LED Lighting Market Expected to Expand by $41.5 Billion from 2024 to 2028, Fueled by Lower Manufacturing Costs and AI Innovations

Posted in

January 31, 2025

LED Lighting Market Expected to Expand by .5 Billion from 2024 to 2028, Fueled by Lower Manufacturing Costs and AI Innovations

The global LED lighting market is projected to expand by USD 41.5 billion between 2024 and 2028, growing at a compound annual growth rate (CAGR) of 8.08%, as reported by Technavio. This growth is primarily driven by decreasing manufacturing costs and the increasing adoption of energy-efficient LEDs in residential, commercial, and outdoor applications, aligning with the rise of smart city initiatives. Key challenges include the limited thermal tolerance of LEDs in industrial settings, which could impact performance and longevity. Major players in the market include Acuity Brands, General Electric, and Philips, among others. The report highlights that while the market is flourishing, the need for robust solutions in demanding environments remains a significant hurdle. Overall, the demand for energy conservation and smart lighting technology is anticipated to propel the market forward.

Original source:

https://www.prnewswire.com/news-releases/led-lighting-market-to-grow-by-usd-41-5-billion-2024-2028-boosted-by-declining-manufacturing-costs-with-ai-driving-market-transformation---technavio-302364353.html

LED Lighting Market Expected to Expand by $41.5 Billion from 2024 to 2028, Fueled by Lower Manufacturing Costs and AI Innovations

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