- Chris Quinn
The global LED lighting market
The global LED lighting market 2020 size stood at $55,201.9 million, and it is expected to reach $152,442.3 million by 2030, demonstrating a CAGR of 10.7% from 2020 to 2030
The major factors driving the market are the rising use of energy-efficient lighting solutions, falling costs of light-emitting diodes, and surging infrastructure development activities. Governments of many countries, such as Indonesia, China, and India, are actively focusing on modernizing their infrastructure, thus pushing up the requirement for LED lighting.
New York, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LED Lighting Market" - https://www.reportlinker.com/p06191014/?utm_source=GNW
Additionally, governments of the U.A.E., India, Austria, China, Spain, and Singapore are making huge investments in smart city projects, which is also propelling the advance of the LED lighting market. For example, the Indian government has recently announced plans to develop 100 smart cities by 2030 and granted approval to an investment of nearly $15 billion for this project.
The luminaire category held the larger share in the LED lighting market in the past, under the product type segment. LED luminaires are being extensively used in newly constructed commercial and residential buildings.
The retrofit category is predicted to exhibit the faster growth in the LED lighting market in the coming years, within the installation type segment. The replacement of sodium-vapor and incandescent lamps with LEDs is surging in several countries, such as the U.A.E., the U.S., China, Japan, South Korea, and India.
Geographically, Asia-Pacific (APAC) dominated the LED lighting market in the years gone by, mainly due to the huge requirement for these lighting systems in the residential sector of India, South Korea, and China, owing to the growing disposable income of people.
The COVID-19 pandemic has disrupted the progress of the LED lighting market, with major economies, such as the U.S., China, India, and several in Europe, witnessing the closing down of construction sites and postponement of residential projects. Moreover, the implementation of restrictions on the movement of goods caused severe supply chain disruptions, which, in turn, affected manufacturing operations.
Major players operating in the global LED lighting market are General Electric Company, Signify N.V., OSRAM Licht AG, Acuity Brands Inc., Zumtobel Group AG, Samsung Electronics Co. Ltd., Hubbell Incorporated, Syska LED Lights Private Limited, Wipro Enterprises (P) Ltd., and Cree Inc.
Read the full report: https://www.reportlinker.com/p06191014/?utm_source=GNW