LED lighting market in North America to grow by USD 5.81 billion from 2021 to 2026 | Growth driven by declining manufacturing cost of LED - Technavio

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 
• Residential
• Commercial
• Industrial
• Outdoor
• Others
• Product 
• LED Lamps
• LED Luminaires

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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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.

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SOURCE Technavio