LED Lighting Market

The LED lighting market is expected to reach $135.36 billion by 2030. It is possible with the supportive Government Initiatives anticipated to boost the market growth. This growth is being driven by a number of factors, including the increasing demand for energy-efficient lighting, the growing popularity of LED lighting in commercial and industrial applications, and the rising adoption of LED lighting in developing countries.

The LED lighting market could thrive at a rate of 11.20% between 2022 and 2030. The market size will be reaching around $135.36 billion by the end of the year 2030. While the upfront cost of LED lighting was initially greater than that of traditional lighting solutions, thanks to the technological breakthroughs and economies of scale, costs have dramatically fallen over time. Over their lifetime, LED bulbs save a lot of money because they last longer, need fewer replacements, and use less energy. Due to their low cost, LEDs are a desirable option for both individuals and companies.

The global LED lighting market is bifurcated based on type, product type, distribution channel, and end use application. By type, new installation will lead the market over the forecast period. The main reason for this is the rising need for simple to install, energy-efficient lighting solutions on new building sites.

Other key factors including ,LED lights are much more energy-efficient than traditional lighting technologies, such as incandescent and fluorescent lights. This makes them a more attractive option for businesses and consumers who are looking to reduce their energy costs.

Secondly, LED lights are now being used in a wide range of commercial and industrial applications, such as warehouses, office buildings, and factories. This is due to their long lifespan, durability, and ability to produce high-quality light. The LED lighting market is growing rapidly in developing countries, such as China and India. This is due to the increasing availability of LED lighting products and the growing awareness of the benefits of LED lighting. Overall, the LED lighting market is expected to continue to grow in the coming years.

S Mohini Ratna, Editor, VARINDIA