LED Neon Lights Market Size & Share, by Type (Silicone, PVC, Others); Application (Household, Commercial); Sales Channel (Retail & Wholesaler, Direct Sales, E-Commerce) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5674
  • Published Date: Feb 16, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

LED Neon Lights Market size is expected to cross USD 5 Billion by the end of 2036, expanding around 7% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of LED neon lights was about USD 1 Billion. This growth of the market is set to be dominated by a growing need for environmental sustainability and energy conservation. For instance, when compared to incandescent lights, these luminous devices can save up to over 89% of the electricity, while CFLs save close to 49%. Also, LEDs waste only about 6% of their energy as heat and convert above 94% of it into light. Therefore, the demand for LED neon lights is rising significantly.

Another important consideration in the cased of LED neon is it requires very little upkeep, so one refrains from having to spend money on component replacement or repair. Furthermore, neon signs are expected to have a slightly longer lifespan; therefore, they are more likely to require maintenance at some point. Hence, the growth of the LED neon lights market is projected to have notable growth.


LED Neon Lights Market
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LED Neon Lights Market: Growth Drivers and Challenges

Growth Drivers

  • Surge in the Trend of Smart Homes - As a result of increased daily requirements and desires, a significant amount of carbon emissions into the atmosphere is released, contributing to global warming. A most important factor is the growing use of gadgets that contain contains harmful material. Hence, neon flex lights with LEDs are more environmentally friendly. This is since, LED neon flex lights are free of heavy metals and other toxic materials, in contrast to conventional neon lights that are contaminated with these elements. Additionally, governments in various nations are investing heavily to encourage to adoption of smart homes which is further estimated to aid the LED neon lights market expansion.
  • Rise in Urban Population  - Currently, over half of the world's population dwells in towns and cities; by 2030, the total population in urban regions is expected to rise to over 5 billion. With the growing urban population, the standard of living of people is also improving which is why they are adopting various decorative products among which LED neon lights are prevalent. LED neon lights are extensively used in home décor. Additionally, neon lights appear in a variety of forms and patterns, making them a popular option for homeowners. There is an infinite variety of colors available for neon lights, ensuring that homeowners may choose one that best suits their tastes and style. Additionally, the trend of aesthetics is also growing among youth in urban regions which is also believed to encourage market expansion.
  • Growing Adoption of Advanced Technology in LED Neon Lighting   - Technological advancements have made a significant impact on the LED neon light sector. Neon signs have become more effective, potent, and adaptable due to advancements in LED technology. For instance, the advent of high-intensity LEDs has made it possible to design signs that are more visible and brighter, even in direct sunshine. Future developments in the LED neon light market are anticipated as technology advances. One intriguing turning point is the combination of LED neon signs and IoT (Internet of Things) technologies. This might give businesses the ability to plan displays, remotely operate their signs, and even gather statistics on viewer engagement and sign performance. 

Challenges

  • High Cost of LED Neon Lights - It might turn off some prospective customers since the initial outlay for LED neon lights is more than that of traditional lighting options. In addition, producers may encounter difficulties in terms of cost predictability due to the price volatility of components including LED drivers. It takes a great deal of skill to produce an LED neon light using glass tubing and neon gas. Acquiring the requisite training and abilities to produce neon signs of superior quality may require years. Hence, further, the need to invest in training workers might additionally cost a huge price which might increase the overall price of the products. Therefore, this factor might restrain the LED neon lights market revenue from growing.
  • Necessities of Thermal Management
  • Lack of Luminance

LED Neon Lights Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 1 Billion

Forecast Year Market Size (2036)

~ USD 5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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LED Neon Lights Segmentation

Type (Silicone, PVC, Others)

The silicone segment in the LED neon lights market is expected to gather the highest revenue share of over 60% in the coming years. As a result of its functionality and versatility, silicone LED neon light is a cutting-edge lighting solution that has grown more and more popular in recent years. Silicone LED neon light is constructed of a flexible and resilient silicone material that is resistant to harm and may be molded into any shape, unlike traditional neon lighting, which is built from brittle glass tubes filled with gas and is prone to breaking. Moreover, silicone LED neon light is secure to utilize. Silicone LED neon light is a safer alternative for homes and businesses than traditional neon lighting, which can produce heat and be a fire hazard. Also, it is a great option for outdoor signage since it is waterproof and can be used both inside and outside.

Application (Household, Commercial)

The commercial segment in the LED neon lights market is estimated to generate the highest revenue share of about 60% in the coming years. The major element influencing the segment growth is the rising number of hotels. In 2022, over 1,8421 hotels in total opened to the public worldwide. It was predicted that more hotels would open around the world in the upcoming years, with a peak of about 2,706 in 2024. The LED Neon Flex-strip enables it feasible to add ornamental and advertising components to the hotel area, including a bold neon sign to grad people’s attention. Furthermore, various entertainment venues are also employing LED neon lights. Moreover, governments throughout the world are enforcing strict laws to cut down on energy use. Energy-efficient LED neon lights are the preferred option for municipalities and companies seeking to adhere to these rules. Hence, this segment surge is expected to drive the market expansion for LED neon lights. 

Our in-depth analysis of the global LED neon lights market includes the following segments:

          Type

  • Silicone
  • PVC
  • Others

          Application

  • Household
  • Commercial

          Sales Channel

  • Retail & Wholesaler
  • Direct Sales
  • E-Commerce

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LED Neon Lights Industry - Regional Synopsis

APAC Market Forecast

Asia Pacific LED neon lights market is projected to account for 35% of the revenue share by 2036. This growth in the region’s market expansion is set to be encouraged by rising disposable income. Asia-Pacific is predicted to have the fastest rate of real income growth in the world between 2021 and 2040, with total disposable income more than doubling. Singapore's disposable income per person was estimated to be over 28 thousand US dollars within the ASEAN area. Hence, their spending on LED neon lights is poised to grow. Additionally, this region is experiencing growth in infrastructure development. Also, the investment in infrastructure is boosting which is influencing the adoption of advanced technology such as LED neon lights. 

North American Market Analysis

The LED neon lights market in North America is also projected to have significant growth during the coming years. There has been growing awareness regarding environmental pollution and energy efficiency among people in this region which is further boosting the market demand. Furthermore, renovation projects are also growing in North America which is estimated to boost the LED neon lights adoption. Also, there are several manufacturers available in this region who are significantly involved in manufacturing LED neon lights hence boosting the market growth. Additionally, both commercial and residential lighting have long been used in these areas, and they are always searching for fresh and creative methods to enhance their existing systems. Hence, the LED neon lights market is projected to grow in this region.

Research Nester
LED Neon Lights Market size
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Top Featured Companies Dominating the LED Neon Lights Market

top-features-companies
    • LED Neon Flex
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Keysight Technologies
    • Rohde & Schwarz
    • Tektronix, Inc.
    • Agilent Technologies, Inc.
    • Anritsu Corporation
    • Rigol Technologies, Inc.
    • B&K Precision Corporation
    • Tabor Electronics Ltd.
    • Fluke Corporation
    • Panasonic Corporation

In-the-news

In The News

  • November 3, 2023: The successful acquisition of shares representing 50.6% of ESI Group SA was announced by Keysight Technologies, Inc. The deal was given the go-ahead by the appropriate authorities and the ESI Group workers council after the binding agreement between Keysight and the company's major shareholders was revealed on June 28, 2023.
  • May 3, 2022: The Technologies Academy, a reputable provider of online training programs in the domains of RF, wireless, and microwave engineering technologies, is located in the UK. Rohde & Schwarz has announced that it has purchased The Technology Academy. The Technology Academy is the perfect partner for Rohde & Schwarz to broaden its current training program and will be a major contributor to the growth of the business's professional services in the future.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5674
  • Published Date: Feb 16, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are the surge in the trend of smart homes, the rise in urban population, and more.

The market size of LED neon lights is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are LED Neon Flex, Keysight Technologies, Rohde & Schwarz, Tektronix, Inc., and others.

The silicone segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
LED Neon Lights Market Report Scope
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