Dublin, June 20, 2024 (GLOBE NEWSWIRE) -- The "North America LED Lighting Market Report by Product Type (LED Lamps and Modules, LED Fixtures), Application (Retrofit, Retail and Hospitality, Outdoor, Offices, Architectural, Residential, and Others), and Country 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The North America LED lighting market size reached US$ 20.5 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 43.2 Billion by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2023-2032. 
Light-emitting diodes (LED) are semiconductor devices that produce non-coherent and narrow spectrum light when forward voltage is applied. As compared to conventional lights, LED lights are environment-friendly in nature and they save around 90% of the overall energy consumption. Some of the other advantages associated with LED lights include reliability, compact size, fast switching, longer lifespan, improved physical robustness, low heat output and minimum radiation emission. LED lights require a constant-current DC power source rather than a standard AC line voltage. Owing to this, LED lights find wide applications in industries such as automobiles, real estate, infrastructures, and consumer electronics.
The North America LED lighting market is currently being driven by several factors. The booming lighting industry can be accredited to the rising demand for energy-efficient products and up-gradation of existing products with LEDs. Moreover, the technological innovations, increasing awareness among consumers about the benefits associated with LEDs and the rising environmental concerns have stimulated the market growth in the region.
In addition to this, several applications of LEDs in automotive, general lighting, mobile devices, signal and signage, healthcare, forensic, street lighting, academics and research purposes have also spurred their demand. Furthermore, the increasing marketing initiatives by manufacturers, through various advertising mediums such as newspaper, television, etc., have catalyzed the growth of LED market in the region.
This latest report provides a deep insight into the North America LED lighting market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the North America LED lighting market in any manner.
Key Questions Answered in This Report
- What was the size of the North America LED lighting market in 2023?
- What is the expected growth rate of the North America LED lighting market during 2024-2032?
- What are the key factors driving the North America LED lighting market?
- What has been the impact of COVID-19 on the North America LED lighting market?
- What is the breakup of the North America LED lighting market based on the product type?
- What is the breakup of the North America LED lighting market based on the application?
- What are the key regions in the North America LED lighting market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 123 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $20.5 Billion |
| Forecasted Market Value (USD) by 2032 | $43.2 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | North America |
Key Market Segmentation:
Market by Product Type
- LED Lamps and Modules
- LED Fixtures
Market by Application
- Retrofit
- Retail and Hospitality
- Outdoor
- Offices
- Architectural
- Residential
- Others
For more information about this report visit https://www.researchandmarkets.com/r/op0hmb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
