LED Lighting Market size to grow at a CAGR of 7.35% from 2022 to 2027

The LED lighting market size is estimated to grow by USD 34.82 billion between 2022 and 2027 accelerating at a CAGR of 7.35%. The emergence of smart cities is the key trend in the market. The development of smart cities is being promoted by various governments through energy conservation and resource management initiatives.

The benefits such as helping to save energy, shorter switching times, and reduced costs make smart lighting an important part of building smart cities. Furthermore, Intelligent lighting systems help increase the energy efficiency of cities and offer practical benefits to city dwellers, such as access to information about traffic and public space. Streetlights that are widespread in cities use innovative lighting solutions that automatically implement traffic-based brightness control, remote light control, error reporting, theft prevention and tracking of street light power cords, and remote meter reading.

The application of intelligent lighting can significantly save electricity, improve public lighting control systems, and save maintenance costs. Hence, the increasing development of smart cities will drive the growth of the market during the forecast period.