According to the latest report by IMARC Group, titled “North America LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the North America LED lighting market size reached a value of US$ 13 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 9% during 2021-2026.
A light-emitting diode (LED) refers to a semiconductor device that produces non-coherent, narrow-spectrum light when an electric current pass through it. It is compact, economical, reliable, efficient and has long operating life as compared to conventional lighting sources. It also offers various advantages, such as fast switching, improved physical robustness, low heat output and minimum radiation emissions. As a result, it is extensively utilized in streetlights, parking garages, refrigerated cases, and modular and task lighting across the North American region.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
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Strict governmental regulations regarding energy consumption represent one of the key factors bolstering the LED lighting market growth in the North American region. Apart from this, the upgradation of the existing infrastructure with ultra-modern lighting solutions is further propelling the market growth. Furthermore, initiatives, such as LightSavers Canada, a program funded by the Canadian Urban Institute to increase the adoption of LED lighting and smart adaptive controls, is expected to drive the market in the region in the upcoming years.
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Key Market Segmentation:
Breakup by Product Type:
- LED Lamps and Modules
- LED Fixtures
Breakup by Application:
- Retail and Hospitality
Breakup by Region:
- United States
Competitive Landscape :
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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