LED Market Size to Grow by USD 96.82 bn

The LED Market value is expected to grow by USD 96.82 billion from 2020 to 2025, at a CAGR of 13.10% during the forecast period, according to Technavio.

The declining manufacturing cost of LEDs, growing adoption of energy-efficient lighting technologies, and enforcement of the Minamata Convention on mercury will offer immense growth opportunities. However high average cost per fixture, technical challenges, lack of standardization will challenge the growth of the market participants.

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.