United States LED Market Expected to Grow With a CAGR Of 10.5%

 

According to a recent market study published by Growth Market Reports the US LED market was valued at USD 9.89 billion in 2020 and is estimated to register a substantial CAGR during the forecast period, 2021–2028.

The growth of the market is attributed to the declining prices of LED products, growing demand for energy-efficient lighting systems and stringent regulations by government bodies. LEDs have been experiencing drastic economic and technological development being the foremost source of lighting.

The US is among the major innovators, adopters, and investors in the global LED market. The LED technology has an enormous scope of improvement and innovation. Nowadays, the quality of light is one of the important driving factors among the regional manufacturers, as energy savings are no longer the foremost driver.

The US Department of Energy (DOE) claimed that owing to the rising technological innovation, energy savings from LED lighting is likely to reach 569 terawatt-hours annually by 2035, which is equal to the annual output of more than 92 1,000-megawatt power plants, if DOE Lighting R&D program goals are accomplished.

The Covid-19 pandemic had an unpleasant impact on the US LED. The production has been on halt and reduced adoption of LED lighting from the residential sector in the country. The market suffered significant loss; however, the government's steps and strategies have helped to neutralized the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.