The LED Indoor Lighting Market is expected to grow from USD 5.23 Billion in 2020 to USD 13.40 Billion by 2028, at a CAGR of 12.52%. The high use of light emitting diodes as an alternative to florescent, HID and incandescent lighting has paved the way for large - scale lighting of indoor light emitting diodes.
The main factors driving the smart indoor lighting market are energy saving concerns and the factors responsible for the growth of the smart indoor lighting market are its advantages, such as low maintenance costs, longer stamina and low power consumption. Another is the falling prices of LED components.
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Top Profiled Companies in the Global LED Indoor Lighting Market Report:
Digital Lumens, Inc. (United States), Acuity Brands Lighting, Inc. (United States), Philips Lighting (Netherlands), General Electric Company (United States), OSRAM Licht AG (Germany), Honeywell International (United States), Cooper Industries, Inc. (Ireland), Legrand (France), Schneider Electric SE (France)
Further key findings from the report suggest
· The LED Indoor Lighting Market is expected to grow from USD 5.23 Billion in 2020 to USD 13.40 Billion by 2028, at a CAGR of 12.52%. The high use of light emitting diodes as an alternative to florescent, HID and incandescent lighting has paved the way for large - scale lighting of indoor light emitting diodes.
· On the basis of Application, the largest market share in 2018 was in the commercial sub - segment. In recent years, the use of LED lights in offices, retail stores and malls, hospitals, educational buildings and others has increased significantly.
· Among Light Source, the Light Emitting Diodes (LED) is expected to grow at the highest CAGR of 16.71% during the forecast period. Light emitting diodes are highly efficient, reliable and have a longer life span, which is expected to increase demand in different applications, including indoor and outdoor solutions. Compared to incandescent lights, these lights are cost-effective and provide about 50,000 hours of lighting with a small amount of energy consumed.
· Asia-Pacific held the largest share of the LED Indoor lighting market in 2018 and is expected to maintain its dominance in the market during the forecast period, while Europe's is expected to be the second largest market in 2026. Europe has a relatively high living standard of population. People in this region have the financial means necessary to invest in intelligent homes equipped with several innovative LED lighting systems. The high market growth in APAC can be attributed to ongoing projects to modernize infrastructure in developing economies such as China and India, where governments have approved the construction of several intelligent cities.
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Light Source (Revenue, USD Million; 2018–2028)
- Fluorescent Lamps
- Light Emitting Diodes
- High Intensity Discharge Lamps
Application (Revenue, USD Million; 2018–2028)
- Residential
- Commercial
- Industrial
- Others
Key Takeaways of the Global LED Indoor Lighting Market Report:
· A comprehensive overview of the global LED Indoor Lighting industry.
· Accurate market projections in terms of market size, share, and volume.
· Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
· Deep-dive analysis of the upcoming market trends.
· Qualitative and quantitative analyses of the global LED Indoor Lighting market.
· Elaborate study of the leading regional markets in the global LED Indoor Lighting market.
· Complete overview of the market’s competitive landscape.
· Brief look at the company profiles and portfolios.
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