Growth Expected For LED Lighting

The global LED lighting market is expected to grow from US$50.8 billion in 2020 to reach US$122.51 billion by 2028, growing at an annual rate of 13.4 per cent during the forecast period of 2021 to 2028, says a report by Fior Markets, Some of the factors expected to drive the growth of the LED lighting market in the forecast period include rising customer demand for energy-efficient lighting systems, lower LED prices, and high penetration of LEDs as a light source in the general lighting market. LEDs are highly efficient, dependable, and have a longer life span, and their use in both indoor and outdoor settings is expected to increase. As compared to incandescent lamps, these lights are more cost-effective, providing about 50,000 hours of lighting for a small amount of electricity. They are also a good substitute for incandescent lights because of their low operating costs and decreased heat losses.