The LED Indoor Lighting Market is expected to grow from USD 5.23 Billion in 2020 to USD 13.40 Billion by 2028, at a CAGR of 12.52%. The high use of light emitting diodes as an alternative to florescent, HID and incandescent lighting has paved the way for large - scale lighting of indoor light emitting diodes.
The main factors driving the smart indoor lighting market are energy saving concerns and the factors responsible for the growth of the smart indoor lighting market are its advantages, such as low maintenance costs, longer stamina and low power consumption. Another is the falling prices of LED components.
Commercial and industrial buildings are one of the most common applications for intelligent lighting. Lighting accounts for 20% to 50% of global energy consumption. Lighting in commercial and industrial buildings accounts for 40 percent of total energy spending.
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Market Dynamics:
The global LED Indoor Lighting market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2018 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant-based food products. Moreover, rising health-conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
Competitive Landscape:
The research report offers details about leading companies in the global LED Indoor Lighting market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
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The report also sheds light on the market segmentation based on type, application and region:
Market Segmentation:
Light Source (Revenue, USD Million; 2018–2028)
- Fluorescent Lamps
- Light Emitting Diodes
- High Intensity Discharge Lamps
Application (Revenue, USD Million; 2018–2028)
- Residential
- Commercial
- Industrial
- Others
LED Indoor Lighting Market Segmentation based on Regions:
North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Major Companies:
- Digital Lumens, Inc. (United States),
- Acuity Brands Lighting, Inc.
- Philips Lighting (Netherlands),
- General Electric Company (United States),
- OSRAM Licht AG (Germany),
- Honeywell International (United States),
- Cooper Industries, Inc. (Ireland),
- Legrand (France),
- Schneider Electric SE (France),
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