LED Lighting Market Anticipated To Expand At A CAGR 12.5% From 2021 To 2028
San Francisco, 11 June 2021: The Report LED Lighting Market Size, Share & Trends Analysis Report By End-use (Residential, Commercial), By Product (Lamps, Luminaires), By Application (Indoor, Outdoor), By Region, And Segment Forecasts, 2021 - 2028 The global LED lighting market size is expected to reach USD 135.58 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 12.5% over the forecast period. LED lighting offers benefits, such as improved energy efficiency, low heat emission, cost-saving, directional controlled lighting, longer service life, and nanosecond switching, which have been instrumental in driving the market growth. In addition, the flexibility of using LED lighting for complex, compact shape, and aesthetically pleasing design fixtures has led to higher adoption rates, specifically across residential and commercial spaces. LED manufacturers are incorporating features, such as occupancy sensor, daylighting (bright white-bl