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US LED Market - Growth, Trends, Forecast (2020 - 2025)


News provided by

Reportlinker

Sep 24, 2020, 10:30 ET

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NEW YORK, Sept. 24, 2020 /PRNewswire/ -- The US LED Market is expected to register a CAGR of 12.6% over the forecast period 2020 to 2025. The growing demand for energy-efficient lighting systems, declining prices of LED products, and stringent government regulations are some of the major factors driving the adoption of LED lighting in the United States. In the country, LEDs have been undergoing rapid technological and economic development as a new source of lighting, which has been motivating the sector's further investment in the sector.



Read the full report: https://www.reportlinker.com/p05974096/?utm_source=PRN



- The United States is one of the significant adopters, innovators, and investors in the global LED market. In the domestic space, LED lighting is currently available in a wide variety of home and industrial products, and the list has been growing significantly. Resources, such as ENERGY STAR and the DesignLights Consortium, have been further enhancing the quality of the products. Many manufacturers have also been adopting advanced manufacturing techniques to enhance quality and efficiency. On-demand manufacturing is one of the emerging trends in the US market.
- In 2019, the US Department of Energy (DOE) also published data regarding the trend of LED lamps and luminaires in the US general-lighting market, it claimed that due to the increased technology innovation, energy savings from LED lighting may top to 569 terawatt-hours annually by 2035, which is equal to the annual output of more than 92 1,000-megawatt power plants, if DOE Lighting R&D program goals are achieved.
- For attracting industrial customers, customizing light output according to the environment has been becoming a common trend among the manufacturers. Therefore, tunable LED lighting solutions have been witnessing a rise in adoption in the recent past. In the US market, mergers, acquisitions, and collaborations are some of the prevailing trends adopted among the market vendors for product innovation and inorganic growth.
- With the rising smart home trend in the region, there has been a growing demand for intelligent LED lighting systems connected with other electronic devices and can be controlled remotely. The regional market vendors have also been focusing on making connected lighting more accessible, which has also been bringing innovation at the global level.
- In September 2019, Signify launched filament LED bulbs in three different sizes. In IFA, the company also extended its line-up with Hue luminaires, designed to capture a more entertainment-oriented home user base. Also, on the 2019 product front, the company added Bluetooth control to its battery-powered Hue Go hemispherical shaped luminaire.
- Automotive is one of the emerging markets for LEDs, where trends, like electric vehicles and autonomous vehicles, may boost the deployment of LED components in the vehicles. According to the CRRC, vehicles, including trains, can communicate via. front and back LED lights for extra safety. In 2020, the US-based Cree, in collaboration with StarPower Semiconductor, announced that China's Yutong Group has been using Cree's products.
- According to ANSES, the blue light in LED lighting that is increasingly used in homes can damage the eye's retina, while disturbing biological and sleep rhythms. This could be a significant restraint in the studied market over the forecast period.

Key Market Trends
Commercial Sector to Play an Important Role

- The commercial segment mainly consists of LED applications in the residential and commercial segments. In these areas, LEDs have been commonly used in residential kitchens, hallways, and bathrooms, and in several office and commercial settings. DOE estimated that there have been at least 500 million recessed downlights installed in the US homes, and more than 20 million are sold each year.
- LED technology can decrease downlight wattage by 75% or more. The growing trend of smart building and green buildings and Smart Home is expected to fuel the adoption in the studied segment. Recessed Troffer LED Light and LED-wall Pack Light are some examples.
- In the United States, most of the projected energy savings in 2035 may be driven by the increased use of LED lighting in commercial and residential buildings and outdoor lighting applications - applications characterized by high light output and long operating hours.
- In May 2020, US-based, Fluence launched four additional spectra on its LED VYPR top light series, featuring market-leading efficacies up to 3.8 µmol/J. Built for greenhouses and highbay indoor cultivators producing year-round, the VYPR series enable the growers to maintain predictable production, increase crop yields, and improve plant quality compared to conventional production systems.
- The new launch also features a patented thermal management technology, more compact, and efficient power supplies, three new mounting options for flexible installation and new reflectors. The company is a wholly-owned subsidiary of OSRAM and creates the powerful and energy-efficient LED lighting solutions for commercial crop production and research applications.

Industrial Lighting to Hold Major Share

- The industrial organizations have been strongly switching to LED, as LED technology can generate savings of 50–80 % of energy costs (which accounts for around 75% of the total cost, while the other 25% is related to O&M).
- Task Lights, Track Lighting, LED Warehouse Lighting and LED Outdoor Flood Lights, are some of the commonly adopted industrial LED lights in the country. Apart from the manufacturing sector, the high number of investments in the oil and gas and pharmaceutical industries are expected to drive the demand for LEDs in the country.
- Resources, such as ENERGY STAR and the DesignLights Consortium, have been further enhancing the quality of the products. Many manufacturers have also been adopting advanced manufacturing techniques to enhance quality and efficiency. On-demand manufacturing is one of the emerging trends in the US market.
- For attracting industrial customers, customizing light output according to the environment has been becoming a common trend among the manufacturers. Therefore, tunable LED lighting solutions have been witnessing a rise in adoption in the recent past. In the US market, mergers, acquisitions, and collaborations are some of the prevailing trends adopted among the market vendors for product innovation and inorganic growth.
- In the United States, most of the projected energy savings in 2035 may be driven by the increased use of LED lighting in industrial buildings and outdoor lighting applications - applications characterized by high light output and long operating hours
- The growing adoption of smart and connected technologies in the industrial sector is also developing space for LED lighting, over the forecast period. Vendors are Cree and Osram have been targeting this segment.

Competitive Landscape
The US LED market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.

- May 2019 - Osram Fluence LED horticultural lighting was launched in Europe, the Middle East, and Africa (EMEA), supported by its experienced team of technical advisers to help growers produce the best crops possible to meet the market demands in the region.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Read the full report: https://www.reportlinker.com/p05974096/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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