Booming LED Lighting Market Expected to Reach Over $124 Billion

Sep 6, 2022
Booming LED Lighting Market Expected to Reach Over $124 Billion
Booming LED Lighting Market Expected to Reach Over $124 BillionResearch and Markets unveiled in their new report LED Lighting Market by Installation (New, Retrofit), Product Type (A-type, T-type, Decorative, Directional) Sales Channel (Retail, Direct, E-commerce), Application (Residential, Commercial, Industrial) and Geography—Global Forecast to 2027, that the market is expected to reach 124.7 billion and grow at a CAGR of 10.6% by the end of the forecast period. The boom in the industry can be contributed to number factors including, but not limited to, increased environmental concerns, competitive manufacturer pricing, as well as rising demand for updates to existing lighting products and new energy-efficient products. Highlights from the report are:
  • Decorative luminaires are expected to record the highest CAGR due to the availability of appealing decorative sizes, colors and shapes combined with the continued use of high-energy efficient products to reduce energy bills in commercial and hospitality settings.
  • Street and road applications are expected to dominate the market during the forecast period due to government efforts to reduce energy costs and rapid urbanization.
  • Finally, Asia Pacific is expected to have the largest potential for growth during the forecast period due to increased construction activity and a thriving electrical industry. Emerging economies in the Middle East and Africa are expected to increase market growth in those geographical areas as well.
To learn more, visit www.researchandmarkets.com.