Substantial Growth Expected in LED Lighting Market, Projected to Reach USD

The LED lighting market is poised for significant growth, with projections indicating an increase in market size from USD 62.56 billion in 2023 to approximately USD 118.09 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.5%. This expansion is attributed to several factors, including technological advancements in LED efficiency and design, global energy efficiency initiatives, decreasing costs of LED products, and a growing emphasis on environmental sustainability. The market encompasses various segments, with LED luminaires leading market share. Key regions driving growth include the United States, China, Germany, India, and Japan, each contributing to the trend towards energy-efficient lighting solutions. Major players in the industry include Acuity Brands, Signify (Philips), OSRAM GmbH, Panasonic, and LEDVANCE GmbH. Overall, the LED lighting market is set to play a crucial role in advancing energy conservation and sustainability in the lighting sector.

Substantial Growth Expected in LED Lighting Market, Projected to Reach USD

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