Technology
LED Lighting Market worth $118.4 billion by 2029 – Exclusive Report by MarketsandMarkets™
Published
3 years agoon
By
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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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.
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SPS Releases New Report on Turning Workplace Data and AI into a Competitive Advantage
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Featuring insights from AWS, the report explores how connecting workplace data, human context and AI can help organizations make better business decisions
NEW YORK, Oct. 27, 2026 /PRNewswire/ — SPS, a leading technology-driven business transformation company, today released Turning Workplace Data into a Competitive Advantage, a new report examining how organizations can connect workplace data, human context and AI to generate meaningful insights and make better business decisions.
Authored by Nicole Mangarella, Head of Global Technology and Innovation at SPS, the report explores why collecting more data is not enough. Drawing in part on perspectives shared at the 2026 SPS Connected Workplace Experience event, hosted by SPS in partnership with AWS in New York City, the report examines how connecting information across workplace systems, combining quantitative signals with human context, and applying artificial intelligence can help leaders uncover patterns, identify risks and act with greater confidence.
Organizations generate workplace information through occupancy platforms, room-booking systems, sensors, service requests, visitor systems, employee feedback and financial systems. When those sources remain disconnected, however, leaders may see only part of the picture. Bringing them together can reveal insights individual systems may miss, helping organizations better understand workplace utilization, operational performance, employee experience and potential risk.
SPS’s approach to creating more connected, intelligent workplace operations has also earned industry recognition. In the 2026 IDC MarketScape for Worldwide Mailroom Solutions and Services, IDC named SPS a Leader, recognizing its ability to connect physical and digital workflows through AI-enabled document intelligence, integrated workplace services and operational automation.
“The competitive advantage isn’t having more workplace data. It’s knowing which questions to ask, connecting the information needed to answer them, and turning those insights into better decisions—faster,” said Mangarella. “Organizations don’t need another dashboard. They need the right information and context to make better decisions.”
Creating a Trusted Foundation for AI
As organizations expand their use of AI, the report highlights the importance of trustworthy, well-governed data. Michal Kolodziej, Senior Account Solution Architect at AWS, emphasizes that AI needs more than large volumes of information; it needs data with sufficient precision and context to produce reliable answers people can trust.
The report also examines AWS’s “working backwards” approach: start with the business problem and desired outcome, determine the information needed to support the decision, and then design the technology, data architecture and processes around it. SPS describes a similar approach to workplace intelligence, beginning with a focused set of high-value data before expanding to additional sources.
The report further highlights how governance, common definitions and clear ownership can help organizations move from fragmented information toward workplace intelligence that leaders can use with confidence.
Explore Turning Workplace Data into a Competitive Advantage to discover practical examples and five questions workplace leaders can use to turn data into better decisions.
About SPS
SPS is a leading technology-driven business transformation company. With our innovative Enterprise Workplace Solutions, we empower organizations to adopt modern work concepts to enhance productivity and flexibility. Our Technology Business Solutions bring together cutting-edge technology, deep vertical process expertise and a diverse global workforce to support clients in their digital transformation journey and efficiently tackle their most complex challenges.
Headquartered in Zurich, Switzerland, SPS operates in more than 20 countries and focuses on clients in banking, insurance and healthcare. SPS has more than 8,000 employees and is recognized with a world-class Net Promoter Score by its global client base.
We act with precision, connect people to the right information, and turn data into insights for better outcomes.
Discover how our dedicated team at SPS makes an impact that matters by visiting SPS Global.
SPS. The Power of Possibility.
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ABB turns aging drives into a second life at ACC’s Jamul plant, without stopping production
Published
5 minutes agoon
October 27, 2026By
To date, on-site drive reconditioning has preserved capital and material value, avoided ~16 metric tons of CO₂ emissions, and maintained continuity, delivering environmental, economic, and operational value in one decision.Asset health assessment by ABB helped the major Indian cement producer choose a tailored, multi-year ABB Motion OneCare agreement, for enhanced reliability, uptime, and cost predictability.ACC Limited is set to benefit from energy appraisals, scheduled drive reconditioning, and digital monitoring to shift maintenance from reactive to predictive.
BENGALURU, India, Oct. 27, 2026 /PRNewswire/ — ABB has signed a multi-year ABB Motion OneCare service agreement with ACC Limited, a major cement producer in the Adani Group, to improve the operational reliability of ACC’s Jamul cement plant in Chhattisgarh, India. The comprehensive maintenance framework, shaped around ACC’s needs, encompasses scheduled reconditioning, digital monitoring, and energy appraisals, with the latter extending the program’s scope from restoration into ongoing performance enhancement.
Phase one, completed in April 2026, reconditioned 25 ABB ACS800 variable speed drives on site without a major shutdown. By retaining the existing cabinets and reconditioning equipment rather than replacing complete panels, the project avoided approximately 16 tonnes of CO₂ emissions.
A second phase covering the reconditioning of an additional 25 ACS800 drive modules is planned for Q4 2026. As part of the agreement, ACC also began using ABB Ability™ Digital Powertrain Insights, setting the foundation to shift from reactive to predictive maintenance.
A fleet that delivered — and a clear signal to act
The ABB ACS800 drives at Jamul — installed in 2010 — had maintained a strong reliability record across well over a decade of near-continuous operation in one of the most demanding industrial environments. Over time, however, the cumulative effects of electrical aging reached a point where trip event patterns were no longer in line with the plant’s operational requirements — a natural inflection point for a fleet that had been running full steam since installation, and a clear signal that the time had come to act.
Rather than defaulting to full replacement, ACC engaged ABB’s certified engineers for a structured asset health assessment. The finding was clear: the drives’ cabinets and enclosures remained structurally sound. Targeted reconditioning was both the technically right and most cost-effective route to extended lifetime and sustained reliability.
Expertise brought to the plant
Two decades of working knowledge of ACC’s equipment and operational calendar shaped the approach. ABB developed a service plan tailored to ACC’s shutdown windows and budget cycle. The multi-year ABB Motion OneCare agreement includes scheduled drive reconditioning, ABB Ability™ Digital Powertrain Insights, and energy appraisals. To start, ABB brought its reconditioning expertise directly to Jamul. Earlier this year, 25 ACS800 drives were restored to factory specification without interrupting production, with the original enclosures retained. Phase two is in planning: an additional 25 ACS800 modules are scheduled for on-site reconditioning in the last quarter of 2026.
In addition, with ABB Ability™ Digital Powertrain Insights now active across the fleet, ACC’s teams gain continuous visibility into temperature, current, vibration, and fault patterns — the intelligence to act on emerging issues before they become failures. Energy appraisals, built into the later phase of the program, will extend its scope from restoration into systematic performance improvement. “We know what unchecked wear costs over time: a small inefficiency that eats away at ROI for years. At Jamul, the evidence pointed clearly to assets with productive life still in them,” said Amit Gupta, Local Division Manager, Motion Services, ABB India. “Our job was to restore them properly and give the team the tools to stay ahead of the next problem. At ABB, we don’t just fix what fails. We want to protect what works.”
Circularity as the operating logic
The program reflects the competitive logic of industrial circularity. Restoring what was installed rather than replacing it kept material and economic value in productive use, and protected continuity — all in one decision. ABB data indicates reconditioning reduces drive lifecycle emissions by 50 to 80% versus full replacement. Digital monitoring gives ACC’s teams real-time intelligence: now they know exactly what to fix, and exactly when to fix it, for maximum uptime.
“Moving from reactive firefighting to a structured maintenance plan was exactly what this operation needed. That kind of peace of mind doesn’t come easily. It comes from a partner that understands how your business runs,” added Vinod Bahety, CEO – Cement Business, Adani Group. “We didn’t need a full system overhaul; we needed expert support, actionable insights, and a plan we could execute around our schedule. That’s what we got.”
ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and around 110,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com
ABB Motion, a global leader in motors and drives, is at the core of accelerating a more productive and sustainable future. We innovate and push the boundaries of technology to contribute to energy efficient, decarbonizing and circular solutions for customers, industries and societies. With our digitally enabled drives, motors and services we support our customers and partners to achieve better performance, safety and reliability. To help the world’s industries outrun – leaner and cleaner, we deliver motor-driven solutions for a wide range of applications in all industrial segments. Building on over 140 years of domain expertise in electric powertrains, our more than 23,000 employees across 100 countries learn and improve every day. go.abb/motion
ACC Limited, a subsidiary of Ambuja Cements and part of the diversified Adani Group, is one of India’s most trusted building materials and concrete solutions company. With a legacy of nearly nine decades, ACC operates 20 cement manufacturing sites, 119 ready-mix concrete plants, and a nationwide network of channel partners, serving its customers. ACC is actively advancing its sustainability roadmap with a strong focus on green energy, circular economy, and digital transformation. The Company alongside Ambuja Cements is among the fourth large-scale building materials company in the world committed to net-zero by 2050, with its near-term and science-based net-zero targets validated by the Science Based Targets initiative (SBTi). ACC continues to drive operational excellence through synergies with the Adani Group in logistics, power, project execution, and digital infrastructure. ACC has been recognised India’s Most Sustainable Company 2026 in the Cement Sector by Business Today. Its blended cement products are GreenPro certified, and its innovative products are listed in the GRIHA product catalogue. ACC has been recognised as one of ‘India’s Most Trusted Cement Brands’ by TRA Research and among the ‘Iconic Brands of India 2025’ by The Economic Times for the third consecutive year. https://www.acclimited.com/
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STOCKHOLM, Oct. 27, 2026 /PRNewswire/ —
Record sales, operating profit and margin
Third quarter
Net sales totaled SEK 40,771 M (38,146), with organic growth of 4% (3) and acquired net growth of 2% (5). Exchange rates affected sales by 1% (–6).Organic sales growth was strong in Americas and EMEIA, good in Global Technologies and Entrance Systems, but declined in Asia Pacific.Three acquisitions with combined annual sales of about SEK 350 M and one divestment were completed during the quarter.Operating income1 (EBITA) increased by 12% to SEK 7,612 M (6,815) with an operating margin of 18.7% (17.9).Operating income1 (EBIT) increased by 11% to SEK 7,102 M (6,416) with an operating margin of 17.4% (16.8).Net income1 amounted to SEK 4,718 M (4,144).Earnings per share1 amounted to SEK 4.24 (3.73).Operating cash flow amounted to SEK 7,405 M (6,969).
Sales and income
Third quarter
January–September
2025
2026
Δ
2025
2026
Δ
Sales, SEK M
38,146
40,771
7 %
114,102
115,781
1 %
Of which:
Organic growth
1,119
1,428
4 %
2,671
3,568
3 %
Acquisitions and divestments
1,853
935
2 %
5,417
2,623
2 %
Exchange rate effects
–2,243
262
1 %
–4,572
–4,512
–4%
Operating income (EBIT)1, SEK M
6,416
7,102
11 %
18,216
19,242
6 %
Operating margin (EBITA)1, %
17.9 %
18.7 %
17.0 %
17.8 %
Operating margin (EBIT)1, %
16.8 %
17.4 %
16.0 %
16.6 %
Income before tax1, SEK M
5,563
6,333
14 %
15,648
17,018
9 %
Net income1, SEK M
4,144
4,718
14 %
11,658
12,678
9 %
Operating cash flow, SEK M
6,969
7,405
6 %
14,845
16,847
13 %
Earnings per share1, SEK
3.73
4.24
14 %
10.49
11.41
9 %
1 Excluding items affecting comparability for the same period of the previous year. Please see the tabulated figures section in this report, page 12, for further details about the financial effects in 2025.
Comments by the President and CEO
“I am happy to report another record strong quarter for ASSA ABLOY in which our sales grew by 7%, driven by 4% organic sales growth, 2% net acquired growth and 1% from currency movements. This is the seventh consecutive quarter with organic sales growth despite the geopolitical and macroeconomic uncertainties we have seen in the last couple of years. The good organic sales growth contributed to a record-high operating margin and for the first time our operating profit exceeds SEK 7bn in a quarter!
Organic sales growth was strong in the Americas and EMEIA divisions – 6% and 5% respectively. Americas growth was driven by continued strong growth in the non-residential segment and Latin America. The North America Residential segment improved and had good sales growth. In EMEIA, the growth was driven by very strong sales growth in Central Europe, while the other regions had good or stable sales growth developments. Global Technologies grew by 4%, with strong sales growth in HID, while Global Solutions’ growth was low single-digit due to temporarily lower deliveries in the retail business unit. Entrance Systems reported good organic growth of 3%, driven by Pedestrian and Perimeter Security. Organic sales in Asia Pacific declined 1% due to weak sales in Greater China.
The operating profit (EBIT) totaled SEK 7,102 M, up 11% vs. last year. The operating margin improved by 60 bps year-on-year to 17.4% (16.8) driven by excellent operating leverage of 47% due to price realization and cost efficiencies. The operating cash flow improved by 6% year-on-year to SEK 7,405 M, resulting in an excellent cash conversion of 117%.
Our people make the difference
Our decentralized organization and commitment to innovation remain two of our key competitive advantages. However, the foundation of everything we do is our 65,000 people. Their dedication, expertise and curiosity drive our success. As more of our products and solutions become electromechanical, our technology platforms create new opportunities to realize synergies. To continue to lead this transition, we continue to invest in our people. Over the last eight years, the number of internal applications for each open position has almost tripled, demonstrating the strength of our culture and the career opportunities available within ASSA ABLOY. Developing talent remains a strategic priority. Through leadership development programs, continuous learning opportunities and increased cross-divisional collaboration, we are building the capabilities to support future growth. Our ‘Together We’ culture is founded on empowerment, innovation and integrity. This supports our ambition to be a world-leading organization, knowing that when our people succeed, our business succeeds too.
Our acquisition strategy also brings talented people into the Group, adding fresh perspectives, new ideas and entrepreneurship. We are proud that many founders of the companies we acquire choose to remain with ASSA ABLOY. During the quarter, we acquired three businesses. We also announced the signing of Gunnebo Entrance Control, which will strengthen and complement our existing offering in pedestrian access solutions.
We are proud of what we have accomplished in the first nine months and are confident in our ability to deliver another strong year. At the same time, we remain focused on the opportunities ahead. To ensure that ASSA ABLOY remains long-term competitive, we will also launch our 11th manufacturing footprint program during the fourth quarter.
Thank you for your continued trust in ASSA ABLOY.”
Nico Delvaux
President and CEO
Further information can be obtained from:
Nico Delvaux, President and CEO
phone: +46 8 506 485 82
Erik Pieder, Executive Vice President and CFO,
phone: +46 8 506 485 72
Björn Tibell, Head of Investor Relations,
phone: +46 70 275 67 68
e-mail: bjorn.tibell@assaabloy.com
ASSA ABLOY is holding a telephone and web conference at 09.00 CET on 27 October, 2026, which can be followed online at assaabloy.com/investors.
It is possible to submit questions by telephone on:
08–505 100 31, +44 203 059 5863 or +1 631 570 5613
This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 27 October, 2026.
This information was brought to you by Cision http://news.cision.com.
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