Worldwide LED Lighting Market is projected to grow with a CAGR of 11.7% Through 2027

Global LED Lighting Market will reach US$ 97.2 Billion by 2027. The light-emitting diode (LED) is today's large energy-efficient and rapidly-developing lighting technology. LED lighting products deliver light up to 90% more efficiently than incandescent light bulbs. About 95% of the energy in LEDs is transformed into light, and only 5% is extinguished as heat, which leads buyers to opt for a better efficient form of lighting.

Likewise, LED offers design flexibility, long lifespan, durability, energy efficiency, low-voltage operation, economic efficiency, zero UV emissions, etc. Its light supplies a lifetime of nearly 50,000 hours of illumination and works virtually by using only a fraction of the power utilized by CFLs and traditional bulbs.

Around the world, the increasing customer demand for reduction in prices of LEDs, energy-efficient lighting systems, and high penetration of LEDs as a lamp source in the LED Lighting Market is to drive the growth of this market. Furthermore, strict regulations to prohibit or limit the use of inefficient lighting technologies and government reimbursement and retrofit schedules to promote the deployment of LED lighting are contributing to the market growth.

LEDs are commonly used in indoor and outdoor lighting based on application. LED lighting solutions particularly rise in indoor application because LED lights generate light with a diode rather than a fuel source, thus costing less to run and requiring less power. LEDs are also increasingly common in walkways, street lights, parking garage lighting, another outdoor area lighting, refrigerated modular lighting, case lighting, and task lighting.