A light-emitting diode (LED) refers to a semiconductor device that emits light when the electric current is passed through a microchip. LED lighting products offer compact size, high durability, low heat output, minimum radiation emission, and consume less power. LED lights are more efficient in comparison to other light bulbs, owing to which, incandescent and fluorescent lights are prominently being replaced by LED lighting systems.
According to the IMARC Group’s latest report “LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025“, the market reached a value of US$ 80.8 Billion in 2019. Looking forward, the market to exhibit moderate growth during 2020-2025.
Market Trends:
The increasing demand for energy-efficient lighting system, along with a significant decline in the price of LED, is primarily augmenting the market growth. Furthermore, the growing environmental concerns have propelled the use of LED lighting products for reducing the carbon emissions from conventional fluorescent lights. Moreover, the rising use of LED lights in automotive, signal and signage, mobile devices, etc., is augmenting the market growth. Additionally, the increasing demand for LED in architectural lighting across both commercial and residential sectors is further bolstering the global market.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Segmentation:
Market by Application
Retrofit
Retail and Hospitality
Outdoor
Offices
Architectural
Homes
Industry
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