Table of Contents
Is the lighting industry growing?
The global lighting market size was USD 118.33 billion in 2019 and is projected to reach USD 163.72 billion by 2027, exhibiting a CAGR of 4.3\% during the forecast period….
| ATTRIBUTE | DETAILS |
|---|---|
| Study Period | 2016-2027 |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Period | 2016-2018 |
How much is the LED industry worth?
The global LED lighting market size is projected to surpass around US$ 151.02 billion by 2027, growing a CAGR of 12.9\%, according to Precedence Research. OTTAWA, June 22, 2021 (GLOBE NEWSWIRE) — The global LED lighting market was valued at US$ 57.50 billion in 2020.
Why are LED lights popular?
Energy efficient: The biggest advantage of LED lights is that they are extremely energy efficient. LED bulbs use 90 per cent less energy compared to incandescent or halogen bulbs. Longer life: LED bulbs have a much longer lifespan as compared to traditional light bulbs.
How big is the light bulb industry?
b. The global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to reach USD 59.26 billion in 2021….
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 59.26 billion |
| Revenue forecast in 2028 | USD 135.58 billion |
| Growth rate | CAGR of 12.5\% from 2021 to 2028 |
What is better than LED lights?
XED or Xenon Energy Saving Discharge Lamps are superior to the most popular LED or Light Emitting Diodes in many ways. XED lights are better in terms of spectral contents, power consumption as well as total running life hours. They produce less glares and are clearer under foggy weather.
Are LED lights more popular?
“We absolutely expect LED technology in four or five years to be the most popular lighting technology that’s out there.” Last year, LED sales, though small at about 3 percent of the residential market by some estimates, grew faster than those of any other lighting technology, according to retailers and analysts.
What was the global LED lighting market size in 2018?
The global LED lighting market size was valued at USD 45.57 billion in 2018 and is projected to expand at a CAGR of 11.8\% over the forecast period.
What is the forecast period of LED lighting market research report?
The growing adoption of energy-efficient lighting solutions and declining prices of LEDs are the key growth factors driving the LED lighting industry. The global LED lighting market size was $67.6 billion in 2019, and it is projected to witness a CAGR of 12.9\% during the forecast period (2020–2030).
What is the future of LED lighting technology?
Based on technology, LED lighting has become one of the most preferred technologies among consumers and is further expected to witness the highest growth rate in the forecast period. The surge in the demand for LEDs is the result of the rising environmental concern and favourable government initiatives.
What factors will drive the global smart lighting market growth?
Moreover, continuously declining prices of LED lamps and luminaires and the availability of smart lighting solutions, coupled with updated energy policies across the world, are expected to provide an impetus for the market growth over the forecast period. To learn more about this report, request a free sample copy