North America LED Lighting Market Research Report, 2028

When a forward voltage is applied to a light-emitting diode (LED), it emits non-coherent and narrow-spectrum light. LED lights are environmentally friendly and save approximately 90% of total energy consumption when compared to conventional lights. Other advantages of LED lights include their dependability, compact size, fast switching, longer lifespan, improved physical robustness, low heat output, and low radiation emission. LED lights, as opposed to standard AC line voltage, require a constant-current DC power source. As a result, LED lights are widely used in industries such as automobiles, real estate, infrastructure, and consumer electronics. The LED lighting market in North America is expected to grow significantly during the forecast period, owing primarily to lower LED manufacturing costs. Government subsidies for semiconductor equipment, such as metal-organic chemical vapor deposition, are primarily responsible for the cost decrease (MOCVD). As a result, LED manufacturers are increasing their LED production capacities. Furthermore, government assistance has enabled vendors to reduce variable manufacturing costs. As a result, market growth will be fuelled during the forecast period. According to the research report, “North America LED Lighting Market Research Report, 2028” published by Actual Market Research, the market is anticipated to add up to around USD 11.5 Billion market size from 2023 to 2028. Several factors influence the North American market. The thriving lighting industry can be attributed to the rising demand for energy-efficient products and LED upgrades of existing products. Furthermore, technological advancements increased consumer awareness of the benefits of LEDs, and rising environmental concerns have fuelled market growth in the region. Furthermore, several LED applications in automotive, general lighting, mobile devices, signal and signage, healthcare, forensics, street lighting, academics, and research have increased their demand. Furthermore, manufacturers' increasing marketing initiatives through various advertising mediums such as newspapers, television, and so on is catalyzing the growth of the LED market across the region. Based on the report the North American market is segmented into two product types including lamps and luminaries. Among them, the luminaries segment leads the market with around 60% market share. Further, the market is segregated into two application types including indoor and outdoor. The rising trend of connected lighting controls for both applications is further expected to contribute to the development of the market. Government agencies' encouraging initiatives and rebate programs have contributed to market growth. Indoor applications will account for more than 65% of the market in 2022. The increasing demand for smart lighting solutions to conserve energy is one of the key factors driving the LED lighting market in North America. In line with this, the rapid expansion of smart city projects, combined with rising environmental consciousness, has resulted in a significant increase in the use of LEDs in public construction projects, which is another major growth-inducing factor. Furthermore, rising awareness of the benefits of LED lighting solutions, such as long operational life and lower maintenance, is facilitating overall product sales across the region. The market in North America is expected to grow at a steady CAGR due to the increasing adoption of LED streetlights in six U.S. cities over the forecast period. Detroit, Los Angeles, Boston, Portland, New York City, and San Francisco are among the six cities. LED streetlights will reduce electricity consumption by more than 50% while also lowering maintenance costs. The increased presence of various companies has resulted in an increase in the use of LED lights due to benefits such as energy efficiency, circadian rhythms, extended durability, and noise reduction for improved productivity. Furthermore, a high standard of living and a growing desire among the population to make homes more appealing and appealing are likely to boost LED light adoption and drive market revenue growth in the region. LED bulbs are used for all or most of the indoor lighting in nearly half of all U.S. households. LED bulb adoption has been increasing, with approximately 30% of US households reporting at least one LED bulb installed. Residential lighting has generally shifted away from incandescent bulbs and toward more energy-efficient lighting such as CFLs and LEDs. Based on the report, the North American market is segmented into retrofit and new installation types. Among them, new installation type is anticipated to dominate the market by the forecast period. The Federal Government of the United States (US Federal Government) is launching a number of initiatives to promote the use of energy-efficient technologies, which is expanding the use of LED in a variety of settings. LEDs are also increasingly being used in aviation, general lighting, medical devices, camera flashes, automotive headlamps, and traffic signals, which are expected to propel the market forward. Furthermore, the use of LED technology in horticulture has reduced energy waste by regulating a different spectrum of light based on the stage of plant growth. Furthermore, the emergence of smart light-filling technology is expected to present market opportunities. Furthermore, as the urban population grows, so does the use of LED lighting systems. Furthermore, consumers are interested in personalized lights for home decoration. To encourage the use of energy-efficient lighting, governments in North American countries such as the United States are providing subsidies on LED lighting, which is causing LED light prices to fall. LED light sales are expected to be high during the forecast period due to their benefits, which include color tuning, brightness tuning, and a longer lifespan when compared to other lights. LED lights are now the second most common type of bulb in commercial buildings, according to data collected. By establishing minimum efficiency requirements for producing new light bulbs, laws such as the Energy Independence and Safety Act of 2007 have had a significant impact on the growing use of more efficient lighting options. Furthermore, the controllability of LED lights is driving their commercial demand. Dimmability, daylighting, occupancy sensors, and timers are among the features enticing vendors to implement the solutions in their facilities. Companies are developing new LED solutions in order to remain competitive. For example, Lumileds Holding, which has its operational headquarters in the United States, introduced its new LUXEON 2835 Commercial LEDs in July 2021. These LEDs are engineered and designed to meet the growing demand for high-volume, high-efficiency mid-power LEDs for commercial indoor lighting applications. Troffers, panels, and high-bay are examples of common commercial indoor applications. Furthermore, the government is regulating the lighting systems used in commercial spaces in order to reduce energy consumption. For example, the Federal Energy Management Program (FEMP) in the United States provides guidance for the purchase of commercial light-emitting diode (LED) luminaires. Such trends are expected to drive the growth of the market under consideration during the forecast period. Canada is expected to grow at a faster rate during the forecast period. The rise in real estate infrastructure development and investment in Vancouver and Toronto can be attributed to the region's growth. The growing use of advanced A-lamps and T-lamps in commercial spaces is propelling market growth in the region. Covid-19 Impacts: Since the outbreak of COVID-19, various businesses have faced challenges pertaining to the supply chain. The LED industry was no exception. As a prominent share of the raw materials for the production of LEDs and drivers originated from Asian countries, the industry was significantly affected during March and April, as the region was under the severe clutches of the COVID-19 pandemic. The demand for LEDs is expected to be sluggish till the end of 2021 due to the ongoing pandemic. However, it is expected to pick up from the second quarter of 2022, as new vaccines are being rolled out to combat the increased virus mutation and periodic waves affecting millions of lives. Recent Developments: • For instance, in October 2021, Luminii, a U.S.-based global LED lighting solution provider announced the acquisition of Precision Lighting and Remote Controlled Lighting, two British lighting manufacturers. This acquisition is expected to help the company enhance its business presence and increase its customer base. • In July 2021, the Canadian city of Vaughan announced plans for the deployment of Telensa’s PLANet intelligent street-lighting system. The program included the replacement of Vaughan’s 23,000 streetlights with energy-efficient LEDs integrated with wireless controls offered by Telensa. • In December 2022, The US Government proposed to improve the efficiency of light bulbs in the US. The intention of this proposal is to save energy spent on lighting and allow the consumers to save their money on electricity bills. • In October 2020, Luminii, a US-based industrial specification-grade architectural LED lighting systems manufacturer, acquired iLight Technologies, for an undisclosed amount. With this acquisition, Luminii expanded its product portfolio and aims to provide its customers with a wide range of options to choose from high-quality standard products. iLight Technologies is a US-based LED company that manufactures unique LED application technologies and extremely durable and flexible commercial illumination products. Major Companies present in the market: Samsung, Koninklijke Philips Nv, Panasonic Corporation, Opple Lighting Co. Limited, Osram Licht Ag, Valeo Sa, General Electric Company, Hubbell Incorporated, Magneti Marelli Spa, Seoul Semiconductor, Signify Holding, Acuity Brands Lighting Inc., Stanley Electric Co. Ltd, NVC Lighting Technology Corporation, Cree Inc, Everlight Electronics Co. Ltd LG Electronics Considered in this report • Geography: North America • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • North America LED Lighting market with its value and forecast along with its segments • Country-wise LED Lighting market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report: • United States • Canada • Mexico By Product: • Lamps • Luminaries By Application: • Indoor • Outdoor By Sales 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.