LED Landscape Lighting Market Potential Growth, Share, Demand and Analysis of Key Players
LED Lighting Market Size was valued at USD 57.9 billion in 2021. The LED lighting market industry is projected to grow from USD 64.38 Billion in 2022 to USD 135.36 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.20% during the forecast period (2022 - 2030).
Furthermore, the US Department of Energy (DOE) forecast that LED lighting is a highly energy-efficient technology and has the potential to fundamentally change how Americans would light their homes in the future. The widespread use of LED lighting could have a big impact on energy savings in the United States. Since most lighting projects are expected to use LED technology, the global LED lighting market CAGR has increased recently.
However, growing consumer concern about the environment, the durability of these lights, and government rules for energy economy are all contributing to an increase in the popularity of LEDs. For instance, as part of its efforts to become more environmentally friendly, the Chennai Airport ordered six sets of LED base lights for disaster assistance.
Additionally, automakers are concentrating on releasing cars with a distinctly contemporary appearance to draw in buyers. LED lighting solutions give manufacturers the freedom to produce goods with complicated shapes, small sizes, and appealing designs, which has led to a high rate of adoption of LED lighting solutions by car manufacturers. The target market's expansion is anticipated to be aided by the auto industry's widespread use of LEDs in applications such as interior illumination, fog lights, and headlights.
Furthermore, the industry is being driven by quick advances in semiconductor technology as well as supportive government regulations and initiatives to promote the use of LED lighting technology.
Furthermore, the US Department of Energy (DOE) forecast that LED lighting is a highly energy-efficient technology and has the potential to fundamentally change how Americans would light their homes in the future. The widespread use of LED lighting could have a big impact on energy savings in the United States. Since most lighting projects are expected to use LED technology, the global LED lighting market CAGR has increased recently.
However, growing consumer concern about the environment, the durability of these lights, and government rules for energy economy are all contributing to an increase in the popularity of LEDs. For instance, as part of its efforts to become more environmentally friendly, the Chennai Airport ordered six sets of LED base lights for disaster assistance.
Additionally, automakers are concentrating on releasing cars with a distinctly contemporary appearance to draw in buyers. LED lighting solutions give manufacturers the freedom to produce goods with complicated shapes, small sizes, and appealing designs, which has led to a high rate of adoption of LED lighting solutions by car manufacturers. The target market's expansion is anticipated to be aided by the auto industry's widespread use of LEDs in applications such as interior illumination, fog lights, and headlights.
Furthermore, the industry is being driven by quick advances in semiconductor technology as well as supportive government regulations and initiatives to promote the use of LED lighting technology.
Source: www.openpr.com
