The new report by Expert Market Research titled, ‘United States LED Lighting Market Growth, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the United States LED lighting market, assessing the market based on its segments like type, technology, application, end use and regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 10.75 billion
Forecast CAGR (2023-2028): 8.6%
In the historical period 2018-2028, there was a substantial rise in the sales of LED lights, with a noticeable slump during the COVID-19 pandemic. However, given the advantages of LED lights over other forms of lights, the demand is expected to have a resurgence soon.
The rise in complementary industrial infrastructure, especially automobile and construction, is expected to have a positive effect on the industry. In the United States, the market for LEDs is mainly dominated by industrial infrastructure, but the demand from private individuals is also expected to rise significantly.
The American LED lighting market does not have a monopoly of a particular group, because these companies have been mainly focused on expanding in other countries too.
Industry Definition and Major Segments
LED (Light Emitting Diode) lights are a relatively newer alternative to incandescent filament bulbs and plasma tube lights. They require lesser electricity, emit greater brightness and emit lesser heat. They are also relatively smaller and can be replaced more easily as compared to incandescent bulbs. They have been used in multiple applications like general house lights, streetlights and lights in automobiles.
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The United States LED lighting market can be segmented by type as follows:
Panel Lighting
Down Lighting
Flood Lighting
Street Lighting
Tube Lighting
Bulbs
Others
On the basis of technology, the market can be segmented into:
Smart LED Lighting
Regular LED Lighting
Based on application, the market can be differentiated into:
Indoor
Outdoor
It can be classified on the basis of end use into:
Residential
Commercial
Industrial
Others
The market for LED lighting is found in different regions like:
New England
Mideast
Great Lakes
Plains
Southeast
Southwest
Rocky Mountains
Far West
Market Trends
LED lights offer significant advantages because of their greater luminous intensity, lower energy usage and direction light. Government regulations on workplace illumination prescribe a particular level of brightness at workplaces, pushing companies to invest in LED lights because of their advantages. The popularity of LED lights has also increased because of a general decline in their prices.
As governments start integrating smart cities, the demand for LEDs is expected to increase further in their usage in smart lighting. As consumers become more aware about the differences in the prices and the environmental impact because LEDs use lesser electricity, the demand for LED lights is expected to rise and expand the overall value of the LED lighting market.
Key Market Players
The major players in the market are Signify S.A., Osram Licht AG, Eaton Corporation Inc., Acuity Brands Lighting, Inc., Cree Inc., General Electric Company, and Hubbell Incorporated. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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