Jun 12, 2023
LED lighting market in North America to grow by USD 5.81 billion from 2021 to 2026
NEW YORK, Aug. 25, 2023 /PRNewswire/ -- The LED lighting market in North America is set to grow by USD 5.81 billion from 2021 to 2026. However, the growth momentum will decelerate at a CAGR of 9.1%
NEW YORK, Aug. 25, 2023 /PRNewswire/ -- The LED lighting market in North America is set to grow by USD 5.81 billion from 2021 to 2026. However, the growth momentum will decelerate at a CAGR of 9.1% during the forecast period, according to Technavio. The led lighting market in North America is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Acuity Brands Inc., ams AG, Black Dog Grow Technologies Inc, Bridgelux Inc., Eaton Corp. Plc, EPISTAR Corp., General Electric Co., GrowRay Lighting Technologies, Kessil, Koninklijke Philips NV, LITE ON Technology Corp., LumiGrow Inc, Lumileds Holding BV, Sharp Corp., Signify NV, SMART Global Holdings Inc, Toyoda Gosei Co. Ltd., and Violet Gro Inc are some of the major market participants -. To know about the vendor offerings - Request a free sample report
The led lighting market in North America is fragmented, and the degree of fragmentation will decelerate. The declining manufacturing cost of led will offer immense growth opportunities. However, the High average cost per LED fixture will hamper the market growth.
LED Lighting Market in North America 2022-2026: Drivers & Challenges
Key Driver
The LED lighting market in North America is expected to witness substantial growth during the forecast period, primarily due to the declining manufacturing cost of LEDs.
Major Challenges
The high average cost per LED fixture challenges the growth of the LED lighting market in North America. The total cost of owning LED lamps and fixtures is low when compared to traditional incandescent and halogen bulbs, the high initial cost acts as a hindrance. However, the total cost of installation includes the cost of LED luminaires and labor charges. Hence, such challenges impede the growth of the market during the forecast period.
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LED Lighting Market in North America 2022-2026: Segment Analysis
Application
Product
LED Lighting Market in North America 2022-2026: Segmentation Highlights
The residential segment is expected to be the largest segment of the market during the forecast period. The segment is driven by the growing number of smart cities and increasing smart home penetration in the region. The rise in urban population impact leads an increase in the use of LED lighting systems. In addition, consumers are focusing on personalized lights for home decoration. To promote the use of energy-efficient lighting, governments of North American countries such as the US are offering subsidies on LED lighting, which is leading to a decline in the prices of LED lights. The sales of LED lights are expected to be high during the forecast period because of their benefits, including color tuning, brightness tuning, and a longer lifespan compared with other lights.
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report
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LED Lighting Market In North America Scope
Report Coverage
Details
Base year
2021
Historic period
2017-2021
Forecast period
2022-2026
Growth momentum & CAGR
Decelerate at a CAGR of 9.1%
Market growth 2022-2026
USD 5.81 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
10.91
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Acuity Brands Inc., ams AG, Black Dog Grow Technologies Inc, Bridgelux Inc., Eaton Corp. Plc, EPISTAR Corp., General Electric Co., GrowRay Lighting Technologies, Kessil, Koninklijke Philips NV, LITE ON Technology Corp., LumiGrow Inc, Lumileds Holding BV, Sharp Corp., Signify NV, SMART Global Holdings Inc, Toyoda Gosei Co. Ltd., and Violet Gro Inc
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Grade Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com
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SOURCE Technavio