected Market Value (2033)
US$ 237,882.4 Mn
Global Market Growth Rate (2023-2033)
LED Bulbs Segment Market Share (2022)
India Market Growth Rate (2022)
Commercial LED Lighting Solution Segment Market Share (2022)
“Urbanisation, Industrialization and Rising Population Positively Influence the LED Lighting Solutions Market”
Lighting solutions are important across industry verticals, and their deployment increases with urbanisation and population growth. The larger the infrastructure or campus, the greater will be the deployment and requirement of LED lighting solutions.
“Large Population and Highly Developed Urban Areas Influence Market for LED Lighting Solutions in US”
The United States is one of the largest countries in the world and has the third largest population, allowing the demand for LED lighting bulbs to be high in this country. Infrastructure and industrialization are in large amounts, and the presence of large cities with high infrastructure increases the demand for lighting solutions. Due to these reasons, LED lighting solutions were estimated to have held a large market share of 13.3% in 2022.
“China has the Largest Population Globally and Large Scale Industrialization Allowing LED Lighting Solutions Market to Flourish”
China's largest population, well-developed electric supply throughout the country, highly developed urban areas, and large-scale industrialization make the market for LED lighting solutions highly profitable. Due to these reasons, the market share of LED lighting solutions is the largest in China, with a share of 17.5% for 2022.
“Large Population, Growing Urbanisation and Initiatives to Improve Electric Supply Allow LED Lighting Solutions to Have a Growing Market in India”
India is one of the largest countries in the world and has the second-largest population. creating a massive demand for LED lighting solutions. The infrastructure necessary for electricity supply is still under development in this country, so the rural regions are yet to be leveraged for the LED lighting solutions, but due to numerous government initiatives to boost electric supply to these areas, an improvement in the LED lighting solutions is estimated to occur over the forecast period.
Due to these reasons, India held the largest market share of 16.9% in 2022 and is estimated to grow at a CAGR of 11.9% over the forecast period.
Why LED Bulbs have the Largest Market Share?
LED bulbs were estimated to have held the largest market share of 29.9% in 2022 for the global LED lighting solution. Factors that allow the segment to have the largest market share are the affordability and portability of these lighting solutions. These bulbs can be easily installed in standard lamps, broadening the application of LED bulbs. Due to these reasons, LED bulbs held the largest market share.
What Installation Services Held the Largest Market Share by Services in LED Lighting Solutions Market?
Installation services held the largest market share of 41.2% in 2022 for the LED lighting solution market. Installation services are frequently required for large-scale deployments of LED lighting solutions in the commercial and industrial sectors, but they are also required for public and infrastructure purposes, allowing installation services to have a broad scope and hold the largest market share in 2022.
What Reasons Allow the Commercial LED Lighting Solutions to have the Largest Market Share in the LED Lighting Solutions Market?
Commercial LED lighting solutions were estimated to have held the largest market share among end users. Large scale deployments, lighting requirements for aesthetic purposes, LED display boards, and the fact that commercial users of LED lighting solutions are focused in urban areas but have a respectable presence in rural and less populated areas all contribute to this segment's estimated market share of 42.3% for 2022.
Why Outdoor LED Lighting Solutions Held the Largest Market Share by Application?
Outdoor LED lighting solutions held the largest market share in 2022 because they are deployed in varying amounts for residential, industrial, and commercial purposes, but aside from these three end users, outdoor lighting solutions are also deployed in vast amounts in the public sector for public infrastructure requirements such as lighting requirements for rural and urban areas, roads, public infrastructure, and so on.
Due to these reasons, the outdoor LED lighting solution held the largest market share of 28.9% in 2022.
Major companies that produce LED lighting solutions are not limited to lighting solutions and provide consumer electronic devices as well, these companies provide various offerings under the LED lighting solutions and focus on aesthetic values of the LED lamps as well, such as provision of vintage LED lamps. Many vendors are developing smart LEDs that could help them penetrate the smart home market.
Recent developments related to key players providing LED lighting solutions market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
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In 2022, the market value of LED lighting solutions was US$ 67,821.4Mn.
The global LED lighting solutions market is estimated to advance at a 11.1% CAGR through 2033.
The market for LED lighting solutions is forecasted to reach the market value of US$ 237,883.4 Mn by 2033.
Demand for LED lighting solutions market in India is projected to rise at a CAGR of 11.9% over the forecast period.
In 2022, the South Asia and Pacific LED lighting solutions market held the dominant market share of 29.1%.