General Lighting Market Size to Increase by USD 30.50 bn during 2020-2024

The global general lighting market is estimated to grow by USD 30.50 billion during 2020-2024, progressing at a CAGR of over 5%, according to new research.

Factors such as the declining manufacturing cost of LEDs and the growing adoption of energy-efficient lighting technologies will be crucial in driving the growth of the market. But the high average cost per led fixture will restrict the market growth.

The emergence of new technologies will have a positive impact on the growth of vendors. On the other hand, the ban on incandescent bulbs in several countries is expected to reduce the growth potential in the market.