Is the lighting industry growing?
The global LED lighting market is expected to witness a compound annual growth rate of 12.5% from 2021 to 2028 to reach USD 135.58 billion by 2028….
|Market size value in 2021||USD 59.26 billion|
|Revenue forecast in 2028||USD 135.58 billion|
|Growth rate||CAGR of 12.5% from 2021 to 2028|
Is there a market for LED lighting?
The global marker for LED lighting was sized at about 76 billion U.S. dollars in 2020. It is projected that the market will grow at a compound annual growth rate (CAGR) of over 13 percent in the coming years. In 2026, the market is expected to reach the size of some 160 billion U.S. dollars.
How big is the LED lighting market?
Market Overview The LED lighting market was valued at USD 75.81 billion in 2020, and it is expected to reach USD 160.03 billion by 2026, at a CAGR of 14.25% over the forecast period 2021 – 2026.
Why are LED lights trending?
LED lighting trends have allowed for a wide range of color temperatures that further enhance a room and bring the atmosphere of your choice. Simple LED bulbs paired with simplistic fixtures can emphasize a clean, white space with a crystal glow or bring a sense of comfort to an area with a pleasant warmth.
Are LED lights a trend?
LEDS ARE THE MOST MODERN LIGHTING SOURCES WITH MANY GREAT ADVANTAGES. FIND OUT WHAT INSPIRES YOU. How many LED trends does it take to change a light bulb? Today more and more people are switching to LEDs in order to open up creative possibilities and save energy.
How do you calculate energy saving for LED lights?
We will divide by 1,000 to convert watts saved to kilowatts saved so the energy calculation is easier….Step 4: Calculate total annual energy savings.
|76 Watts Saved per Bulb|
|x||4,320 Hours per Year|
|=||328 kWh Saved|
What is the emerging trends in lights?
LED light bulbs are the new technology trends in the lighting industry which can’t be avoided today. LED lighting fixtures have numerous benefits from environmental health to your own health. These lights are energy-efficient and they consume less electricity which eventually results in the reduction of energy bills.
Are LED lights the new trend?
Many people don’t realize that LED light technology has been around for many years, and is now becoming increasingly popular and cost effective in residential applications like digital clocks, flashlights and light bulbs, and due to significant improvements in the technology, LED is now a great choice for many …
What is the market size of LED lighting market in 2021?
LED Lighting Market Report Scope Report Attribute Details Market size value in 2021 USD 59.26 billion Revenue forecast in 2028 USD 135.58 billion Growth rate CAGR of 12.5% from 2021 to 2028 Base year for estimation 2020
What is the forecast period of the LED lighting market research report?
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global LED lighting market report on the basis of product, application, end-use, and region:
What is the segmentation of the LED lighting market?
The market is segmented by different LED lighting applications, such as indoor and outdoor, with various sub-applications. The indoor segment is further segmented into residential, commercial, industrial, and government in the indoor segment.
What is driving the growth of LED lighting industry?
Increasing demand for power-efficient illuminating systems across residential, commercial, and industrial sectors, rising concern over reduction of non-renewable sources of power, and decreasing price of Light Emitting Diodes (LED) lights are likely to propel the growth.