Growing Demand for Energy-Efficient Solutions Driving LED Lighting Market

The global LED lighting market growth is predicted to reach $70,240.0 million by 2023, witnessing a 12.6% CAGR during the forecast period (2018–2023). The various factors responsible for the growth of the market are the modernization and development of infrastructure, declining prices and increasing adoption of LEDs as general lighting, and growing adoption of energy-efficient solutions.

A semiconductor device that emits light when electric current passes through it is called an LED. These are used in various imaging and optical applications, such as architectural, automotive, outdoor, and indoor.

These are also excellent directional light sources and have a longer life than fluorescent and incandescent lamps, which is why these are extensively being used as illumination sources for both indoor and outdoor applications.

Another contributing factor to the LED lighting market progress is the growing focus on the development of smart cities and modernization of infrastructure, especially in developing economies. To attract investors, the governments of these countries are engaged in achieving the same, and therefore the demand for LED lighting is witnessing a rise.

The segments of the LED lighting market are region, product type, application, and installation type. Based on installation type, the market is bifurcated into new installation and retrofit.

Therefore, the market for LED lights is slated to advance in the forecast period owing to the rising demand for energy and cost-efficient lights across the world.