LED lighting market in North America poised to grow by USD 6.73 billion

The LED lighting market in North America is poised to grow by USD 6.73 billion during 2018-2022, progressing at a CAGR of almost 12% during the forecast period.

The market is driven by the declining manufacturing costs of LEDs. In addition, the rising demand for intelligent lighting systems is anticipated to boost the growth of the LED lighting market.

Since 2012, the manufacturing cost of LEDs has declined steadily and is expected to reduce further during the forecast period. This is due to the decrease in the average selling prices of chips and components used in the manufacturing of LED devices. The decline in the cost of LEDs has reduced the initial investment cost of LED lighting lamps and fixtures. These factors are driving the growth of the LED lighting market in North America.