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LED Neon Lights Market - By Type (Silicone, PVC), By Application (Household, Commercial {Signage, Architectural lighting, Decorative lighting}), Forecast 2023 - 2032

  • Report ID: GMI6084
  • Published Date: Jun 2023
  • Report Format: PDF

LED Neon Lights Market Size

LED Neon Lights Market size was valued at USD 1.26 billion in 2022 and is anticipated to grow at a CAGR of over 6.5% between 2023 and 2032. LED neon lights are known for their energy efficiency as they consume significantly less power than traditional neon lights. The rising emphasis on energy conservation and environmental sustainability is driving the demand for LED neon lights as an eco-friendly lighting solution.
 

LED Neon Lights Market

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LED neon lights offer extensive customization options, allowing users to create unique lighting designs & effects. The ability to achieve various shapes, and patterns contributes to the growing adoption of LED neon lights in architectural lighting, signage, and decorative applications. The long product lifespan reduces maintenance costs and makes them a preferred choice for outdoor & indoor lighting applications.
 

LED neon lights are lighting solutions that utilize Light-Emitting Diodes (LEDs) to mimic the visual effects of traditional neon lights. These lights are flexible, durable, and highly customizable, offering a wide range of vibrant colors and dynamic lighting effects.
 

The LED neon lights market faces certain restraints including pricing pressure and competition from other lighting technologies. Although LED neon lights offer energy efficiency and longer lifespan compared to traditional neon lights, the initial upfront cost can be higher, limiting product adoption in price-sensitive markets. Additionally, the presence of alternative lighting solutions, such as LED strips and lightboxes, can impact market growth.
 

COVID-19 Impact

Disrupted supply chains and manufacturing delays during the pandemic posed challenges for LED neon light market players. The market also witnessed fluctuations in demand across different industries with some sectors, such as hospitality and events, experiencing a decline in product demand. However, the subsequent shift in consumer preferences toward home improvement projects and online shopping boosted the demand for decorative lighting solutions including LED neon lights.
 

LED Neon Lights Market Trends

The integration of LED neon lights with smart lighting technologies enables remote control, programmable lighting effects, and synchronization with other smart devices. The trend of smart homes and the demand for dynamic & interactive lighting experiences contribute to the growing use of smart LED neon lights. The ability to create captivating lighting designs and visual effects enhances the ambiance of spaces, thereby driving the demand for LED neon lights in household and commercial applications. Increasing disposable incomes and the growing demand for strip lighting for decorative purposes are also expected to drive market demand in the coming years.
 

LED Neon Lights Market Analysis

Global LED Neon Lights Market Size, By Type, 2021 – 2032, (USD Billion)

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Based on type, the LED neon lights market is segmented into silicone, PVC, and others. Silicone LED neon light is expected to witness the highest growth rate of over 7.5% during the forecast period, i.e., 2023 to 2032. Silicone is a highly flexible material that can be easily molded into various shapes & designs, making it ideal for creating intricate & curved structures of LED neon lights. It can withstand bending, twisting, and stretching without cracking or breaking, thereby ensuring long-lasting durability. Silicone also has excellent resistance to ultraviolet (UV) radiation, which is crucial in outdoor applications. It can resist fading, yellowing, and degradation caused by prolonged exposure to sunlight, making it suitable for use in outdoor signage, architectural accents, and other exterior lighting projects.
 

Global LED Neon Lights Market Share, By Application, (2022)

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Based on application, the LED neon lights market is divided into household and commercial applications. The commercial segment is dominating the market with over USD 900 million in revenue share in 2022. LED neon lights have a longer lifespan compared to traditional neon lights. They reduce the frequency of replacements and the need for maintenance. This is especially beneficial for commercial applications where continuous operations and durability are important. Additionally, LED neon lights offer a wide range of design possibilities. They can be easily shaped, bent, and molded into various forms & letters, allowing businesses to create unique and eye-catching signages & displays. The flexibility of LED neon lights leads to creative opportunities for branding and visual communication in commercial settings.
 

China LED Neon Lights Market Size, 2021 – 2032, (USD Million)

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Asia Pacific is the dominant region in the global LED neon lights market with a share of over 30% in 2022. Rapid urbanization, infrastructure development, and the booming entertainment industry are the major factors contributing to market growth. Countries including China, Japan, and South Korea are the major contributors to market growth owing to the strong presence of manufacturers and a high demand for architectural lighting, outdoor advertising & retail applications. Increasing disposable incomes and the trend of smart cities further propel the adoption of LED neon lights in the region.
 

LED Neon Lights Market Share

Some of the major players operating in the LED neon lights market are

  • Signify Holding
  • GE Lighting
  • Elemental LED Inc.
  • Best Buy Neon Signs
  • INCISEON

These players focus on strategic partnerships, new product launches, and commercialization efforts for market expansion. Furthermore, they heavily invest in research to introduce innovative products and garner maximum revenue in the market.
 

LED Neon Lights Industry News

  • In August 2022, Elemental LED Inc. announced the expanding of its Reno, Nevada factory. The move was aimed at increasing its production capacity and meeting the growing product demand. This expansion enabled the production of large-scale orders with short lead times and tight manufacturing tolerances. LED neon lights market
     

The LED neon lights market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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By Type

  • Silicone
  • PVC
  • Others

By Application

  • Household
  • Commercial
    • Signage
    • Architectural lighting
    • Decorative lighting

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • ANZ 
  • Latin America
    • Brazil
    • Mexico 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size for LED neon lights was valued at USD 1.26 billion in 2022 and will grow at a CAGR of over 6.5% between 2023 and 2032, backed by the rising emphasis on energy conservation and environmental sustainability.
Silicone LED neon light market segment is expected to witness a CAGR of over 7.5% during 2023 to 2032. Silicone is a highly flexible material that can be easily molded into various shapes & designs, making it ideal for creating intricate & curved structures of LED neon lights.
Asia Pacific held over 30% share in LED neon lights market in 2022 and will continue the upward trend over 2023-2032, owing to the rapid urbanization, infrastructure development, and the booming entertainment industry.
Signify Holding, GE Lighting, Elemental LED Inc., Best Buy Neon Signs, and INCISEON.

LED Neon Lights Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 192
  • Countries covered: 17
  • Pages: 250
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