LED Lighting Market Projected to Surpass USD 200 Billion by 2032, According to Recent Analysis

The LED lighting market is projected to experience significant growth, with an expected compound annual growth rate (CAGR) of 10% from 2024 to 2032, driven by increasing energy efficiency and cost savings. Valued at $85.97 billion in 2023, the market could reach $200 billion by 2032, according to a recent report by Global Market Insights Inc. This growth is fueled by a global shift towards sustainable practices and stringent government regulations promoting energy-efficient lighting solutions, such as India’s recent initiative to replace traditional streetlights with LED alternatives. Technological advancements in energy efficiency, design, and smart lighting integration are also enhancing the appeal of LED products across residential, commercial, and outdoor applications, with the outdoor segment becoming the fastest-growing category. North America currently leads the market, backed by supportive regulations and initiatives aimed at reducing energy consumption. Key players in the industry include Acuity Brands, Cree, GE Lighting, and Philips Lighting, among others.

LED Lighting Market Projected to Surpass USD 200 Billion by 2032, According to Recent Analysis

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