The LED lighting market has seen substantial growth in the United States of America. Demand for LED lights has been steadily increasing as a result of their increased brightness for the same amount of electricity used in comparison to incandescent bulbs and tube lights. More businesses in the United States have been encouraged to adopt these by government policies. Industries often control the LED lighting market as a result of government rules about adequate lighting at workplaces. There aren't many indications of a monopoly in this industry because most significant businesses have opted to increase their customer bases in foreign nations, such as the Asia Pacific region, which leads the worldwide market, rather than stepping up their sales in the United States. The LED market in the US is highly competitive, due to the presence of numerous small and large firms, the market is extremely concentrated. All of the main players have a sizable market share and put a lot of effort into growing their global customer base. Emerson Electric Co., Signify Holding (Philips Lighting), OSRAM Sylvania Inc. (OSRAM Licht Group), Nichia Corporation, Acuity Brands Inc., and many others are some of the major competitors in the market. According to the research report "U.S LED Lighting Market Overview, 2028," published by Bonafide Research, the market is expected to add USD 6.35 Billion by 2028. Due to a general drop in LED light prices, their sales have significantly increased over the historic period of 2018–2022. In comparison to incandescent lamps, LEDs use less electricity and produce brighter light, making them an attractive option in a variety of industries. Offices are switching to LED lights as a result of government rules requiring workplaces to be suitably lit. The growth of adjacent industries like the automotive or construction sectors is also anticipated to boost the market for LED lighting. Because they use less energy, LED lights might be considered a greener alternative in light of rising environmental concerns. LED lights are used as illumination sources in a variety of applications. Unlike incandescent filament bulbs or plasma tube lights, which operate on the principles of filament heating and plasma gas excitation, respectively, this uses electricity to control diodes, which are typically built of semiconductors. In contrast to incandescent bulbs, which can instantly burn out, LED lights gradually lose their luminous intensity, giving ample warning that they need to be replaced. They are thought to be more efficient than other lighting sources in terms of energy use, luminous intensity, and size. Customers want more energy-efficient lighting since about 95% of the energy in LED is turned into light and only 5% is lost as heat. The United States Lighting Energy Policy is shifting toward greater efficiency to reduce greenhouse gas emissions and energy consumption. Improvements in lighting efficiency can be seen in the United States as a result of several standards and laws. The Energy Independence and Security Act of 2007 outlined improvements to US lighting legislation. This mandated the use of more efficient fluorescent lighting and established performance criteria for incandescent light bulbs. The EISA 2007 initiative aims to boost lighting efficiency by 25–30%. The Better Use of Light Bulbs Act and the Light Bulb Freedom of Choice Act both express opposition to EISA 2007. Residential holds a sizeable market share and is anticipated to keep it during the projection period. In the residential sector in the United States, LED adoption has been on the rise. Although end consumers in the residential and commercial sectors are the main users of the technology, industrial users are increasingly accelerating the adoption of LEDs due to their high efficiency and directed nature. LED technology still has a lot of room for development. As a result, it draws a lot of new players to the market under investigation. Given that energy savings are no longer the main impetus for product development, the light quality is one of the most important competitive considerations among local producers. In addition, the Michigan Department of Transportation (MDT) joined forces with Freeway Lighting Partner LLC and signed a 15-year agreement to finance, build, and design improvements to existing tunnel lighting systems and motorways for maintaining the current and enhanced lighting systems for the remaining operating and maintenance periods. After the contract term, Freeway Lighting Partner LLC will return the lighting systems under its control to MDOT. Furthermore, over the past ten years, creative municipal projects have become more popular. The US government's many digital transformation projects have been adopted by more local governments around the nation as they recognize the advantages of leveraging cutting-edge technology to manage a variety of resources and assets, which eventually improve city operations. Covid-19 The spread of COVID-19 contributed to the decline of the U.S. LED lighting market on the back of disturbances in the supply chain and discontinuation of the production. Moreover, consequent disruptions in the operations in the lockdown period in the country dipped the sales revenue for many of the top LED lighting brands in the near term and significantly contribute towards the slow growth of the U.S LED lighting market in the coming years. Considered in this report • Geography: U.S • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • U.S LED lighting market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product • Lamps • Luminaries By Lamps type • A-type • T-type • Others (Can LED light bulbs, Flood LED light bulbs, Track LED light bulbs, Tube LED light bulbs, Etc.) By Luminaries • Downlighting • Decorative • Directional • Others By Distribution Channel • Retail/Wholesale • Direct sale • E-commerce By Installation type • New • Retrofit The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the LED lighting industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample