LED Lighting Market worth $124.7 billion by 2027

 

The global LED Lighting Market size is estimated to be USD 75.3 billion in 2022 and is projected to reach USD 124.7 billion by 2027, according to new research,

Some of the key factors propelling the market growth includes increasing utilization of smart lighting systems in several applications, surging adoption of LED bulbs and luminaires to achieve goal of net-zero emissions by 2050, rising demand for LED lighting systems in residential interior designing and home decorating applications, and ongoing release of new innovative LED products due to constant technological advances.

The market for the luminaires segment is expected to grow at a higher CAGR during the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, tunnel lighting, and floodlighting; stadiums; and sports complexes. Further, the increasing awareness among contractors/project managers of benefits associated with LED luminaires in terms of longer lifespan and substantial energy saving potential is further driving the growth of the luminaires segment.

The increasing awareness among contractors/project managers toward the benefits associated with LED luminaires in terms of longer lifespan and substantial energy-saving potential further drive the growth of the luminaires segment. The downlighting luminaire segment is likely to dominate the overall market for luminaires during the forecast period, whereas the decorative lighting segment is expected to witness the highest CAGR between 2022 and 2027.