LED lighting market is expected to register a CAGR of 10.5%

The LED lighting market is expected to register a CAGR of 10.5% over the forecast period. The need for outdoor LED lighting has historically been subjected to moderate growth due to the significant change in demand for LED technology with improved features and usage.

Countries across the world are widely adopting LED lighting. For instance, New York planned to replace 250,000 streetlights with LEDs, which was to be followed by the replacement of decorative lights in urban areas. Further, Barcelona (Spain) deployed more than 3,000 smart streetlights based on LED technology, which gathers information about pollution, humidity, noise, and the overall environment.? 

In July 2022, Realme India launched Realme Smart LED bulbs in India. The product has a rated power rating of 9W with an input voltage of AC 120~250V. The lights can be controlled using the Realme Link application, Google Home, or Amazon Alexa.

In the current market strategy, LED light bulbs are witnessing the early adoption phase of the product life cycle. However, continued technological advancement in LED lighting poised these product offerings to enter and advance through the growth phase. Lumileds Holding introduced its new LUXEON 2835 commercial LEDs. These LEDs are engineered and designed to support the increasing demand for high-volume, high-efficacy mid-power LEDs to serve commercial indoor lighting applications. Typical commercial indoor applications include troffers, panels, and high-bay, among other formats.