According to a comprehensive research report by Market Research Future (MRFR) the LED Lighting market size is to reach USD 151,951.1 million, growing at a compound annual growth rate of 18.7% by 2027.
The growing need for LED lighting solutions for its multiple benefits such as high energy-efficiency, low price, and high durability will boost market growth over the forecast period.
The growing adoption of Solar LED Lighting in remote areas coupled with stringent government regulations regarding green technology across most countries will offer robust opportunities for the market over the forecast period.
The Asia Pacific region will spearhead the LED lighting market over the forecast period. The growing need for energy-efficient lighting solutions, the region’s intensifying focus on LED standardization, leading LED lighting firms from the UK and the US, government environmental policies, construction of new lighting systems, government environmental policies, construction of new lighting systems, ongoing infrastructure modernization projects in India and China, governments having approved the construction of several smart cities, and growing initiatives undertaken by the governments to adopt light-emitting diodes, and the presence of large number of market players are adding to the global LED lighting market growth in the region.
Besides, the presence of fastest developing countries in the country such as Malaysia, Vietnam, India, Indonesia, and China, booming construction industry, increasing local and migrated population, changing lifestyles, adoption of LED lights, the governments of different countries that offer lucrative offers and discounts on the use of LED lights as these helps significantly in energy consumption, this initiative helping governments in balancing the total energy generated as well as total energy consumed, on-going construction projects, lucrative benefits offered by the government on the use of LED lights that influence construction industry and builders, deployment of LED lights in new buildings, technology advances, & significant initiatives taken by the governments to reduce energy consumption are also adding market growth.
