Global sales of LED displays, lighting and fixtures totaled USD 82.4 billion in 2021. Overall LED displays, lighting and fixtures demand will rise at 8.9% CAGR from 2022 to 2032. The global market size will increase from USD 92.0 billion in 2022 to USD 215 billion by 2032.
Surface-mounted device segment will generate significant revenues throughout the forecast period. A CAGR of 8.8% has been predicted by Future Market Insights for this segment.
Key Growth Shaping Factors:
A semiconductor device that emits light when current flows through it is called a light emitting diode (LED). These LEDs are being increasingly used in displays, lighting, fixtures, and other devices. This is due to their various advantages over conventional light sources.
Few advantages of LEDs include
In recent years, LED displays, lighting, and fixtures have gained wider popularity globally. This is due to their energy-efficient nature. These LED products allow users to significantly reduce energy consumption and save electricity bills.
Increasing adoption of LED products in applications such as automotive lighting, display panel, commercial lighting, etc will boost the global LED displays, lighting and fixture market. They also find application in general lighting, traffic signals, advertising illuminated wallpapers, and medical devices.
Growing awareness about energy conservation is likely to play a key role in encouraging the adoption of LED displays, lighting, and fixtures.
LED lighting and fixtures consume very less energy as compared to other conventional light sources. As a result, these efficient lighting solutions are becoming an ideal choice for sustainable architecture.
LED lamps are rapidly replacing less effective sources such as CFLs and incandescent lamps. This is due to their ability to reduce electrical energy consumption and its associated emissions. They also reduce demand for air conditioning systems.
Rising usage of LED signage for advertising and marketing purposes will further elevate demand in the market. Besides this, rising government initiatives and investments in installing LED street lighting fixtures will boost LED lighting and fixture sales.
| Attributes | Key Insights |
|---|---|
| LED Displays, Lighting and Fixtures Market Size in 2022 | USD 92 billion |
| Projected Market Value in 2032 | USD 215 billion |
| Value-based CAGR (2022 to 2032) | 8.9% |
| USA Market CAGR (2022 to 2032) | 7.7% |
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Global LED displays, lighting, and fixture sales increased at 12% CAGR during the period from 2017 to 2021. For the next ten years, the worldwide market will exhibit a CAGR of 8.9%. It will create an absolute $ opportunity of USD 123 billion during the forecast period.
Energy efficiency is one of the main factors contributing to the expansion of the market for LED displays, lighting, and fixtures.
Compared to conventional lighting sources such as incandescent bulbs and fluorescent lights, LED technology is more energy-efficient, which lowers energy consumption and reduces energy costs.
Cost-effectiveness is another important factor impacting market development. Although LED lighting fixtures may cost more than conventional lighting sources, they last longer and need less maintenance, which results in long-term cost savings.
The rapid population growth is likely to expand real estate markets across the world. This expansion in real estate will increase the demand for lighting systems, and today's homeowners and builders favor LED lighting over incandescent lighting.
The real estate industry is expected to rise and play an important role in the United Nations’ (UN) sustainable development goals (SDGs). Because of the projected growth in the real estate sector, the market for LED displays, lighting and fixtures is projected to expand during the assessment period.
According to the United Nations, the population of the world will increase to around 8.7 billion by 2033. This rapid growth in the population will propel LED displays, lighting and fixture demand during the assessment period.
Automakers are also implementing LED lighting and displays in their cars. This is because they are much brighter than their halogen counterparts and can also improve visibility in the dark drastically.
LED Lamps are much more durable than traditional headlamps and can last longer than traditional halogen lamps. Therefore, rising production and sales of vehicles will fuel expansion of LED displays, lighting and fixtures industry.
North America LED displays, lighting, and fixtures market size reached USD 35 billion in 2022. Between 2022 and 2032, LED displays, lighting, and fixture sales in North America will rise at a robust pace. By 2032, North America market will reach a valuation of USD 83 billion.
North America is a significant consumer of energy in the world with primary energy consumption of 113 exajoules in 2021. With the rise in energy consumption and energy costs in the region, people are implementing LED lighting. This is spurring growth in the market.
Similarly, rising usage in automobiles is creating opportunities for LED displays, lighting and fixture manufacturers. There were around 34 million cars sold in North America in 2021.
As LED is widely utilized in the automobile industry for the lighting needs of the car, rising demand for cars in the region will trigger LED lighting sales.
| Country | United States |
|---|---|
| Projected CAGR (2022 to 2032) | 7.7% |
| Historical CAGR (2017 to 2021) | 10.5% |
| Market Value (2032) | USD 65.4 billion |
| Country | United Kingdom |
|---|---|
| Projected CAGR (2022 to 2032) | 8.0% |
| Historical CAGR (2017 to 2021) | 10.8% |
| Market Value (2032) | USD 11.1 billion |
| Country | China |
|---|---|
| Projected CAGR (2022 to 2032) | 9.9% |
| Historical CAGR (2017 to 2021) | 13.6% |
| Market Value (2032) | USD 18.6 billion |
| Country | Japan |
|---|---|
| Projected CAGR (2022 to 2032) | 8.3% |
| Historical CAGR (2017 to 2021) | 11.2% |
| Market Value (2032) | USD 15.7 billion |
| Country | South Korea |
|---|---|
| Projected CAGR (2022 to 2032) | 9.3% |
| Historical CAGR (2017 to 2021) | 12.8% |
| Market Value (2032) | USD 8.8 billion |
High Usage in Automotive Sector Fueling LED Displays and Lighting Demand in the USA
The United States LED displays, lighting and fixtures market will cross USD 65.4 billion mark in 2032. From 2017 to 2021, LED displays, lighting, and fixture sales in the USA grew at 10.5% CAGR.
As per the report, the USA market will exhibit a growth rate of 7.7% CAGR between 2022 and 2032. Rising demand for LED displays, lighting, and fixtures from thriving automotive industry will boost the USA market.
In 2020, the United States produced around 8.8 million cars which increased to about 9.1 million in 2021. LED lighting is widely utilized in automobile lighting because of its durability and longer lifespan than its halogen counterparts.
LED lights also provide brighter illumination that can provide better visibility during the night. Therefore, the rising demand for automobiles will elevate the demand for LED lights in the country.
Similarly, rising usage of LED signage for marketing and advertising purposes will boost sales in the United States.
Increasing Government Initiatives to Encourage Adoption of LED Lighting Will Boost Sales in the United Kingdom
The United Kingdom market is projected to exhibit a CAGR of 8.0% from 2022 to 2032. It will generate an absolute $ opportunity of USD 5.9 billion over the next ten years. By 2032, the United Kingdom market will reach around USD 11.1 billion.
Changing preference towards energy-efficient lighting solutions is a key factor driving the United Kingdom market. Besides this, rising government support will boost LED display, lighting, and fixture sales.
About 6.5 million lighting columns are currently installed in the United Kingdom. As LEDs are more durable than halogens and consume less energy than halogen bulbs, the government has started phasing out halogen bulbs from the country to meet its sustainable development goals.
With the implementation of LED lights all across the country, demand for LED lights is projected to expand. This in turn will boost the United Kingdom LED displays, lighting and fixtures market through 2032.
Surface Mounted Device Will Remain the Top Selling Category
Based on product, demand remains high for surface mounted device LEDs globally. The target segment grew at a CAGR of 11.5% from 2017 to 2021. Over the next decade, it will exhibit a CAGR of 8.8%.
Surface-mounted devices are generally used for the creation of the individual pixels that make up the display. These pixels can be arranged in different configurations to create various types of displays such as outdoor billboards, and indoor signs.
Surface mounted devices can allow for high-resolution displays with excellent color accuracy and brightness. Rising usage of outdoor billboards is likely to increase demand for surface mounted devices. Therefore, the market for this segment is set to expand during the assessment period.
LED Street Lighting Fixture to Create Lucrative Revenues for the Market
As per Future Market Insights, LED street lighting fixtures will remain the most lucrative applications. This is due to rising adoption of LED street lighting fixtures globally. From 2017 to 2021, LED street lighting fixture segment registered a CAGR of 11.0%. Between 2022 and 2032, it is likely to rise at 8.7% CAGR.
LED street lighting has gained popularity in recent years due to its numerous benefits over traditional street lighting systems such as sodium lamps and metal halide lamps.
LED street lighting is more energy efficient and can save around 50% to 70% of energy. LED lamps also have a longer lifespan of around 50,000 hours, resulting in reduced maintenance costs. They also produce better lighting than their traditional counterparts.
Amid rising trend of energy conservation, energy-efficient lighting such as LEDs is being implemented to cut down energy costs. With the rapid phasing out of halogen bulbs across various countries, demand for LED street lighting systems will expand at a robust pace.
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 are leading manufacturers of LED displays, lighting, and fixtures.
New product launches remain the go-to strategy of these key players. Besides this, they are also adopting other strategies such as partnerships, mergers, collaborations, and acquisitions.
Recent Developments:
In March 2022, Philips Lumileds Lighting Co. launched Philips Ultinon Pro6001. This new product will provide better automotive lighting solutions for clear visibility. The Ultinon pro 6001 was certified by the French authorities allowing French drivers to legally upgrade from traditional halogen lamps.
In February 2022, Fluence launched its new intercanopy lighting solution VYNE. Vyne can be extremely beneficial in indoor farming such as greenhouses. This new solution is equipped with multiple spectral options that can enable farmers to balance light efficiency and crop quality.
In June 2019, Samsung launched its new line of QLED 8K Signage displays globally. The newly launched display has a significant improvement in resolution than the previous models. It also has an AI upscaling technology through which content can be produced in lower resolution but still will be displayed in 8K resolution. This launch expands the product portfolio of the company significantly
| Attribute | Details |
|---|---|
| Current Market Size (2022) | USD 92.0 billion |
| Projected Market Size (2032) | USD 215.0 billion |
| Anticipated Growth Rate (2022 to 2032) | 8.9% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Segments Covered | Product, Application, and Region |
| Key Companies Profiled | 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; Epistar Corp. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The Asia Pacific region generated 40% of the global demand for LED Displays, Lighting and Fixtures in 2022.
The Asia Pacific market is projected to grow at a CAGR of 8.9% through 2033.
Aluminum is the preferred material for making LED Displays, Lighting and Fixtures, accounting for 25% of total production.
Indoor LED Displays segment holds 55% of the global market share.
From 2018 to 2022, the global market exhibited a CAGR of 12%.
LED Displays, Lighting and Fixtures Market
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