LED Lighting Market size was valued at USD 63.83 billion in 2022 and is poised to grow from USD 70.94 billion in 2023 to USD 168.87 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).
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Advancements in LED (light emitting diode) technologies and growing demand for advanced lighting products around the world are slated to primarily drive LED lighting market growth. High demand for energy efficient lighting solutions is also expected to promote the sales of LED lighting over the coming years.
LED lighting providers should focus on developing novel products that stand out from the market as the competition is quite intense. Integration of LED lighting with other advanced technologies could also open new business scope for almost all market players in the future. Innovation will be the top priority for any LED lighting company looking to stand out in this highly consolidated and saturated market.
Launching New Products to Stay Competitive – Key Strategy for LED lighting Providers
LED lighting companies should be focused on continually launching new products to stay competitive. High demand for smart lighting owing to rising popularity of smart home technologies and devices is also expected to create new opportunities for market players going forward. New product designs and better lamination capabilities are some key factors that most LED lighting companies are investing in. Penetrating emerging and underdeveloped countries will also be a key trend for LED lighting companies looking to maximize their sales potential and increase global market share.
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This report covers the following segments:
This report covers the following players:
20. Sharp Corporation
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Launching new products will be the top priority of any LED lighting company and this is estimated to be a key strategy for all new as well as established market players. Integration of smart technologies and capitalization of the smart home trend will also be key opportunities for LED lighting providers looking to make a mark in the long run.
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