LED Lighting Market Competitive Landscape, Insights by Geography, and Growth Opportunity
As the world is marching toward energy-efficient lighting solutions, owing to the surging environmental concerns, individuals, organizations, and governments are focusing on the adoption of light-emitting diode (LED)-based lighting solutions. As compared to conventional lights, LEDs have longer operational life and lower maintenance costs. The ability of smart LED solutions to change their color enables them to create an ambient indoor experience.
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Owing to these advantages, several governments are taking multiple initiatives to replace conventional lighting solutions with LED systems. For example, in 2019, the government of Tamil Nadu, an Indian state, issued a tender to replace the existing conventional street lights of Coimbatore with energy-efficient and smart LED lights.The declining cost of LEDs have fueled their penetration in the residential, industrial, and commercial sectors.
Owing to this factor, the LED lighting market will progress at a CAGR of 12.9% during the forecast period (2020–2030). The market was valued at $67.6 billion in 2019 and it is expected to reach a revenue of $262.8 billion by 2030. The substantial drop in the LED prices can be credited to the advancements in lighting technology, which have led to greater operational efficiency and higher life expectancy of LED lights.
Over the years, smart LED lighting solutions have become quite popular due to their higher energy efficiency than...
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