Declining Manufacturing Cost of LED to Boost the Market Growth

The growing adoption of energy-efficient lighting technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period, according to a new research report.

The increase in demand for lighting has resulted in a rising use of electricity, which has led governments of many countries to focus on promoting energy-efficient lighting technologies. In some countries, governments have banned the use of incandescent bulbs, which in turn, has resulted in the high adoption of other energy-efficient lighting technologies, including halogen, CFL, LFL, and LED.

The APAC region led the LED market in 2019, followed by North America, Europe, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as growing construction market, increasing government investments in infrastructure projects, and the presence of many LED chip and packaging factories in the region.