LED Strip Market is Segmented by Type (5050, 3528), by Application (Commercial Application, Home Application).

BANGALORE, India, Jan. 15, 2025 /PRNewswire/ — The Global LED Strip Market is projected to grow from USD 1280.2 Million in 2024 to USD 2976.7 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.

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Major Factors Driving the Growth of LED Strip Market:

The LED Strip Market is poised for substantial growth, driven by the increasing demand for flexible, energy-efficient, and aesthetically versatile lighting solutions across various sectors. LED strips offer unparalleled customization and ease of installation, making them ideal for a wide range of applications, including residential lighting, commercial spaces, retail displays, automotive lighting, and entertainment venues.

Furthermore, the growing focus on sustainability and energy conservation propels the adoption of LED strip lighting as a green alternative to traditional lighting options.

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TRENDS INFLUENCING THE GROWTH OF LED STRIP MARKET:

Each 5050 LED unit houses three individual LEDs, allowing for vibrant and uniform lighting that is ideal for both residential and commercial applications. The high luminosity of 5050 LED strips makes them perfect for accent lighting, decorative installations, and task lighting, where enhanced visibility and aesthetic appeal are essential. Additionally, these LED strips offer a wide range of color options and dimmable features, catering to diverse consumer preferences and design requirements. The robustness and durability of 5050 LEDs also ensure long-lasting performance, reducing maintenance costs and increasing consumer trust. As demand for high-quality, customizable lighting solutions rises, 5050 LED strips continue to play a crucial role in expanding the LED Strip Market.

Each 3528 LED unit contains a single LED, making these strips thinner and more flexible compared to their 5050 counterparts. This flexibility allows for easier installation in tight spaces and intricate designs, making 3528 LED strips ideal for under-cabinet lighting, cove lighting, and backlighting applications. The lower power consumption of 3528 LEDs also appeals to environmentally conscious consumers seeking sustainable lighting options. Furthermore, the affordability of 3528 LED strips makes them accessible to a broader market, including DIY enthusiasts and small businesses. Their reliability and consistent performance further enhance their popularity, driving widespread adoption and fostering growth in the LED Strip Market.

The commercial application segment is a major driver of the LED Strip Market, fueled by the increasing demand for efficient and aesthetically pleasing lighting solutions in businesses and public spaces. LED strips are extensively used in retail stores for product display and ambient lighting, enhancing the visual appeal and customer experience. In hospitality, restaurants, hotels, and cafes leverage LED strips to create inviting and dynamic environments that attract and retain customers. Office spaces utilize LED strips for task lighting and to improve workspace ergonomics, contributing to employee productivity and well-being. Additionally, LED strips are employed in signage, exhibitions, and public infrastructure projects, where their versatility and energy efficiency offer significant advantages. The growing emphasis on sustainable and smart lighting solutions in the commercial sector drives the adoption of LED strips, thereby propelling the growth of the LED Strip Market.

LED strips offer versatile options for illuminating kitchens, living rooms, bedrooms, and bathrooms, allowing for customizable lighting schemes that match individual preferences and interior design styles. The ease of installation and the ability to integrate LED strips with smart home systems enable homeowners to control lighting remotely, set schedules, and create ambiance with voice commands or mobile apps. The aesthetic appeal of LED strips, combined with their long lifespan and low energy consumption, makes them an attractive choice for residential applications.

Energy efficiency and cost savings are critical factors driving the LED Strip Market, as both consumers and businesses prioritize sustainable and economical lighting solutions. LED strips consume significantly less power compared to traditional lighting options such as incandescent and fluorescent bulbs, resulting in lower electricity bills and reduced operational costs. The long lifespan of LED strips minimizes the need for frequent replacements, further enhancing cost savings and reducing maintenance expenses. Additionally, the low heat emission of LED strips contributes to overall energy efficiency by reducing the cooling load in indoor environments. Governments and organizations promoting energy conservation and sustainability initiatives also encourage the adoption of LED lighting solutions, including LED strips. The combination of energy efficiency and cost-effectiveness makes LED strips a preferred choice, driving their widespread adoption and market growth.

Smart lighting integration is a pivotal factor driving the growth of the LED Strip Market, as it enhances the functionality and convenience of lighting systems. LED strips can be seamlessly integrated with smart home technologies, allowing users to control lighting through smartphones, voice assistants, and automation platforms. Features such as color changing, dimming, and programmable lighting schedules enable users to customize their lighting experience to suit different moods and activities. The ability to synchronize LED strips with other smart devices, such as thermostats and security systems, creates a cohesive and intelligent home environment. Additionally, advancements in IoT connectivity and smart lighting protocols facilitate the integration of LED strips into existing smart home ecosystems, making them more accessible and user-friendly.

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LED STRIP MARKET SHARE:

North America leads the market, driven by high consumer spending, advanced technological infrastructure, and a strong emphasis on energy-efficient and smart lighting solutions.

The Asia-Pacific region is experiencing rapid expansion, driven by the booming construction industry, rising disposable incomes, and the increasing popularity of smart home systems in countries like China, Japan, and South Korea.

Key Companies:

Forge EuropaLEDVANCELedridge LightingDigital Advanced LightingLEDMYLighting Ever

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DELRAY BEACH, Fla., Jan. 15, 2025 /PRNewswire/ — According to a research report “Global Cloud Industry Outlook 2025: A Preview of the Future of Cloud Innovation” published by MarketsandMarkets, the global cloud industry will grow from USD 1,091.4 billion in 2024 to USD 1,256.8 billion by 2025 at a YoY increase of 15.1%. 

Browse in-depth TOC on “Global Cloud Industry Outlook”

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Cloud Service Providers’ (CSPs’) focus on multi-cloud and hybrid strategies primarily drives the cloud industry in 2025. Looking ahead, the cloud landscape is set for a transformative shift, characterized by the widespread adoption of generative AI, increased competition, and heightened demand for industry-specific solutions.

Cloud developments in 2024 and upcoming predictions in 2025

The cloud market is set for continued growth, driven by increasing adoption in emerging economies and expanding cloud implementations by BFSI firms through both organic and inorganic initiatives. More organizations are turning to multi-cloud and hybrid strategies to boost flexibility and resilience. Meanwhile, the integration of Generative AI with cloud platforms is driving new innovations in services and applications, as competition among Cloud Service Providers (CSPs) heats up, resulting in more specialized and competitive offerings. As cybersecurity risks in the cloud grow, security and compliance will become top priorities. The demand for industry-specific cloud solutions will rise, with retail expected to see the highest growth in the coming years. This growth is reflected in the IT services spending, projected to rise from $1.59 trillion in 2024 to $1.74 trillion in 2025, highlighting the increasing demand for cloud-based solutions across industries. Cloud-native technologies like containers will play a critical role, and managing complex hybrid infrastructures remains a key challenge for CSPs striving for seamless operations.

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Top Key Companies in Global Cloud Industry Outlook:

AWS, Microsoft, Google, Salesforce, and IBM are the major players in cloud industry, with a 35.1% combined market share in 2023. Other prominent market players are Oracle, SAP, Alibaba Cloud, Adobe and Tencent Cloud. In 2024, key CSPs strive to maintain their cloud leadership positions with new product launches and product enhancements, Gen AI advancements, and strategic deals, partnerships and collaborations. In 2025, cloud providers will continue investments in advanced security and sovereign cloud, hike cloud service prices, launch cloud regions in unexplored countries, and focus on industry-specific cloud offerings.

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North America leads the Cloud Industry, and Asia Pacific experiences the highest YoY growth.

North America dominates the cloud market, as most major CSPs are headquartered in the United States; they are driving the continued adoption of cloud AI, analytics, and digitalization across sectors ranging from healthcare and finance to retail. Europe remains stable in its growth due to market demand for compliance, security, and regulatory solutions that the cloud provides, as well as governmental digital initiatives. Asia Pacific sees the highest year-over-year growth, driven by rapid digitalization, cloud migration in emerging markets, and robust government support. The Middle East and Africa are experiencing significant growth, particularly in the energy and government sectors. Latin America is expanding due to rising demand for cloud services in e-commerce, education, and digital services.

Browse Adjacent Markets: Cloud Computing Market Research Reports & Consulting

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Cloud AI Market– Global Forecast to 2029

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Retail Cloud Market – Global Forecast to 2028

Confidential Computing Market– Global Forecast to 2028

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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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Winning startups across the pet industry – from veterinary care to treats and e-commerce – will compete for an additional $25,000 Grand Prize in March

ST. LOUIS, Jan. 15, 2025 /PRNewswire/ — Today, five pet care startups from across the country have been named finalists in the ninth annual Pet Care Innovation Prize powered by Purina. Each finalist – which represent startups across the entire pet care spectrum – will receive $25,000 and mentorship support from Purina, a global leader in pet care, as the startups work to scale their businesses in the growing $324.19 billion* global pet care industry.

The 2025 Pet Care Innovation Prize Winners were selected from nearly 150 applicants from around the world. This year’s winners are: 

VEA: Based in Alexandria, Va., VEA is an AI-driven platform designed to predict disease, generate diagnostic plans and support nutrition for longevity. VEA also aims to solve workflow and documentation challenges for clinical staff, reducing the number of clicks it takes to complete exams and enabling veterinary teams to focus more on patient care.Maven: New York-based Maven is the first vet-recommended health sensor capable of continuously monitoring pets’ well-being and identifying early, clinically relevant changes. With these insights, pet owners and clinic teams can diagnose issues sooner and treat more effectively, helping pets live healthier, happier lives.Ten Lives: San Francisco-based Ten Lives produces the cleanest animal proteins for cats. Using microbes to convert sugar to protein, Ten Lives develops the same proteins naturally found in prey such as rabbit, fish and lamb, made without animals in human-grade precision fermentation facilities.ShopDot Pet: Based in Missoula, Mont., ShopDot Pet is a platform that allows neighborhood pet care providers such as groomers, trainers and vets to generate additional revenue by easily selling pet essentials without the heavy costs of inventory or shipping. ShopDot Pet enables pet service businesses and great pet brands to collaborate and sell more together.Yak9 Chews: Based in Austin, Tex., Yak9 Chews is an award-winning premium pet brand dedicated to crafting all-natural, long-lasting cheese chews for dogs, made from simple, real and ethically sourced ingredients.

In addition to the $25,000 in non-dilutive prize money, each of the five startup winners also receives mentorship from the Pet Care Innovation team at Purina and Active Capital, as well as the opportunity to participate in an accelerator boot camp at Purina’s headquarters in St. Louis, MO, which features sessions with Purina’s top pet experts and influential voices across the pet care industry.

“At Purina, our commitment to enriching the lives of pets and their people is strengthened through collaboration with innovative startups, such as the incredible cohort of this year’s Pet Care Innovation Prize finalists,” said Patrick Mullen, co-lead of Purina’s 9 Square Ventures group and vice president of strategic planning at Purina. “These passionate pet care entrepreneurs are tackling challenges in a variety of areas that all have the opportunity to help pets and those who are passionate about them thrive. We are excited to partner with these companies to foster their growth and success in the continuously growing and competitive pet care landscape.”

The five finalists will compete for an additional $25,000 grand prize this March at a pitch competition at Global Pet Expo, an annual trade show presented by the American Pet Products Association and the Pet Industry Distributors Association, where each startup will present to Purina executives, industry influencers and investors.

Purina, through its 9 Square Ventures corporate venturing group, partnered with investing leaders at Active Capital to create the Pet Care Innovation Prize in 2016. The effort provides financial support and mentorship opportunities for early-stage companies that are defining the future of pet care through novel products or services that provide meaningful solutions in the areas of pet health and wellness, services, technology, food, treats and litter.

9 Square Ventures leverages Purina’s knowledge, experience, and financial resources to help emerging pet care startups scale their businesses and make a positive impact on the lives of as many pets and their owners as possible. The group has been steadily investing millions of dollars in a diverse set of early-stage pet care startups since it was founded in 2014. 

For more information about the Pet Care Innovation Prize powered by Purina, visit https://petcareinnovation.net.

*From Precedence Research 

About Purina
Nestlé Purina PetCare creates richer lives for pets and the people who love them. Founded in 1894, Purina has helped dogs and cats live longer, healthier lives by offering scientifically based nutritional innovations. 

Purina manufactures some of the world’s most trusted and popular pet care products, including Purina ONE, Pro Plan, Friskies and Tidy Cats. Our more than 11,000 U.S. associates take pride in our trusted pet food, treat and litter brands that feed 46 million dogs and 68 million cats every year. Nearly 500 Purina scientists, veterinarians, and pet care experts ensure our commitment to unsurpassed quality and nutrition.

Over the past five years, Purina has contributed more than $150 million towards organizations that bring, and keep, people and pets together, as well as those that help our communities and environment thrive. Purina is part of Nestlé, a global leader in Nutrition, Health and Wellness. For more information, visit purina.com or subscribe here to get the latest Purina news.

About Active Capital:
Active Capital is a St. Louis-based impact investing leader, helping startups and investors come together to grow innovative products and initiatives. Active Capital manages the Pet Care Innovation Prize.

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SOURCE Nestle Purina PetCare