LED lighting Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: LED Lighting Market covers analysis by Product Type ( Lamps, Luminaires ); Application ( Indoor Lighting, Outdoor Lighting ); End-user ( Industrial, Commercial, Residential, Government Bodies ), and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPTE100001052
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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The LED lighting market is expected to grow from US$ 57.5 billion in 2021; it is expected to register  at a compound annual growth rate (CAGR) of 10.7% from 2022 to 2031.

The light-emitting diode (LED) is one of today's most energy-efficient and rapidly developing lighting technologies with major applications in automotive lighting, general edge lighting, and backlighting. The adoption of LED lighting is increasing in almost all major end uses such as industrial, residential, and commercial buildings, outdoor application areas, and government bodies. Few of the latest trends likely to impact the growth of LED lighting market are LED grow lights for indoor farming, rising application of led lighting in automotive industry, human-centric LED lighting for enhanced efficiency, Li-Fi optical wireless communication, and IoT-based smart lighting solutions. Various types of LED lighting products are industrial and commercial lighting, under-cabinet lighting, recessed downlights, led replacement bulbs, and led holiday lights. Further, LED lights consume less electricity as compared to incandescent bulbs and decorative LED light strings, which leads to increased demand for LED lighting products.

Infrastructure development activities are increasing across the globe. As a result, the demand for LED lamps and luminaires has been growing, thus contributing to the LED lighting market expansion. LEDs are highly efficient and have extended life. Their applications in indoor and outdoor environments are expected to increase due to low operating costs and decreased heat losses over incandescent lights. Moreover, transitioning from traditional to green lighting and higher energy-efficiency standards have increased the demand for LED lighting. Further, various strategic initiatives taken by the market players is also anticipated to drive the market growth. For example, in July 2021, Cree Lighting announced the completion its project in the City of Sandy, Oregon, which aimed at converting city’s streetlights from high-pressure sodium lamps to LED lamps.

The "Global LED Lighting Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the LED lighting industry with detailed market segmentation based on type and end user. It provides key market statistics of the leading players. It also offers key trends and opportunities in the LED lighting market.

Strategic Insights

The LED lighting market is segmented into product type, application, and end user. Based on product type, the market is bifurcated into lamps and luminaires. By application, the market is categorized into indoor lighting and outdoor lighting. Based on end-user, the market is segmented into industrial, commercial, residential, and government bodies.

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  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The global LED lighting market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers an analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region. APAC led the market in 2021 and is anticipated to grow at the highest CAGR during the forecast period. Major factors contributing to the growth of LED Lighting in the APAC is the presence of leading manufacturers, such as Opple Lighting Co. Ltd. and Nichia Corporation. Adding to this, the rapidly growing manufacturing and construction industry has also led to rising demand for LED lights to improve aesthetics and enhance visibility on roads, as well as illuminate buildings and public places. Further, rising government subsidies in China for promoting high-efficiency lighting products have led to the increased adoption of LED lighting. Furthermore, the growing electrical and electronics industry in the region is also contributing towards the market growth.

The below figure showcases the revenue growth trend in the LED lighting market:

LED Lighting Market

Source: The Insight Partners Analysis

The report analyzes affecting factors such as drivers, restraints, opportunities, and future trends. It also provides an exhaustive PEST analysis of the factors affecting the LED lighting market.


In 2020, the COVID-19 pandemic negatively impacted the global LED lighting market. Strict lockdowns and temporary suspensions of construction sites led to a decline in the demand for LED lighting. However, in the second quarter of 2021, with the resumption of construction activities, the LED lighting market witnessed growth, thus leading to its market growth.

World Geography
Strategic Insights

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The reports cover key developments in the LED lighting market. Various companies focus on organic growth strategies such as product launches, approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the LED lighting market are anticipated to experience lucrative growth opportunities with the rising demand for LED lighting in the coming years. The list of a few companies engaged in the LED lighting market is mentioned below:

  • Philips Lighting
  • Sharp Corporation
  • Cree Inc.
  • Nichia Corporation
  • General Electric Lighting
  • Samsung Electronics
  • OSRAM Licht AG
  • Panasonic Corporation
  • Cooper Industries, Inc.
  • Toshiba International Corporation

The report also includes the profiles of key LED lighting companies and their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.

The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.

Market research

Research Criteria
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type, Application, End-user, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

The List of Companies

1. Philips Lighting
2. Sharp Electronics Corporation.
3. Cree Inc.
4. Nichia Corporation
5. General Electric Lighting
6. Samsung Electronics
7. OSRAM Licht AG
8. Panasonic Corporation
9. Cooper Industries, Inc.
10. Toshiba International Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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