How big is the LED lighting market?
b. The global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to reach USD 59.26 billion in 2021….
|Market size value in 2021||USD 59.26 billion|
|Revenue forecast in 2028||USD 135.58 billion|
|Growth rate||CAGR of 12.5% from 2021 to 2028|
|Base year for estimation||2020|
How much is the LED industry worth?
The LED lighting market was valued at USD 75.81 billion in 2020, and it is expected to reach USD 160.03 billion by 2026, at a CAGR of 14.25% over the forecast period 2021 – 2026. An estimated savings of USD 18 billion in electricity costs can be achieved by transitioning to energy-efficient LEDs.
What industry are LED lights?
LED Manufacturing in the US industry trends (2015-2020) LEDs are used as indicator lamps in numerous products, such as consumer electronics, automobiles, signage and lighting in homes and commercial spaces.
Why are LED lights popular?
Energy efficient: The biggest advantage of LED lights is that they are extremely energy efficient. LED bulbs use 90 per cent less energy compared to incandescent or halogen bulbs. Longer life: LED bulbs have a much longer lifespan as compared to traditional light bulbs.
How do I start a LED business?
LED Light Manufacturing Business Registrations and Licenses
- Company Registration with ROC (Registrar of Companies)- You can start your business either in partnership or proprietorship firm.
- Trade license from Municipal Authority- You need to approach local municipal authorities to obtain trade licenses.
Who are the best lighting manufacturers?
Top 10 Largest LED Lighting Manufacturers in the World and Their Key LED Products
- Acuity Brands. Founded: 2001.
- Cree. Founded: 1987.
- GE Lighting. Founded: 1911.
- Philips Lighting/Signify. Founded: 1891.
- Osram. Founded: 1919.
- Nichia Corporation. Founded: 1956.
- Seoul Semiconductor. Founded: 1992.
- Zumtobel Group. Founded: 1950.
What is the market size of the LED lighting market?
The global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to witness a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028.
How is the North American commercial LED lighting market evolving?
The North American commercial LED lighting market is highly competitive and consists of several major players. Leading players are engaged in strategic acquisitions to enhance their market dominance and are also focusing on product development, which has been a key strategy adopted to move ahead in the evolving market.
Which segment dominated the LED lighting market in 2020?
The commercial segment dominated the market in 2020 and accounted for more than 52% of the global revenue share. The demand for LED troffers and downlights is driving the commercial segment.
Who are the leading players in the LED lighting market?
Some prominent players in the global LED lighting market include: 1 Acuity Brands Lighting Inc. 2 Cree Lighting (IDEAL INDUSTRIES INC.) 3 Dialight 4 Digital Lumens Inc. 5 Hubbell 6 LSI Industries Inc. 7 LumiGrow 8 Panasonic Corporation 9 Siteco GmbH 10 Signify Holding 11 Semiconductor Co. Ltd. (Seoul Semiconductor) 12 Zumtobel Group Ag More