According to IMARC Group’s latest report, titled “LED Lighting Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026”, the global LED lighting market reached a value of US$ 84 Billion in 2020. A light-emitting diode (LED) is a cost-effective and energy-efficient lighting device that illuminates when electric current passes through it. These lights offer durability and a long lifespan and are available in a wide range of colors. Besides this, they are eco-friendly, utilize lesser energy than traditional bulbs, have low heat output, do not contain any toxic elements, and offer more than 40 times the average life of conventional lights. Owing to these benefits, these devices are commonly used in various electronic gadgets, display boards, automobiles, etc.
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The rising requirements for energy-efficient lighting systems and increasing infrastructural developments are primarily driving the LED market. Furthermore, the increasing concerns towards greenhouse gas emissions have bolstered the use of LED lighting products for minimizing the carbon emissions from traditional fluorescent lights. Moreover, the escalating installation of LED lights in automobiles, mobile devices, signal and signage, etc., is also propelling the market growth. Besides this, various regulations by government bodies across several countries have restricted the import and sales of incandescent bulbs, which are expected to further bolster the demand for LED lights over the forecasted period. Looking forward, IMARC Group expects the market to exhibit moderate growth during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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