Canada LED Lighting Market Overview, 2028

Canada LED Lighting Market Overview, 2028

Actual Market Research 31-12-2022 63 Pages Figures : 6 Tables : 13 Region : North America Country : Canada Category : Energy & Utility Lighting & Luminaires

The increased average life span of LED lamps compared to conventional lamps, the ease of availability of LED lamps in different colors and lightning combinations, and consumers' high interest in high lumen low watt products due to their significant energy bill savings are the main factors driving the growth of the LED lighting market in Canada. In comparison to incandescent lamps, LEDs use less electricity and produce brighter light, making them an attractive option in a variety of industries. Offices are switching to LED lights as a result of government rules requiring workplaces to be suitably lit. The growth of adjacent industries like the automotive or construction sectors is also anticipated to boost the market for LED lighting. Because they use less energy, LED lights might be considered a greener alternative in light of rising environmental concerns. According to the research report "Canada LED lighting Market Overview, 2028," published by Bonafide Research, the market is expected to add USD 1.89 Billion by 2028. Due to a general drop in LED light prices, their sales have significantly increased over the historic period of 2018–2022. The market for LED lighting in Canada will grow as more people move to urban areas, the residential and commercial sectors of Canada experience growth as people seek a higher standard of living, and disposable income increases. These are the key factors driving the market growth for LED lighting in Canada. At the moment, the Canadian government encourages its citizens to conserve energy. The government has created a standard for energy-saving lighting because the costs are rising. This was due to the limitations, some of which included inefficient lighting. Canada approved the Green Energy Act in 2009. The 40W, 60W, 75W, and 100W minimum energy efficiency criteria were amended by the Canadian government in 2014. This was done to promote the government's policy of using LED lamps to replace traditional illumination. In 2021, the Canadian population was 38.07 million, with 18.90 million men and 19.17 million women. More than 81.65% of the Canadian population leaves in urban areas, while 18.35% leaves in rural areas. The country has a GDP of USD 2 trillion and a per capita income of USD 62200. As we can see that more than 81% population of Canada leaves in urban areas this creates a huge demand for LED lighting products because consumers tend to have a better standard of living, increasing disposable income of consumer, these could be the factors that can helpful for the growth of LED lighting market in Canada. Canada sells products largely through traditional channels through retail or wholesale. In this country, the online sales channels are relatively primitive due to the sparse population and fewer installation services. As a result, needs are not fully met in all regions because they rely primarily on the "Do It Yourself" culture. But as the world shifts to e-commerce, online sales for the LED lighting market will gradually increase in Canada. Some retail and wholesale LED lighting stores in Canada that sell LED lighting products include LED lights Canada, Canadian Wholesale Lightning, LED World Inc., and Green Canada LED. A light-emitting diode, an electronic driver, a cooling system, and optics make up LED lighting. As opposed to standard high-wattage bulbs, these components are neither brittle nor sealed under high pressure. Maintenance costs are significantly reduced when LED lighting technology is used. Significant energy savings are achieved by using LED lights, which use roughly 50% less electricity than conventional halogen, incandescent, and fluorescent lights. Additionally, LED lighting has low voltage operation, no UV emissions, a long lifespan, design flexibility, and durability. As a result, LED lighting is growing in popularity among businesses and communities since it is more affordable and provides better service. Thus, it can boost the market for LED lighting. An incandescent bulb or fluorescent lamp has a lifespan of 1,000 hours and 8,000 hours, respectively, while an LED lasts, depending on the fixture, between 30,000 and 50,000 hours. So, LED luminaires have reduced maintenance costs due to their long lifespan. Additionally, because LED lighting has a lower wattage but a brighter light technology, it requires less energy to power. Because of the subsequent reduction in energy use and costs, the market is anticipated to experience revenue growth over the upcoming years. LED lighting employs advanced technology and specific components, such as drivers and aluminum reflecting panels, raising overall production costs. LED lighting, on the other hand, has a longer lifespan than incandescent bulbs. LED lighting is becoming more popular, prompting more businesses and individuals to install it in both residential and commercial settings. The challenge, however, would be to develop minimal pricing that is affordable to the majority of the population while also saving money on bills and maintenance. Although LED lighting has several advantages, the majority of the population still prefers fluorescent lamps to LED lighting. Fluorescent lamps have a higher overall revenue share due to a lack of awareness and understanding of the advantages and benefits of LED lighting solutions. Furthermore, LED lighting solutions are more expensive than incandescent lamps, and the emergence of low-quality, low-cost lighting products with short lifespans is expected to limit the adoption of LED lighting shortly. Considered in this report • Geography: Canada • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • CanadaLED lighting market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product • Lamps • Luminaries By Lamps type • A-type • T-type • Others (Can LED light bulbs, Flood LED light bulbs, Track LED light bulbs, Tube LED light bulbs, Etc.) By Luminaries • Downlighting • Decorative • Directional • Others By Distribution Channel • Retail/Wholesale • Direct sale • E-commerce By Installation type • New • Retrofit The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the LED lighting industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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