New York, LED Lighting Market is expected to reach $134 bn by 2031, growing at a CAGR of 9.1% between 2021-2031.
LED lighting is a type of lighting that uses light-emitting diodes (LEDs) as the source of light. LEDs are semiconductor devices that convert electrical energy into visible light. LED lighting is more energy-efficient and has a longer lifespan than traditional lighting such as incandescent and fluorescent lighting.
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There are a few different types of LED lighting:
- Standard LED bulbs – These are the most common type of LED bulbs and can be used in a variety of applications, including general lighting, task lighting, and accent lighting.
- Flood lights – Flood lights are a type of LED light that is designed to provide a wide, even beam of light. They are often used for outdoor lighting, such as security lighting or landscape lighting.
- High–intensity discharge (HID) LED lights – HID LED lights are a type of LED light that is very bright and is typically used in industrial and commercial applications, such as warehouse lighting or street lighting.
- Light–emitting diode (LED) lamps – LED lamps are a type of LED light that is designed to mimic the light output of traditional incandescent bulbs.
Key Trends and Drivers:
- The growing number of smart city projects around the world is driving up demand for smart lighting solutions for highway and roadway applications. Governments in a number of nations, including India, Italy, Germany, and China, are focused on strategic partnerships to construct smart cities, thereby increasing market representation.
- The increased emphasis on environmental protection has a considerable impact on the lighting sector. Energy conservation has become one of the most prioritized implementation initiatives throughout the years, and LED lighting adoption contributes greatly to energy conservation.
- The growing acceptance of LEDs, as well as the development of LED drivers, are creating strong market potential for commercial interior lighting. Integration of Li-Fi technology in intelligent lighting is critical to the industry’s growth.
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Market Segments:
By Product:
- Lamps
- Luminaries
By Application:
- Commercial
- Residential
- Industrial
By Distribution Channel:
- Online
- Distributors
- Retailers
Key Companies:
- Acuity Brands Lighting Inc.
- Dialight
- Hubbell
- Panasonic Corporation
- Siteco GmbH
- MIC Electronics Ltd.
- Havells India Ltd.
- InstaPower Ltd.
- Phillips Lighting Holding B.V.
- Cooper Industries Inc.
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