LED Lighting Market Size Worth $132.96 Billion By 2030
LED Lighting Industry Overview The global LED lighting market size was valued at USD 55.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030. Increasing construction activities in developed and developing countries, along with stringent government regulations to lower the adoption of inefficient lighting technologies, are the major factors expected to drive the market. LED lights offer high lumen power by consuming less power, better service life, and no flickering. Also, LED manufacturers are focused on integrating solutions such as Wi-Fi, occupancy sensor, and daylighting which is attracting consumers in turn responsible to increase product sales. These factors are contributing to the market growth. LED lights tend to be a better solution compared to other lights such as halogen, CFL, and incandescent lights. LEDs operate at low energy input providing high illumines which is a major reason they are widely deployed in ou...