Market Size – USD 98.3 billion in 2018, Market Growth – CAGR of 1.83%, Market Trends – Enhanced growth in demand for the LED lights and Low power consumption.
The LED Lighting Market is estimated to grow from USD 98.3 billion in 2018 to USD 109.21 billion by 2026, at a CAGR of 1.83% during the forecast period. The driving factor for growth being the rapid use of LED lighting for household and business purposes. Affordable prices of LED lights is one of the major factors driving their penetration in the residential, industrial and commercial purposes.
The LED lighting system is the system of lights which uses the LED (Light Emitting Diode) technology. Unlike other lighting systems, it is most commonly known for its affordable cost and low power consumption. It has become the alternative method for the other lighting systems due to the advanced technology, ease of use and low cost. The market is estimated to grow at a higher rate due to the conventional way of power savings.
Players will require increased investments to tackle these challenges and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the LED lighting market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
The report “LED Lighting Market by Type (Lamps, Luminaries), Type of Installation (New, Retrofit), Utilization (Indoor, Outdoor) , and Geography-Global Forecast 2026” is available now to Report and Data customers and can also be purchased directly at: https://www.reportsanddata.com/report-detail/led-lighting-market
Further key findings from the report suggest
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For this report, the market has been divided into segments on the basis of type, installation type, utilization, and region:
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