LED market expected to reach $190 billion by the end of 2028

The global LED lighting market is valued at $64.4 billion in 2021 and is expected to reach $190 billion by the end of 2028, with a fast-growing CAGR of 14.26% over the forecast period. The report is a comprehensive study of market definition, growth drivers, opportunities, and challenges. It presents a brief analysis of the current performance of the market at the global level.

Zion Market Research published the latest report titled as "LED Lighting Market By Product Type (LED Fixtures and LED Lamps), By End-User (Commercial and Industrial Users), By Application, (Outdoor and Indoor lighting), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028."  into their research database.

LED Lighting Market: Overview

A light-emitting diode refers to a semiconductor device. On passage of electric current through the device, it emits light. The electrically charged particles are passed through semiconductors. Additionally, the color of the light depends on the energy required for the electron to cross the gap of semiconductors. An LED can indicate different colors ranging from infrared tri-color to bi-color and white, blue, and green to yellow and red. LEDs are widely used in outdoor and indoor lighting. These are amongst the most efficient available lighting sources. Furthermore, LED lighting offers zero emissions, low-voltage operations, economic efficiency, design flexibility, durability, long life span, and energy efficiency.

The outbreak of the Covid-19 pandemic significantly affected the global LED lighting market due to disruptions in the supply chain and worldwide lockdowns. Such an unprecedented event has significantly impacted the positioning of technological devices in the market. In spite of such uncertainties and production ban, the LED makers have continuously worked on innovating advanced devices, thereby working on long-term strategies. Several semiconductor manufacturers had collaborated with required partners to align their manufacturing process. With the slowdown in the Covid cases and relaxation of lockdown protocols, the global market is likely to foresee significant growth in the forthcoming years.