Market & Forecast of Global LED Lighting
By 2024, the Global LED Lighting Market is expected to surpass more than 100 billion US dollars. This is due in part to not only residential transformation of LED lighting, but by the industrial and commercial sectors, and government organizations.
Due to LEDs advancement of its features like efficiency, durability, environment-friendly, and cost effectiveness, LEDs have saved users up to 80% on energy expenses. The rising of electricity prices, increasing concerns over climate change and the great desire of countries to be energy dependent are driving the global lighting market into highly-efficient LED light sources.
The LED lighting market is categorized by 5 regions: Europe, North America, Asia, Latin America, and Middle East and Africa. Asia is one of the important destinations for LED lighting market and has captured the highest market share in the global LED lighting market. In some regions of the world, the government has taken significant steps to promote LED lighting, even banning incandescent bulbs and giving subsidies to the LED lighting manufacturers.
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