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LED Lighting Market worth $118.4 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Feb. 23, 2024 /PRNewswire/ — The global LED lighting market is projected to grow from USD 78.9 billion in 2024 to USD 118.4 billion by 2029, registering a CAGR of 8.5% during the forecast period according to a new report by MarketsandMarkets™. The LED lighting market is propelled by a combination of key drivers that have contributed to its widespread adoption globally. Energy efficiency stands out as a primary driver, with LED technology offering significant reductions in energy consumption compared to traditional lighting sources.

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Browse in-depth TOC on “LED Lighting Market” 

171 – Tables
67 – Figures
271 – Pages

LED Lighting Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 78.9 billion

Estimated Value by 2029

$ 118.4 billion

Growth Rate

Poised to grow at a CAGR of 8.5%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product, Application, Installation, Sales Channel and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Lack of common open standards for LED lighting

Key Market Opportunities

Rising adoption of LED lighting in horticulture sector

Key Market Drivers

Favourable government initiatives and regulations for energy efficient LED lighting solutions across the world

 

Environmental sustainability is another crucial factor, as LEDs produce less carbon emissions and contain no hazardous materials. Technological advancements and decreasing production costs have made LED lighting more affordable, further stimulating market growth. Government initiatives and regulations promoting energy-efficient solutions, along with an increasing awareness among consumers regarding the long-term cost savings and environmental benefits of LEDs, play a pivotal role in driving market demand. Moreover, the versatility of LED technology, providing options for smart lighting solutions and diverse applications across residential, commercial, and industrial sectors, contributes to the overall expansion and dynamism of the LED lighting market.

Lamps segment to lead the product segment during the forecast period.

LED lamps are expected to have a higher market share in the LED lighting market due to several compelling reasons. The versatility of LED lamps makes them suitable for a wide range of applications, from residential to commercial and industrial settings, contributing to their widespread adoption. LED lamps offer a variety of form factors, including traditional shapes and innovative designs, providing consumers with diverse options to fit different lighting needs. Additionally, the ease of retrofitting existing fixtures with LED lamps enhances their market appeal, allowing for a seamless transition to energy-efficient lighting. The efficiency and longevity of LED technology, characterized by lower energy consumption and extended lifespans compared to traditional lamps, result in substantial cost savings for consumers over time, further driving the preference for LED lamps. Furthermore, the integration of smart lighting features and compatibility with home automation systems positions LED lamps as part of the growing trend toward connected and intelligent lighting solutions, consolidating their dominance in the market.

By Installation, new installation is likely to record the highest growth rate during the forecast period.

New installations exhibit a higher CAGR in the LED lighting market within the installation type segment. The burgeoning demand for energy-efficient lighting solutions, coupled with advancements in LED technology, drives a preference for new installations over retrofitting existing systems. As construction and urbanization projects surge globally, there is an inherent need for modern and sustainable lighting infrastructures, positioning new installations as a pivotal growth driver. Additionally, stringent energy efficiency regulations and environmental awareness prompt a proactive approach in integrating LED lighting during the construction phase, further propelling the CAGR for new installations.

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Asia Pacific is expected to account for the largest market share in the global LED lighting market by 2029.

The Asia-Pacific region is poised to have the largest share in the LED lighting industry due to a convergence of influential factors. Rapid urbanization, particularly in countries like China and India, has led to a surge in demand for efficient lighting solutions, driving the adoption of LED technology. Government initiatives across the region, emphasizing energy efficiency and environmental sustainability, play a pivotal role in promoting LED lighting. Additionally, the sheer size of the population in Asia Pacific countries contributes to the scale of market adoption. As the region experiences economic growth, there is an increased capacity for investment in modern infrastructure, further boosting the demand for LED lighting in new construction projects.

Key Players

Signify Holding (Netherlands), Acuity Brands, Inc. (US), Cree Lighting USA LLC (US), ams OSRAM AG (Germany), LG Electronics (South Korea), Dialight (UK), Panasonic Corporation (Japan), Hubbell (US), Savant Systems, Inc. (US), and Zumtobel Group (Germany) are the major companies in the LED lighting companies.

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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PURE POWER FOR ALL–VAPORESSO’s Global Movement to Drive Clean Energy Solutions and Sustainable Living

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SHENZHEN, China, Dec. 24, 2024 /PRNewswire/ — On December 2nd, VAPORESSO proudly launched its PURE POWER FOR ALL global ECO-Empowerment initiative—a powerful testament to its commitment to advancing clean energy solutions and promoting sustainable lifestyles worldwide. Anchored by the revolutionary ECO NANO SOLAR and the forward-thinking PURE POWER ACTION movement, this initiative seamlessly integrates cutting-edge technological innovation with impactful social action. Together, these efforts mark a pivotal step in the global transition toward clean energy and a more sustainable future.

ECO NANO SOLAR—Revolutionizing Sustainable Vaping in the Industry

At the heart of this initiative lies the industry’s first solar-powered open-system vape—ECO NANO SOLAR. Crafted from 70% eco-conscious materials, this innovative device features a modular structure with interchangeable components, extending product life while promoting resource efficiency and long-term sustainability.

This pioneering ECO innovation combines degradable photovoltaic technology with a recyclable modular design. Its solar panel achieves remarkable light-to-electricity efficiency and is over 80% biodegradable, advancing clean energy adoption while significantly reducing environmental impact. With the ECO NANO SOLAR, VAPORESSO sets a new standard for sustainability in the vaping industry, inspiring a broader shift toward eco-conscious practices and paving the way for a greener future in vaping and beyond.

PURE POWER ACTION: Bridging Online Engagement with Real-World Impact

The PURE POWER ACTION movement, as a key part of the PURE POWER FOR ALL initiative, engages participants worldwide through a series of interactive online activities designed to build momentum for clean energy advocacy. From simple actions like clicking to show support to vibrant community discussions on sustainable living, each activity amplifies the reach of this global movement. Together, these efforts inspire eco-friendly habits, encourage the exchange of ideas, and foster collective commitment through initiatives like the Pure Living Proposal. By empowering individuals to take small, meaningful steps, the movement unites participants in creating a ripple effect of change that transcends geographic boundaries, all while boosting the Pure Power Level—a key measure of progress.

As the Pure Power Level reaches new milestones, the initiative transitions from online engagement to tangible offline impact. Clean energy solutions, including solar-powered innovations, are introduced into vape stores worldwide, offering users hands-on opportunities to experience the convenience and benefits of renewable power sources. These offline activities, supported by the collective efforts of participants, not only bring sustainability to the forefront of the vaping industry but also demonstrate how individual contributions can culminate in meaningful, real-world changes. Through this seamless integration of online and offline efforts, VAPORESSO underscores the importance of unified action in driving the global transition toward a brighter tomorrow.

A Greener Tomorrow Begins Today

With PURE POWER FOR ALL, VAPORESSO demonstrates how ECO innovation and forward-thinking movement can lead to meaningful global impact. The groundbreaking ECO NANO SOLAR stands as a powerful benchmark for ECO innovation, inspiring the adoption of cleaner, more responsible practices in the vaping industry. At the same time, the PURE POWER ACTION initiative fosters a ripple effect of positive change, uniting individuals and communities in a shared mission to embrace sustainable living and advance clean energy solutions. Together, through collective effort and shared commitment, VAPORESSO is not only shaping the future of the vaping industry but also contributing to a healthier, more sustainable world.

For more details about the PURE POWER FOR ALL movement and ECO NANO SOLAR, please visit: https://www.vaporesso.com/activity/pure_power_for_all. Together, we create a brighter, cleaner future for all.

About VAPORESSO

VAPORESSO was founded on the belief that each action is an endeavor to achieve excellence. Our unwavering commitment to surpassing the ordinary has propelled us to become the leading vaping brand globally. We embody a vision where our technology and values merge, crafting a better, cleaner, and more enjoyable life for all.

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SWAG, Asia’s Largest Adult Content Platform, Releases 2024 Annual Report

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Revealing the Top 15 Searched Keywords in Asia

TAIPEI, Dec. 24, 2024 /PRNewswire/ — SWAG, Taiwan’s largest adult livestreaming platform, often known as the “Pornhub of Asia,” has released the 2024 SWAG Recap today. The report dives into the world of trending adult content, the year’s top searched keywords, and even the income of creators, sparing no details. According to the data, the top searched keyword on SWAG in 2024 was “Vietnam.” Meanwhile, two Taiwanese creators—former Army Chief Counselor “Neinei” and former Sea Dragon Frogman 177—landed in the 3rd and 6th positions as the most searched keywords thanks to their enormous social media buzz. The hashtag with the most clicks went to “Big Boobs.”

In this year’s top searched keyword ranking, “Vietnam” and Vietnamese creator Rosa (@rosababyvip) dominated the top two spots with overwhelming search volume, highlighting the loyalty of Vietnamese enjoyers of SWAG. Meanwhile, keywords like “Ex-Army Chief Counselor Neinei” and “Sea Dragon Frogman 177” maintained high visibility throughout the year, landing them in 3rd and 6th places, respectively.

Analyzing average daily login time by users from different countries, SWAG users spent 15 minutes and 56 seconds per session on average globally, 49 seconds longer than last year. Taiwan emerged as the undisputed champion with an average daily login time of 16 minutes and 21 seconds, the only country above the platform average. On the flip side, Japanese users clocked in at just 11 minutes and 25 seconds, becoming the quickest to reach post-nut clarity. Notably, Vietnamese users soared from last year’s last place to the 4th longest with their online duration time, surpassing users from Singapore and the U.S.

Among SWAG’s nearly 200 hashtags, “Big Boobs” reclaimed its crown from last year’s champion, “Schoolgirl,” becoming the most searched hashtag of the year. “Schoolgirl” fell to 4th, edged out by “Gangbang.” Surprisingly, the long-beloved tag “Creampie” dropped to its record-low position, only ranking 9th.

SWAG noted that nearly 5,000 new creators joined this year, with 40% hailing from Vietnam, making it the country with the most new creators, followed by Taiwan. Among the talents, luna (@rouav) and Jolly (@jollyntr) were crowned as the most popular creator and best newcomer respectively! After a brief hiatus, Luna made a strong comeback by captivating fans with her “natural melons,” “S-line waist,” “perky booties,” and “flawless legs.” Her popularity skyrocketed by 891 spots, earning her the title of SWAG’s Most Popular Creator 2024. The best newcomer, Jolly, who only joined SWAG less than a year ago, gained immense popularity for her housewife aesthetic and NTR-themed content. Fans of the married lady buzzed over her livestreams and videos, where her husband reportedly has been watching helplessly behind the camera, further fueling her meteoric rise.

In other creator data, SWAG’s “Fan Following Clock” is ticking faster than ever! On average, a creator gains a new follower every 5.7 seconds on the platform. Additionally, 8.8% of new creators earn USD 30,000 in less than four months, with Betty (@bettyqueen) achieving this milestone in just three weeks, making her the fastest-earning newcomer of 2024.

Does SWAG make creators rich? The numbers prove everything. This year,  Shirley (@shirleybebe) posted a story, which was unlocked by over 3,000 users within 48 hours, earning her approximately $1,500 instantly as the post became the most profitable story of 2024. Best Newcomer Jolly also delivered impressive results. After debuting in May, one of her long videos attracted over 2,000 viewers, earning her $17,000 just from that one single upload.

When it comes to SWAG’s most lucrative money-making features, livestreaming and private messaging definitely top the list. For example, when Grape (@stellajs) hosted her birthday livestream this year, she generated USD 37,000 in just three hours. Meanwhile, Nini Baby (@ninibaby), well-known for her private chats, sent 380,000 text messages to users this year, receiving 85,000 replies and countless chat gifts. Her private messaging income alone earned a staggering USD 490,000 in revenue, a 17% increase from last year, securing her throne as SWAG’s Queen of private chat.

《2024 SWAG Recap》: https://swag.live/blog/en/swag_2024_recap/

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Higer New V Series, Leading Bus New Trend

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SUZHOU, China, Dec. 24, 2024 /CNW/ — In November 2024, Higer New V Series buses officially launched in the Philippines, this batch of electric buses was the first batch of new energy buses introduced by the Philippines and put into commercial operation. And it has aroused extensive attentions and heated discussions from the Philippines local government, media and people.

Higer New V Series products were launched globally in March 2024, and then made a stunning debut at the Higer Global Partners Conference. The New V-series products with a new shape and a new platform are committed to creating new classic models with high quality, high safety and high intelligence.

In 3 years, more than 1000 people participated in the process of R&D, a one-time investment of more than 100 million yuan was made in the R&D and manufacturing of key components, equipment, tooling, molds, inspection tools, verification of components and vehicle, achieving comprehensive innovation, realizing a significant improvement in product quality and reliability, maintenance convenience and customer experience. Measuring from 8 to 13 meters in length, they can be powered by fossil fuels, electricity, hydrogen, etc. and are readily adaptable for the tourist transportation market, urban public transportation market, etc. The luggage compartment volume is 21.6% greater than similar products, the seating space is 50mm larger, and the middle aisle is 30mm wider. The overall component universality rate was greatly improved by the platform, modular, and universal design concept, and the number of component types decreased by 58%.

It is worth mentioning that Higer is committed to creating a technological experience, redefining the domain-centralized electronic and electrical architecture, and Higer launched the industry’s first mass-produced intelligent cabin. It will help the driver concentrate on driving. The new model provides a mobile phone control interface, drivers and tour guides can control lighting, multimedia, air conditioning, etc. through app. In addition, the intelligent cabin can be customized according to the operational needs of the transport company, realizing intelligent dispatching, intelligent charging, intelligent maintenance, AI interaction, and human-computer interaction.

So far, Higer new V series coaches have already received orders from more than 20 countries like Italy, Qatar, UAE, Saudi Arabia, Algeria and etc., showing a fast rising popularity in the international market.

Higer new V series are committed to providing customers with new “classic models” with better quality, higher efficiency, achieving sustainable development and exploring more possibilities.

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