LED Lighting Market Worth USD 264.08 Billion by 2029

The global LED lighting market size was valued at USD 77.79 billion in 2021 and is expected to reach the valuation of USD 85.02 billion in 2022. The market is expected to reach USD 264.08 billion by 2029 with a CAGR of 17.6% during the forecast period.

Increasing shift from traditional and conventional lighting to energy-efficient lighting technologies is expected to drive market growth. Increasing application of the such lighting system in industrial, commercial, and residential is anticipated to propel market development. Fortune Business Insights shares this information in its report titled LED Lighting Market, 2022-2029.

The outbreak of COVID-19 led to shutdown of various manufacturing facilities, which affected the demand for LED lighting system. The market experienced a decline of -2.6% in 2020 compared to 2019. LED manufacturers were heavily dependent on Chinese companies for raw materials and China was one of the first countries to go into lockdown, which led to halt on import and export activities.

Focus on eco-friendly and energy conservation lighting solutions is anticipated to drive the LED lighting market growth. In recent years, energy conservation has been one of the major goals in various countries, which has propelled the adoption of LED system and is expected to drive the market. Normal or traditional lighting systems can consumer up to 20-25% energy expenditure and LED lights can save such costs. Keen interest by consumers for aesthetics and decoration is estimated to facilitate market development.