The Residential LED Indoor Lighting Market is expected to grow from USD 5.23 Billion in 2020 to USD 13.40 Billion by 2028, at a CAGR of 12.52%. The high use of light emitting diodes as an alternative to florescent, HID and incandescent lighting has paved the way for large - scale lighting of indoor light emitting diodes.
The main factors driving the smart indoor lighting market are energy saving concerns and the factors responsible for the growth of the smart indoor lighting market are its advantages, such as low maintenance costs, longer stamina and low power consumption. Another is the falling prices of LED components.
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Top Profiled Companies in the Global Residential LED Indoor Lighting Market Report:
Digital Lumens, Inc. (United States), Acuity Brands Lighting, Inc. (United States), Philips Lighting (Netherlands), General Electric Company (United States), OSRAM Licht AG (Germany), Honeywell International (United States), Cooper Industries, Inc. (Ireland), Legrand (France), Schneider Electric SE (France)
Driving Factors of Residential LED Indoor Lighting Market:
- Energy Efficiency: LED indoor lighting is highly energy-efficient compared to traditional lighting solutions, such as incandescent and fluorescent lighting. LED lights consume significantly less electricity and have a longer lifespan, which translates into cost savings for consumers.
- Cost Savings: The cost of LED lighting has decreased significantly in recent years, making it more affordable for consumers to install LED lighting in their homes and businesses. Additionally, LED lights have a longer lifespan than traditional lighting solutions, reducing the need for frequent replacements and maintenance.
- Technological Advancements: Advances in LED technology have led to improved performance and increased efficiency of LED indoor lighting solutions. These advancements include higher brightness, better color rendering, and improved dimming capabilities.
- Smart Lighting: The rise of smart homes and the internet of things (IoT) has led to the development of smart LED lighting solutions. These solutions allow users to control their lighting remotely through their smartphones or other devices, providing greater convenience and energy savings.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Light Source (Revenue, USD Million; 2018–2028)
- Fluorescent Lamps
- Light Emitting Diodes
- High Intensity Discharge Lamps
Application (Revenue, USD Million; 2018–2028)
- Residential
- Commercial
- Industrial
- Others
Key Takeaways of the Global Residential LED Indoor Lighting Market Report:
- A comprehensive overview of the global LED Indoor Lighting industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Residential LED Indoor Lighting Market.
- Elaborate study of the leading regional markets in the global Residential LED Indoor Lighting Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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