Global LED (Light-Emitting Diode) Neon Lights Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s LED (Light-Emitting Diode) Neon Lights Global Market Report 2023, The global LED (light-emitting diode) neon lights market is expected to grow from $1.16 billion in 2022 to $1.25 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The LED (light-emitting diode) neon lights market is expected to reach $1.62 billion in 2027 at a CAGR of 6.8%.
Asia-Pacificheld the largest LED (light-emitting diode) neon lights market share.
LED (Light-Emitting Diode) Neon Lights Market Driver
Growing commercial and non-commercial buildings are expected to propel the growth of the LED neon lights market going forward. A commercial building refers to any non-residential structure that is not agricultural, industrial, or institutional. A non-commercial building is any structure or building not used for a commercial enterprise or as a residential residence. LED neon lights offers a clever approach to create a brighter and more even illumination. For instance, in September 2022, according to the University of Michigan’s Center for Sustainable Systems, a US-based organization that develops systems analysis techniques, models, and indicators for developing sustainable futures, in the US commercial building floor space is anticipated to expand by 35% from 2021 and expected to reach 124.6 billion square feet by 2050. In addition, the average size of US homes expanded by 45% in 2021, from 2,185 to 2,565 square feet. Therefore, growing commercial and non-commercial buildings are driving the growth of the LED neon lights market.
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Key LED (Light-Emitting Diode) Neon Lights Market Segments
The global LED (light-emitting diode) neon lights market is segmented –
1) By Type: Silicone, PVC (Polyvinyl Chloride), Other Types
2) By Application: Household, Commercial
3) By Sales Channel: Retail Or Wholesale, Direct Sales, E-Commerce
LED (Light-Emitting Diode) Neon Lights Market Prominent Players
Major players in the led (light-emitting diode) neon lights market are Eaton Corporation, OSRAM Licht AG, Everlight Electronics Co. Ltd., Sylvania Lighting, Lightstec Co. Ltd., JKL Components Corporation, Elstar Electronic Co. Ltd., Cleanlife Energy LLC, North Star Lighting LLC, Nova Flex LED, Beyond LED Technology, NeonPlus, Custom Neon, Shenzhen Ipixel Led Light Co. Ltd., Neon Poodle, Bag&Bones, Elemental LED Inc., LEDYi Lighting, Guangzhou RC Lighting Co. Ltd., Honest Exhibition Limited, Inciseon LLC, LED Neon Flex, Sgi Lighting Inc., Solid Apollo LED, and Tekhol Optoelectronic Technology Co. Ltd.
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Prominent LED (Light-Emitting Diode) Neon Lights Market Trend
Product innovation is the key trend gaining popularity in the LED (light-emitting diode) neon lights market. Major companies operating in the LED neon lights market are focusing on developing new products to sustain their position in the market. For instance, in February 2022, Environmental Lights, a US-based provider of LED lighting solutions, launched Pixel EcoFlex 4-in-1 LED Neon. The unique feature of this product is its ability to let consumers combine RGB (red, green, and blue) with 3000K white, 6500K white, or amber in a vertical bending or horizontal bending profile. The light can be wrapped around three-dimensional structures using the vertical bending version’s ability to bend up and down. Each pixel can be independently controlled with the Pixel EcoFlex 4-in-1 LED Neon.
The LED (Light-Emitting Diode) Neon Lights Global Market Report 2023 provides comprehensive insights on the LED (light-emitting diode) neon lights market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the LED (light-emitting diode) neon lights market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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