LED Market to Garner $192.7 Bn, Globally, by 2030

According to a new report, the global LED industry was accounted for $78.69 billion in 2020, and is expected to reach $192.68 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

Rise in demand for cost-effective and energy-saving LED lighting and government initiatives toward LED adoption have boosted the growth of the global LED market. However, high initial cost of LED lighting systems and voltage temperature & sensitivity dependence hinder the market growth. On the contrary, increase in need to replace traditional lighting system would open new opportunities in the future.

The decline in infrastructure development activities and installation hampered the market. However, the demand for UV LED lights from the medical industry increased during the pandemic. Thus, several market players invest heavily in smart lighting system.