Global LED Flood Light Market Shines Bright with a Projected Value of $13.2 Billion by 2028

Sep 13, 2023

Global LED Flood Light Market

Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "LED Flood Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global LED flood light market soared to a staggering US$ 7.1 Billion in 2022, and prospects continue to shine brightly as the market is anticipated to reach US$ 13.2 Billion by 2028, boasting a remarkable Compound Annual Growth Rate (CAGR) of 11% during the period from 2023 to 2028.

LED flood lights, renowned for their ability to illuminate vast spaces, including stadiums, yards, stages, private gardens, and home living areas, have revolutionized the lighting industry. These fixtures offer a myriad of advantages over traditional lighting sources, such as fluorescent and CFL systems.

Notably, they are environmentally friendly, emitting no infrared or UV radiation and contributing to reduced carbon footprints through their low electricity consumption. Additionally, LED flood lights are celebrated for their exceptional durability, demanding minimal maintenance. Governments worldwide are endorsing the use of LED flood lights as a pivotal step towards sustainable development, further fueling demand.

In recent years, LED flood lights have experienced a surge in outdoor lighting applications, particularly in commercial and industrial settings such as security perimeters, stadiums, and warehouses. These lights contribute significantly to cost savings for building owners and managers due to their energy efficiency.

Moreover, they are gaining popularity in both residential and commercial sectors for their ability to reduce ambient room temperatures. Furthermore, LED flood lights align with the growing demand for green lighting technology, featuring cool beam bulbs and optimal luminous efficacy, making them an attractive investment prospect.

Key Market Segmentation

The global LED flood light market report provides comprehensive insights into key trends across various application segments and forecasts for the period from 2023 to 2028. The market is categorized based on applications, including:

Retrofit

Retail & Hospitality

Outdoor

Offices

Architectural

Residential

Industrial

LED lighting is predominantly used for retrofitting purposes, replacing inefficient lighting sources with LED lights to enhance optical performance and energy efficiency.

Regional Insights

Geographically, China leads the global LED lighting market, holding a significant share. This dominance is attributed to factors such as increasing urbanization, the implementation of energy-saving targets, and financial incentives promoting the adoption of LED lights across the nation. Other key regional markets include India, Europe, the United States, Japan, Brazil, Russia, and others.

Competitive Landscape

The competitive landscape of the LED lighting industry is analyzed comprehensively, with detailed information on key players operating worldwide.

Key Questions Addressed

This report addresses vital questions pertaining to the global LED flood light market:

Global LED flood light market size in 2022

Expected growth rate during 2023-2028

Key factors driving market growth

Impact of COVID-19 on the market

Market segmentation based on application

Key regions in the global LED flood light market

Key Attributes:

Report Attribute

Details

No. of Pages

135

Forecast Period

2022 - 2028

Estimated Market Value (USD) in 2022

$7.1 Billion

Forecasted Market Value (USD) by 2028

$13.2 Billion

Compound Annual Growth Rate

10.9%

Regions Covered

Global

For more information about this report visit https://www.researchandmarkets.com/r/8r274s

About ResearchAndMarkets.comResearchAndMarkets.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

Global LED Flood Light Market