Last updated: 8 Dec 2021 | 498 Views |
According to the latest report from Grand View Research, Inc., an India & U.S. based market research and consulting company, “The global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to witness a Compound Annual Growth Rate (CAGR) of 12.5% from 2021 to 2028. Stringent regulations to ban or limit the use of inefficient lighting technologies and government rebate and retrofit programs to encourage the deployment of LED lighting are contributing to the market growth.” The Figure 1 clearly demonstrates their findings.
The report reiterates that LEDs are highly efficient, reliable, and offer a longer life span, which is anticipated to boost their application in both indoor and outdoor settings. These lights are cost-effective compared to incandescent lights, delivering around 50,000 hours of illumination with a small amount of energy consumed. Low cost of
operation and reduced heat losses also make them a suitable replacement for incandescent lights. Technological advancements, shift from conventional to green lighting, and enhanced energy-efficiency standards have also spurred the product demand.