The North America LED lighting market size is expected to reach USD 14.6 billion by 2025, registering a CAGR of 9.6% over the forecast period, according to a new report by Grand View Research, Inc. Increase in the need to use sustainable energy sources among residential, industrial, and commercial end uses across U.S. and Canada is driving the market. Furthermore, benefits such as greater lifespan of light-emitting diode (LED) lights, high energy saving potential, directional capabilities, and eco-friendly nature over conventional lightings are anticipated to boost market demand through 2025. Additionally, stringent energy-saving policies implemented by the government and regulatory efforts to standardize LED products are likely to encourage widespread adoption.
The commercial end-use segment has witnessed high growth in the past years owing to rise in the adoption of downlights, streetlights, and troffers. The residential segment primarily focuses on low procurement cost while purchasing lighting products, whereas the commercial segment focuses on the operating and replacement cost. Thus, reduction in prices and availability of rebate programs have led to awareness among consumers, which has contributed to the adoption of light-emitting diode lighting solutions among residential as well as commercial end users. Furthermore, advantages such as no need for regular replacement due to longer lifespan and reduced maintenance cost have benefitted commercial and industrial end users. For instance, high-quality LED products offer 25,000 lifetime hours, whereas typical incandescent offered 1,000 lifetime hours and CFLs offered 8,000 to 12,000 lifetime hours.
The market demand for light-emitting diode products has witnessed substantial growth in Canada owing to lucrative rebate programs and government policies. For users to qualify for the rebate programs, they need to deploy or use the ENERGYSTAR line of lighting fixtures. Furthermore, the Canadian government offers higher rebates from 25% to 50% to offset the cost of upgrading or retrofitting qualified and licensed lights. For instance, Save on Energy programs are provided through Ontario’s local electric utilities to small businesses. The program offers incentives up to USD 2,000 for upgrading energy-efficient lighting products, which include a range of ENERGYSTAR certified LED products. Thus, growth in the adoption of ENERGYSTAR products, which meets energy efficiency levels without comprising performance, is enabling market development in the region.
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North America LED Lighting Market Report Highlights
• The North America LED lighting market was valued at USD 7.3 billion in 2018 and is expected to register a CAGR of 9.6% from 2019 to 2025
• The luminaires product type segment accounted for the largest revenue share of over 65.0% in 2018, which can be attributed to increase in demand for downlights and troffers for indoor applications
• The U.S. market was valued at USD 5.8 billion in 2018. Implementation of light control technologies and LED products has been the key factor driving the market in commercial and industrial applications
• The North America LED lighting market was dominated by five key market players, namely General Electric Company; Signify Holding (Philips Lighting); Cree, Inc.; LSI Industries Inc.; and Vishay Intertechnology, Inc. in 2018.
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North America LED Lighting Market Segmentation
Grand View Research has segmented the North America LED lighting marketon the basis of product, application type, end use, and country:
North America LED Lighting Product Outlook (Revenue, USD Billion, 2015 – 2025)
North America LED Lighting Application Type Outlook (Revenue, USD Billion, 2015 – 2025)
North America LED Lighting End-use Outlook (Revenue, USD Billion, 2015 – 2025)
North America LED Lighting Country Outlook (Revenue, USD Billion, 2015 – 2025)
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Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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