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North America Agrochemicals Market - Growth, Trends, COVID-19 Impacts and Forecasts (2021 - 2026)

·7-min read

The United States LED market was valued at USD 8. 58 billion in 2020, and it is expected to reach a value of USD 15. 23 billion by 2026, registering a CAGR of 9. 85% over the forecast period (2021-2026).

New York, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Agrochemicals Market - Growth, Trends, COVID-19 Impacts and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06126836/?utm_source=GNW
The outbreak of COVID-19 has led to a weakened growth of industrial output and the decline in light-manufacturing production across significant manufacturing hubs, owing to the halting of production and disruption in the supply chain across the country. According to the US Department of Energy’s report published in July 2021, many LED manufacturers cited a decreased demand for lighting products due to the challenges faced after the COVID-19 pandemic. Quarterly earnings dropped substantially for publicly traded LED lighting manufacturers.


  • The growing demand for energy-efficient lighting systems, declining prices of LED products, and stringent government regulations are some of the major factors driving the adoption of LED lighting in the United States. LEDs have been undergoing rapid technological and economic development as a new source of illumination in the country, motivating investment in the sector. The United States is one of the significant adopters, innovators, and investors in the global LED market. LED lighting is currently available in a wide variety of home and industrial products in the domestic space, and the list has been growing significantly.

  • According to the US Department of Energy, most of the projected energy savings in 2035 may be driven by the increased use of LED lighting in commercial and industrial buildings and outdoor lighting applications—applications characterized by high light output and extended operating hours.

  • Moreover, Local manufacturers, like Acuity Brands, are some of the significant innovators at the domestic and global levels. The company’s new product, Cadiant, has brought new development in the LED market. According to Cree, the cost premium of LED-based lamps in the United States has mostly been eliminated. Therefore, many consumers may continue to move to LEDs, given the inherent energy savings and long lifetimes, which is expected to improve the studied market growth over the forecast period significantly.

  • The integration of intelligent features for connected lighting has also been emerging as one of the significant drivers in the market studied, as LED is one of the major components. Government initiatives for smart cities have been majorly contributing to the increasing demand for smart lighting solutions. Connected lighting systems are anticipated to emerge as one of the most critical components of the smart city infrastructure. According to the Consumer Technology Association, smart city spending is expected to reach USD 26 billion by 2020.

  • With the rising smart home trend in the region, there has been an increasing demand for intelligent LED lighting systems connected with other electronic devices and can be controlled remotely. The regional market vendors have also been focusing on making connected lighting more accessible, which has also been bringing innovation at the global level.

  • Further, the market is witnessing challenges, such as decreased demand due to the COVID-19 pandemic, the decline in the automotive sector lighting due to the slowdown of automobile sales, and the requirement of high volumes to make manufacturing in the United States. Viable considering the cost associated with additive manufacturing and 3D printing as US-based manufacturers cited that additive manufacturing and automation in LED manufacturing can make the United States a more feasible option for production.



Key Market Trends

Residential Sector Accounts for the Largest Market Share


  • The residential segment occupies a significant share of the market, and it is expected to retain its position during the forecast period. LEDs have been witnessing an increasing adoption from the residential sector in the United States. Also, according to the Energy Information Administration, in FY 2020, the residential sector electricity consumption for the lighting was around 62 billion kWh, or approximately 4%, of the total residential sector electricity consumption and about 2% of the total US electricity consumption.

  • Moreover, Government regulations are significant factors shifting the residential consumers’ affinity toward more efficient products, such as LED lighting.? Despite the increasing market and regulatory uncertainties, residential lighting represents a significant share of ratepayer-funded energy efficiency electricity savings.

  • However, most of the energy efficiency programs have transitioned to promote solid-state LED lamps instead of CFLs. This transition may probably accelerate further because of the new ENERGY STAR v2.0 lighting specifications that are effectively limited to LED lamps. LEDs gained tremendous momentum and a higher market share, while future CFL production may become increasingly unlikely.

  • Incandescent light bulbs have been used traditionally in the United States for household lighting. The basic technology in incandescent bulbs has not changed substantially, although they convert less than 10% of their energy input into the light. Improving light bulb performance can reduce the overall energy usage in the United States, further driving the demand for LED lighting products.

  • Further, closet shed lights and other home applications require one or two LED lighting for operation and are often battery operated. Owing to the increasing consumer demand, several market players are offering solutions to capitalize on the opportunity. For instance, the US-based revolution lighting offers ambient luminaires for natural, flat, and ambient lighting needs, ideal for residential settings.



Outdoor LED Holds Major Share in the Market


  • The outdoor LED lighting in the United States covers areas like a roadway, parking, and exterior building lighting, to serve purposes like creating a sense of personal security, providing proper illumination for pedestrian and vehicular traffic, and attracting attention to business and spaces.

  • Several government initiatives, public-private deals, and product innovations and improvisations are expected to boost the adoption of enhanced street lighting solutions in the country, thus boosting the market growth. For instance, the 70/75 Airport Logistics Access Project, led by the Montgomery County Transportation Improvement District (TID), is considering a roadway project to improve access to the Dayton International Airport to address the significant growth in activity in the manufacturing, logistics, and distribution sector.

  • Moreover, the Michigan Department of Transportation partnered with Freeway Lighting Partner LLC signing a 15 years contract to design-build and finance the improvements on existing freeway and tunnel lighting systems and maintain the existing and improved lighting system for the remaining operating and maintenance period. Freeway Lighting Partner LLC will hand back the lighting system to MDOT at the end of the contract term.

  • In August 2020, the Department of Public Utilities in the City of Richmond was planning to convert 7,500 streetlight fixtures to LED lighting for residential and commercial uses to meet sustainability, safety, and security needs and provide much-needed public safety and quality of life.

  • Further, Innovative city projects have gained momentum over the last decade. More municipalities across the country have launched a wide variety of digital transformation initiatives to realize the benefits of utilizing technology to manage assets and resources that ultimately enhance city operations.



Competitive Landscape

The United States LED market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market focus on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.


  • March 2021 - NICHIA has announced its H6 series. Implemented into NICHIA’s 3030 mid-power 757 packages to start, the new family of LEDs delivers the most significant multi-level boost in color rendition and efficacy while maintaining the outstanding lifetime expected from NICHIA.

  • March 2020 - Signify has acquired Cooper Lighting Solutions from Eaton for USD 1.5 billion. With this acquisition, the company planned to focus on innovation in connected lighting solutions and systems. This is designed to drive the company’s revenue growth in the North American market, with an increased aim in professional revenues from 42% to 53%.



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  • The market estimate (ME) sheet in Excel format

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Read the full report: https://www.reportlinker.com/p06126836/?utm_source=GNW

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