As per a research conducted by P&S Intelligence, the global light-emitting diode (LED) lighting market is predicted to reach a value of $262.8 billion by 2030, and is projected to progress at a 12.9% CAGR during the time period 2020–2030. The market is being driven by the reducing prices of LEDs and increasing adoption of energy-efficient solutions across the globe. On the basis of application, the market is divided into outdoor and indoor.
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Between the two, the indoor division is predicted to grow at a faster pace in the years to come, which can be attributed to the rising requirement for LED lighting solutions for residential applications in countries including the U.A.E., the U.S., India, and China. The construction industry in these countries is registering significant growth, owing to the increasing focus on smart city projects, majorly in Asia-Pacific (APAC) and European regions.
The objective of this research includes;
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Geographically, the APAC region dominated the LED lighting market in 2019 and is expected to account for the major share of the market in the years to come as well. The major reason for this is the rising demand for these lighting solutions from the residential sector in South Korea, China, and India. In addition to this, growing disposable income of people and swift urbanization in the region are also resulting in the growing adoption of energy-efficient lighting solutions, including LED lights.
The research includes detailed analysis of;
Based on Product Type
Based on Installation Type
Based on Application
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