Home » LED News, Trends, Applications » LED lighting market growing at 14% CAGR & will cross US$ 105 bn by 2023

LED lighting market growing at 14% CAGR & will cross US$ 105 bn by 2023

LED lighting market growing at 14% CAGR & will cross US$ 105 bn by 2023

Jan 23, 2018: LED Lighting or light emitting diode lighting is a new technological product which has proven to be one of the most energy efficient technologies being widely adopted around the world. Increasing the demand for the electricity and increasing scarcity of natural resources is forcing the technology companies to develop energy efficient products. LED lights uses very low electricity and provides maximum brightness more than the traditional lighting products. The rapid changes in technology is one of the major factor which is encouraging the invention of cost-effective technologies. LED lightning is expected to lead the future of lighting and is eliminating the traditional lighting system very rapidly. Also, government of various countries is also promoting the use of LED lighting due to the enormous amount of benefits offered by this technology. In the last few years, as the world is witnessing rapid industrialization and urbanization, the government is working towards the development of various LED standardization which is helping the industries to adopt this technology. Growing population and increasing needs of electricity in the emerging countries is also playing vital role in the high adoption of LED lighting in the country.

Also, LEDs are solid state lightning which uses semiconductor material such as circuit boards instead of filament or neon gas which helps the LED lighting to reduce the energy consumption and provide high contrast than the traditional light bulbs. The market is expected to witness positive growth rate during the forecast period.

Key Players

Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), Osram Licht AG(Germany), Cree Inc. (U.S.), Cooper Industries, Inc. (Ireland), Virtual Extension (Israel), Dialight Plc. (U.K.), Zumtobel Group AG (Austria), Samsung (South Korea), Sharp Corporation (Japan) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global LED Lighting market. High need of energy efficient lighting solutions around the world and government initiative towards the use of standardization of LED lighting is playing vital role in the growth and development of the market.

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