The North America LED Lighting Market would witness market growth of 11.4% CAGR during the forecast period (2021-2027). A strong dollar policy would support the U.S. market to provide momentum to the product demand. The country has strongly supported the use of light-emitting diode lighting. Regarding the use of LED technology, it also formulated new policies and guidelines and put investments in R&D to develop energy-efficient lighting solutions, the higher use in industrial, commercial, and residential applications and active participation of government in public-private partnerships will fuel the growth of the regional market.
In the present market scenario, LED light bulbs are witnessing the early deployment phase of the product life cycle. Though, constant technological enhancements in LED lighting have allowed these product offerings to enter and develop while going to the developmental phase. New developments in light-emitting diode technology have enabled LED lighting products to penetrate efficiently, the commercial lighting market with massive potential for growth. Commercial buildings, such as stores, offices, hospitals, restaurants, and schools, represent around 20% of the total energy consumption of the United States, and 38% of this energy consumption is due to lighting.
Additionally, leading American makers are aggressively developing the LED lighting business, with the increasing LED lighting penetration rate. In the US market, there is a high demand for LED commercial lighting, among which demand for panel lights, Troffer, tunnel light, and high bay lights witnessing a rising graph and they start to move towards intelligence and optical communications and other new application area.
The US market dominated the North America Downlights LED Lighting Market by Country 2020, thereby, achieving a market value of $5,243 million by 2027. The Canada market is experiencing a CAGR of 12.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 11.7% during (2021 - 2027).
Based on Product, the market is segmented into Luminaires and Lamps. Luminaires segment is further categorized into Downlights, Streetlights, Troffers and Others. Lamps segment is further bifurcated across A Lamps, T Lamps and Others. Based on Application, the market is segmented into Indoor and Outdoor. Based on End User, the market is segmented into Commercial, Residential, Industrial and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global LED Lighting Market is Estimated to Reach USD 115.6 Billion by 2027 at a CAGR of 11.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, LSI Industries, Inc., Zumtobel Group AG, Heliospectra AB, Nichia Corporation, Seoul Semiconductor Co., Ltd., Lumileds Holding B.V., Signify N.V., Hubbell, Inc., and Acuity Brands Lighting, Inc.
By Product
By Application
By End User
By Country
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