Study: LED lighting market to expand CAGR of 11.8% by 2025
Technological advancements, shift from conventional to green lighting and enhanced energy efficiency standards have also spurred demand.
The global LED lighting market size was valued at $45.57 billion in 2018, and is projected to expand at a CAGR of 11.8% by 2025, according to a report published by Grand View Research, San Francisco. Increasing demand for power-efficient illuminating systems across commercial and industrial sectors, rising concern over reduction of non-renewable sources of power and decreasing price of light emitting diodes (LED) lights are likely to propel the growth.
Likewise, technological advancements, shift from conventional to green lighting and enhanced energy efficiency standards have also spurred demand.