The global LED displays, lighting, and fixtures market will be worth US$ 92 billion in 2022. Global sales will grow at an 8.9% CAGR during the next 10 years. By 2032, the entire market size will be US$ 215 billion.
The LED street lighting fittings category will continue to be the highest revenue-generating segment. According to Future Market Insights, the target segment will grow at an 8.7% CAGR between 2022 and 2032.
The increasing use of LED displays, lights, and fixtures in a variety of industries is a major factor driving the global market. Increasing automotive demand and a global push toward energy conservation will drive sales of LED displays, lighting, and fixtures.
The increased demand for LED lights and fixtures is owing to their energy efficiency when compared to their old equivalents. Deployment of these lighting systems assists end users in lowering energy usage and expenditures
LED lighting fixtures use far less energy than traditional lighting sources. They also require less maintenance over time, which lowers overall expenses and demonstrates that they are cost-effective for many consumers.
The expansion of real estate markets as a result of population growth is projected to boost demand for LED displays, lighting, and fixtures. LED lighting is widely preferred by modern homeowners and builders over incandescent lighting.
Aside from that, the increasing use of LED lighting in the automobile industry will enhance the market. LED automobile lighting is more durable and can deliver better illumination than halogen lamps. They extend the life of the battery and improve driving safety. Furthermore, increased government efforts to encourage the usage of LED lighting and fixtures will generate opportunities for growth.
Who is Winning?
Leading manufacturers of LED displays, lighting, and fixtures profiled in the report include Philips Lumileds Lighting Co., Samsung LED Co. Ltd., Toyoda Gosei Co. Ltd, Seoul Semiconductor Co. Ltd, LG Innotek Co. Ltd., Barco NV, Brodwax Lighting, Cooper Lighting, LLC, SMART Global Holdings, and Epistar Corp.
Key players are rigorously investing in research and development for new and efficient products. They are also focusing on new product launches to strengthen their market positions.
More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the LED displays, lighting and fixtures market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals extensive growth in terms of product (conventional LED display, surface mounted device, LED lighting, LED fixture) and application (backlighting, signage, LED general lighting, automotive LED lighting, architectural LED lighting, commercial LED lighting, LED street lighting fixture, retail & refrigerator LED lighting fixture, residential LED lighting fixture) across various regions.
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