• Sat. Jul 31st, 2021
LED Lighting Market

A major factor fueling the demand for LED lighting solutions  is the increasing number of construction and infrastructural development projects being undertaken by the governments of several countries around the world ”. Due to the increasing urbanization and modernization, the governments of various developing nations such as China, Indonesia, and India are increasingly launching large-scale modernization and infrastructural development programs.

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This market research report provides a comprehensive overview of the LED lighting market

  • Historical and the present size of the LED lighting market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential

The rapidly reducing prices of these lighting systems have boosted their usage in various applications such as commercial, architectural, and residential lighting. Additionally, the utilization of these lights, in place of the conventionally used lighting devices, significantly reduces the energy consumption rates. For instance, “as per the findings of the US Department of Energy (DOE), the usage of LED lights will reduce the rate of energy consumption across the country by 40% by 2030”.

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LED Lighting Market Dynamics

Trends Growing popularity of smart LED lighting solutions

Drivers Growing adoption of energy-efficient lighting solutions Declining prices of LEDs Increasing development of infrastructure Impact analysis of drivers on market forecast

Restraints Development of alternative technologies Lack of awareness regarding the installation cost and payback period of LEDs Impact analysis of restraints on market forecast

Opportunities Advent of sensor-based LED lighting