LED Lighting Market revenue to hit USD 374.5 Billion by 2035

The global led lighting market size is projected to grow at a CAGR of over 14% from 2023 to 2035. The market is expected to garner a revenue of USD 374.45 billion by the end of 2035, up from a revenue of USD 74.16 billion in the year 2022.

The growing demand for IoT-connected devices is the major factor that is boosting the market growth. Smart LED lighting blends energy saving with the accessibility, intelligence, and intelligence benefits of connectivity.

IoT solutions for connected lighting must match users' expectations for simplicity, dependability, and security. Around 11 million smart wireless LED bulbs were shipped globally in 2018, with over 50 million expected by 2020. Lighting components characteristic sensors that process and gather data via an IoT network (cloud computing or locally) to enable remote control and management via mobile or online applications.

Lighting alone accounts for 19% of total global electricity use. Cities that pollute the night sky with light consume 60-80% of the world's energy. We must reduce our energy consumption if the world is to move towards a cleaner future. The most straightforward method to accomplish this is to keep trying to increase lighting efficiency. New bulbs, control systems, and lighting schemes can have a significant impact on both commercial and residential buildings, saving both energy and money. LED lights generally consume 50-90 percent less energy than comparable conventional or halogen bulbs. A 100 W (Watt) incandescent bulb, for example, can be substituted with a 9 W LED bulb with comparable light output performance.