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US LED Market Size, Growth, Industry & Opportunities | 2031
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US LED Market Size, Growth, Industry & Opportunities | 2031

Segments - US LED Market by Type (Lamps and Luminaires), Application (Indoor and Outdoor) and Sector (Residential, Commercial, Industrial, Retail, Hospitality and Health Care) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-1421 | 4.1 Rating | 70 Reviews | 154 Pages | Format : PDF Excel PPT

Report Description


US LED Market was valued at USD 10.55 Billion in 2022 and is projected to reach USD 24.57 Billion by 2031, expanding at a CAGR of 9.85% during the forecast period, 2023 – 2031. The growth of the market is attributed to the declining prices of LED products, growing demand for energy-efficient lighting systems and stringent regulations by government bodies.

LEDs have been experiencing drastic economic and technological development being the foremost source of lighting. The US is among the major innovators, adopters, and investors in the global LED market. The LED technology has an enormous scope of improvement and innovation. Nowadays, the quality of light is one of the important driving factors among the regional manufacturers, as energy savings are no longer the foremost driver.

US LED Market Outlook

The US Department of Energy (DOE) claimed that owing to the rising technological innovation, energy savings from LED lighting is likely to reach 569 terawatt-hours annually by 2035, which is equal to the annual output of more than 92 1,000-megawatt power plants, if DOE Lighting R&D program goals are accomplished.

The Covid-19 pandemic had an unpleasant impact on the US LED. The production has been on halt and reduced adoption of LED lighting from the residential sector in the country. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

  • The rising demand for energy-efficient lighting systems, stringent policies and regulations by government and declining prices of LED products are the key factors fuelling the adoption of LED lighting in the United States.

  • The directional nature and high efficiency of LEDs are creating opportunities to upsurge the industrial adoption.

  • With the growing tendency of smart home in the region, there has been an increasing demand for intelligent LED lighting systems connected with other electronic devices and can be controlled remotely.

  • Automotive is among the evolving markets for LEDs, where autonomous vehicles and electric vehicles is likely to drive the deployment of LED components in the vehicles.

  • Customisable LED lighting solutions is observing a rise in adoption and demand. In the US market, acquisitions, mergers, and collaborations are some of the recognized trends adopted in the market for inorganic growth and product innovation which is projected to propel the market growth in coming years.

  • R&D investment and technological advancement in US LED market are expected to offer lucrative opportunities for the market players.

Scope of US LED Market Report

The report on the US LED market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

US LED Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Type (Lamps and Luminaires), Application (Indoor and Outdoor), Sector (Residential, Commercial, Industrial, Retail, Hospitality and Health Care)

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Emerson Electric Co, Signify Holding (Philips Lighting), OsRam Licht AG, Nichia Corporation and Hubbell Incorporated

US LED Market Segment insights

The luminaires segment is projected to constitute a large market share

Based on type, the US LED market is segregated into lamps and luminaires. The luminaires segment is expected to account for a key share of the market during the forecast period. They are widely used in industrial and commercial segments. New installations primarily drive the demand for LED luminaires. The segment includes lights used in high bays, streetlights, track lights, downlights, troffers, and suspended pendants for various applications.

LED luminaires deliver more light per output power. However, lamps segment is anticipated to expand at a rapid pace during the forecast period due to their rising adoption in residential sectors. These lamps have various advantages over incandescent lamps, including energy efficiency, robustness, and right temporal stability.

US LED Market Type

Indoor segment is expected to register a substantial CAGR

Based on application, the US LED market is divided into indoor and outdoor. The indoor segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to growing product adoption as an alternative to High-Intensity Discharge (HID), fluorescent, and incandescent lamps. The use of LED lights in retail stores and malls, offices, hospitals, and education buildings has increased in the country.

However, outdoor segment is projected to expand at a robust pace during the forecast period owing to shifting focus of public policy interventions and municipality support along with government initiatives, such as the LightSavers program undertaken by The Climate Group.

Commercial segment is expected to dominate the market

Based on sector, the US LED market is divided into residential, commercial, industrial, retail, hospitality and health care. Commercial segment is anticipated to expand at a robust CAGR during the forecast period. Demand for LED troffers and downlights are anticipated to boost the market growth over the coming years. The commercial end-use mainly includes museums, galleries, and other exhibition lighting applications that primarily use projectors, reflectors and downlights etc.

However, residential segment is projected to expand at a robust pace during the forecast period owing to adoption of LED A-type lamps which has increased exponentially due to reduced product prices and increased subsidy programs by governments and agencies.

Segments

The US LED Market has been segmented on the basis of:-

Type

  • Lamps
  • Luminaires

Application

  • Indoor
  • Outdoor

Sector

  • Residential
  • Commercial
  • Industrial
  • Retail
  • Hospitality
  • Health Care

Key Companies

Competitive Landscape

Key players competing in the US LED market include Emerson Electric Co, Signify Holding (Philips Lighting), OsRam Licht AG, Nichia Corporation and Hubbell Incorporated.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instances,

  • In February 2020, Signify Holdings launched a new integrated Philips Combo Charge Controller for streetlights, authorizing the development of a hybrid solar system. With this innovation, the company focused on developing a new market for solar-powered outdoor lightings in Asia, Africa, South America, Australia, and Spain, where the solar-powered lighting solutions has already been installed.

  • In May 2019, LED horticultural lighting was launched by OsRam in Europe, the Middle East, and Africa (EMEA), supported by its experienced team of technical advisers to help growers produce the better crops.

US LED Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. LED Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. LED Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. LED Market - Supply Chain
  4.5. Global LED Market Forecast
     4.5.1. LED Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. LED Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. LED Market Absolute $ Opportunity
5. Global LED Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. LED Market Size and Volume Forecast by Types
     5.3.1. Lamps
     5.3.2. Luminaires
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global LED Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. LED Market Size and Volume Forecast by Applications
     6.3.1. Indoor
     6.3.2. Outdoor
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global LED Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. LED Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global LED Demand Share Forecast, 2019-2026
8. North America LED Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America LED Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America LED Market Size and Volume Forecast by Types
     8.4.1. Lamps
     8.4.2. Luminaires
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America LED Market Size and Volume Forecast by Applications
     8.7.1. Indoor
     8.7.2. Outdoor
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America LED Demand Share Forecast, 2019-2026
9. Latin America LED Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America LED Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America LED Market Size and Volume Forecast by Types
     9.4.1. Lamps
     9.4.2. Luminaires
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America LED Market Size and Volume Forecast by Applications
     9.7.1. Indoor
     9.7.2. Outdoor
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America LED Demand Share Forecast, 2019-2026
10. Europe LED Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe LED Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe LED Market Size and Volume Forecast by Types
     10.4.1. Lamps
     10.4.2. Luminaires
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe LED Market Size and Volume Forecast by Applications
     10.7.1. Indoor
     10.7.2. Outdoor
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe LED Demand Share Forecast, 2019-2026
11. Asia Pacific LED Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific LED Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific LED Market Size and Volume Forecast by Types
     11.4.1. Lamps
     11.4.2. Luminaires
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific LED Market Size and Volume Forecast by Applications
     11.7.1. Indoor
     11.7.2. Outdoor
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific LED Demand Share Forecast, 2019-2026
12. Middle East & Africa LED Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa LED Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa LED Market Size and Volume Forecast by Types
     12.4.1. Lamps
     12.4.2. Luminaires
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa LED Market Size and Volume Forecast by Applications
     12.7.1. Indoor
     12.7.2. Outdoor
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa LED Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global LED Market: Market Share Analysis
  13.2. LED Distributors and Customers
  13.3. LED Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Emerson Electric Co
     13.4.2. Signify Holding (Philips Lighting)
     13.4.3. OsRam Licht AG
     13.4.4. Nichia Corporation
     13.4.5. Hubbell Incorporated

Methodology

Our Clients

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