Global LED Lighting Market Size To Grow USD 160 Billion By 2030

The Global LED Lighting Market Size was valued at USD 80 billion in 2021 and the worldwide LED lighting market size is expected to reach USD 160 billion by 2030, according to a research report published by Spherical Insights & Consulting.

Rising construction in both developing and developed countries, together with government laws limiting the use of inefficient lighting systems, are the primary factors anticipated to drive the market. The Indian LED lighting market is highly fragmented, with many domestic and international players in the country. Due to the fragmented nature of the market, the competition among the players is high.

The market is being driven by a number of important factors, including rising consumer interest in high lumen, low watt products, easy availability in a variety of colour combinations, and rising demand for highly energy-efficient lighting systems with low maintenance costs. LED lamps also have a longer lifespan than conventional lamps. An LED is essentially a semiconductor light source that aids in the conversion of electrical energy into light energy. In place of incandescent light sources, these components are frequently utilised in lamps.

LED lighting is actually the fastest-growing and most energy-efficient lighting technology on the market today. In addition to this, LED lights provide better longeivity, a longer operating life, and better lighting quality than conventional lighting technologies. Manufacturing lighting components for commercial and domestic applications frequently uses LED lights.

The governments of many nations have begun to fully support investments in energy-efficient lighting technologies through a variety of policies, which has increased the use of LED lights in the commercial, industrial, and residential sectors. In addition, government regulations for energy efficiency, consumer awareness of the environment, and the longevity of LED lights are encouraging the adoption of LED lighting, which has expanded the market for LED lighting globally. One of the main tactics used by manufacturers to include LEDs into exam lights, surgical illumination, endoscopy, and phototherapy in order to advance medical science technology is also one of the key drivers driving the expansion of the global LED lighting market. Due to the strict regulations and lockdowns put in place by the government following the start of the COVID 19 pandemic, the demand for LED lighting was significantly hampered. However, the second half of 2021 saw a minor improvement in construction as a result of projects being upgraded, which helped the global LED lighting market share steadily recover.