According to the latest report, the global LED lighting market reached a value of US$ 1.26 Billion in 2018. Looking forward, IMARC expects the market to reach a value of US$ 1.74 billion by 2024, growing at a CAGR of around 6% during the next five years.
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A light-emitting diode (LED) is a semiconductor, electroluminescence device that emits light when an electric current is passed through it. Cost-effectiveness, reliability, minimal power consumption, and a longer life-span are some of the key benefits offered by LED lights when compared with the conventional lighting systems, such as incandescent and compact fluorescent light (CFL) bulbs. Owing to these benefits, these lights find extensive applications in both the outdoor and indoor settings across various industry verticals, ranging from electronics to healthcare.
Global LED Lighting Market Trends:
The global market is driven by the rising environmental consciousness across the globe, which has led to an accelerated shift toward the adoption of energy-efficient lighting solutions. Furthermore, the implementation of favorable government policies promoting the utilization of LED lighting systems, along with significant investments by both the government and non-governmental sectors, is creating a positive impact on the market. Other factors, including technological advancements and the emerging trend of smart cities, are projected to drive the market further.
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Key Market Segmentation:
Performance of Key Regions
4. United States
Market by Application
2. Retail and Hospitality
Key highlights of the report:
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Also read: Smart Lighting Companies in the World 2019
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This post was originally published on Trading Herald