Market Trends of us outdoor led lighting Industry
Upgradation, replacement, and construction of new stadiums to drive the growth of LED lights
- The number of stadiums segment is expected to witness a growth of 937 units in 2030 from 901 units in 2023. The sports sector has undergone several changes in recent years. For instance, NRG Stadium enhanced its professional football stadium status in 2014 by illuminating its pitch with several high-efficiency LED lights. At full power, the new high-efficiency system consumes 337 kW, 60% less than the stadium's prior lighting system. More than 65,000 light-emitting diodes (LEDs) installed in 480 optically improved luminaries make up the field lighting array. New Yankee Stadium underwent an LED lighting upgrade in 2015. Additionally, Kenan Stadium is now through a project to install LED stadium lights, while Gillette Stadium has spent more than USD 300 million renovating the venue, which includes adding LED lighting. These factors contribute to the growth of the LED market in the region.
- Americans are becoming more interested in watching live matches and other international leagues, as evidenced by USA Cricket's announcement in 2022 that it would invest USD 1.0 billion in the organization of the US T20 cricket league. Additionally, the nation is constantly building stadiums. For instance, work on the multifunctional Acrisure Arena began in California in 2021. The Coachella Valley Firebirds of the American Hockey League will play their home games in the stadium, which can accommodate 11,000 spectators. The 48th Copa América and the FIFA World Cup are two forthcoming sporting events in the nation. Consequently, it is anticipated that the building of new stadiums and the expansion of athletic events are expected to increase sales of LED lights in the country.
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Increase in the number of households to drive the growth of the LED market
- In 2021, there were 332.18 million people living in the US as a whole. The overall fertility rate in the US was expected to be 1.66 children per woman in 2021. When compared to the prior year, it went up 0.01. In rough terms, there were 11 live births per 1,000 people in the US. This rose from the previous year by 0.1. In the US, the average life expectancy at birth was 76.33 years in 2021. According to the data, more children are being born and more people in the world, which means that more space will need to be inhabited by people, which will help the market expand. Thus, the sale of new LEDs will rise as a result of the building of the new home.
- The United States had 131.2 million households in 2022. There are now more households in the United States than there were in 2020 (128.45 million). In 2022, there were 3.13 people in the typical American family. The proportion of owner-occupied households in 2022 was 65.9%. In 2020, six or more rooms were present in 19.3% of all occupied dwelling units. The expansion of LEDs will be fueled by an increase in families and the need to accommodate this increase in the typical number of rooms.
- The market for electric cars (EVs) has expanded quickly and is anticipated to do so throughout the next ten years. From just 0.2% of all car sales in 2011 to 4.6% in 2021, electric car sales in the US grew. Over the decade of 2011–21, the number of EVs on the road increased significantly, from around 22,000 to over 2 million. As a result, the need for semiconductor chips used in various EV applications rose along with the popularity of EVs, raising the need for LED illumination.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- About 75% of the population is expected to own a car, and the shifting trend toward larger vehicles to drive the growth of LED lighting
- Increase in LED installation by 72% in commercial buildings, 56% in residential houses, and 83% in industries by 2025 to drive the growth of the LED market
- LED penetration is driven by LED certification for commercial spaces, which increased by 30% in 2022
- Reduction in imports from China to lead the growth of the LED lighting market in the country
- Increase in the number of private-owned dwellings and government regulations to drive the market for LEDs
