LED Lighting Market, Estimated at USD 62.56 Billion in 2023, Expected to Grow

The global LED lighting market was valued at approximately USD 62.56 billion in 2023 and is projected to grow by 9.5% annually from 2024 to 2030, potentially reaching nearly USD 118.09 billion by the end of the forecast period. This growth is fueled by increasing demand for energy-efficient and sustainable lighting solutions, technological advancements, and government incentives promoting LED adoption. The market is witnessing innovations like smart LED systems and applications in various sectors including residential, commercial, and agriculture. Regions such as Vietnam, Thailand, Japan, and South Korea are also experiencing significant market developments driven by rising incomes and government initiatives aimed at enhancing energy conservation. Additionally, major players in the industry are actively investing in research and development to explore new applications and improve product offerings.

LED Lighting Market, Estimated at USD 62.56 Billion in 2023, Expected to Grow

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