North America LED lighting market was valued at USD 7.85 Bn in 2019, growing at a CAGR of 9.1% between 2020 to 2027. The growth can be attributed to a substantial decrease in LED lamps prices due to technological enhancement in the production process of LED lamps and a decrease in the raw material prices. Moreover, Increase in awareness about energy-efficient lighting and green technologies is anticipated to boost the market growth.
The U.S. and Canada LED lighting industry has a tremendous impact due to the COVID-19 pandemic, with a decline in sales of up to 40%. The import of raw material has been significantly affected due to the lockdown of manufacturing facilities in the Asia Pacific region. Moreover, as the U.S. Department of Homeland Security (DHS) and National Electrical Manufacturers Association (NEMA) stated that the LED lighting manufacturing can not be considered as a critical manufacturing industry, therefore all the LED manufacturing plants were shut during the COVID-19 lockdown. However, as the world is moving towards accepting the COVID-19, the governments have prepared a plan to restore the industrial growth by providing economic and financial support. The members of the National Lighting Bureau donated LED lamps for COVID-19 testing centers across the United States.
The energy consumption of the U.S. is growing steadily since the last few years, mainly from the commercial and residential segments. Lighting plays a crucial role in ensuring the safety and security of a place, it also improves the aesthetics of indoor as well as outdoor places. Government bodies such as the U.S. Department of Labor and its Occupational Safety and Health Administration has regulated the specification for industrial lighting to ensure maximum safety at the workplace. The standards include lighting quality, contrast, glare, and color.
The global version of this report can be viewed here: Global LED Lighting Market Report PDF
Since the legalization of cannabis in the U.S. for medicinal purposes, the demand for the horticultural LED lighting market has increased. LED lights play a crucial role in the growth of cannabis plants. The U.S. cannabis grows light market is expected to witness exponential growth, as LEDs are replacing the traditional HID and CFL lamps used in the Cannabis Fields.
LED lights offer the following advantages over the HID & CFL grow lights:
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