TMCnet News

LED Lighting Market worth $118.4 billion by 2029 - Exclusive Report by MarketsandMarkets™
[February 23, 2024]

LED Lighting Market worth $118.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 23, 2024 /PRNewswire/ -- The global LED lighting market is projected to grow from USD 78.9 billion in 2024 to USD 118.4 billion by 2029, registering a CAGR of 8.5% during the forecast period according to a new report by MarketsandMarkets™. The LED lighting market is propelled by a combination of key drivers that have contributed to its widespread adoption globally. Energy efficiency stands out as a primary driver, with LED technology offering significant reductions in energy consumption compared to traditional lighting sources.


Download PDF Brochure:

Browse in-depth TOC on "LED Lighting Market

171 – Tables
67 – Figures
271 – Pages

LED Lighting Market Report Scope:

Report Coverage


Market Revenue in 2024

$ 78.9 billion

Estimated Value by 2029

$ 118.4 billion

Growth Rate

Poised to grow at a CAGR of 8.5%

Market Size Available for


Forecast Period


Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product, Application, Installation, Sales Channel and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Lack of common open standards for LED lighting

Key Market Opportunities

Rising adoption of LED lighting in horticulture sector

Key Market Drivers

Favourable government initiatives and regulations for energy efficient LED lighting solutions across the world


Environmental sustainability is another crucial factor, as LEDs produce less carbon emissions and contain no hazardous materials. Technological advancements and decreasing production costs have made LED lighting more affordable, further stimulating market growth. Government initiatives and regulations promoting energy-efficient solutions, along with an increasing awareness among consumers regarding the long-term cost savings and environmental benefits of LEDs, play a pivotal role in driving market demand. Moreover, the versatility of LED technology, providing options for smart lighting solutions and diverse applications across residential, commercial, and industrial sectors, contributes to the overall expansion and dynamism of the LED lighting market.

Lamps segment to lead the product segment during the forecast period.

LED lamps are expected to have a higher market share in the LED lighting market due to several compelling reasons. The versatility of LED lamps makes them suitable for a wide range of applications, from residential to commercial and industrial settings, contributing to their widespread adoption. LED lamps offer a variety of form factors, including traditional shapes and innovative designs, providing consumers with diverse options to fit different lighting needs. Additionally, the ease of retrofitting existing fixtures with LED lamps enhances their market appeal, allowing for a seamless transition to energy-efficient lighting. The efficiency and longevity of LED technology, characterized by lower energy consumption and extended lifespans compared to traditional lamps, result in substantial cost savings for consumers over time, further driving the preference for LED lamps. Furthermore, the integration of smart lighting features and compatibility with home automation systems positions LED lamps as part of the growing trend toward connected and intelligent lighting solutions, consolidating their dominance in the market.

By Installation, new installation is likely to record the highest growth rate during the forecast period.

New installations exhibit a higher CAGR in the LED lighting market within the installation type segment. The burgeoning demand for energy-efficient lighting solutions, coupled with advancements in LED technology, drives a preference for new installations over retrofitting existing systems. As construction and urbanization projects surge globally, there is an inherent need for modern and sustainable lighting infrastructures, positioning new installations as a pivotal growth driver. Additionally, stringent energy efficiency regulations and environmental awareness prompt a proactive approach in integrating LED lighting during the construction phase, further propelling the CAGR for new installations.

Inquiry Before Buying:

Asia Pacific is expected to account for the largest market share in the global LED lighting market by 2029.

The Asia-Pacific region is poised to have the largest share in the LED lighting industry due to a convergence of influential factors. Rapid urbanization, particularly in countries like China and India, has led to a surge in demand for efficient lighting solutions, driving the adoption of LED technology. Government initiatives across the region, emphasizing energy efficiency and environmental sustainability, play a pivotal role in promoting LED lighting. Additionally, the sheer size of the population in Asia Pacific countries contributes to the scale of market adoption. As the region experiences economic growth, there is an increased capacity for investment in modern infrastructure, further boosting the demand for LED lighting in new construction projects.

Key Players

Signify Holding (Netherlands), Acuity Brands, Inc. (US), Cree Lighting USA LLC (US), ams OSRAM AG (Germany), LG Electronics (South Korea), Dialight (UK), Panasonic Corporation (Japan), Hubbell (US), Savant Systems, Inc. (US), and Zumtobel Group (Germany) are the major companies in the LED lighting companies.

Get 10% Free Customization on this Report:

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Smart Lighting Market Size, Share & Industry Growth Analysis Report by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End Use Application, Communication Technology, and Geography - Global Growth Driver and Industry Forecast to 2026

UV LED Market Size, Share, Statistics and Industry Growth Analysis Report by Technology (UV-A, UV-B, UV-C), Power Output (Below 1 W, 1 W-5 W, above 5 W), Application (UV Curing, Medical Scientific, Disinfection, Agriculture), End Use (Residential, Commercial, Industrial) and Region – Global Forecast to 2028

Outdoor LED Lighting Market by Installation (New, Retrofit), Offering, Sales Channel, Communication, Wattage (Below 50W, 50-150W, Above 150W), Application (Streets and Roads, Architecture, Sports, Tunnels) and Geography - Global Forecast to 2027

LED Grow Light Market by Wattage, Type of Installation (New, Retrofit), Spectrum (Partial, Full), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, Research, and Others), and Geography - Forecast to 2020

LED Driver Market for Lighting, by Driving Method (Constant Current and Constant Voltage), Luminaire Type (A-Type, T-Lamps, Reflectors, Integral Modules), Components (Driver IC and Discrete), End User Application, and Geography - Global Forecasts to 2022

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site:
Research Insight:
Content Source:


Cision View original content:

[ Back To's Homepage ]