The global LED lighting industry is witnessing good growth due to technological advancement. According to the market research firm, P&S Intelligence, the worldwide LED lighting industry is expected to reach $262.8 billion by 2030. It stood at $67.9 billion in 2019 and it is about to witness a CAGR of 12.9% during the time period, 2020-2030.
Many different types of LEDs with high-efficiency are now available at affordable prices. Due to technological advancement, the prices of LED systems have decreased but the availability of lights with more efficiency as well as life-span has increased a lot. Now, LED lighting systems are being used in residential, commercial, and industrial places on a large scale.
The awareness about the benefits of LED lights is leading to immense growth in this sector. People in residential and commercial spaces are focusing on ways to adopt energy-efficient ways. Hence, the demand for LED lighting systems is booming on a large scale.
The rising level of residential construction and the increasing disposable income of people are the two major factors contributing to the growth in this industry at a global level. The rising urbanization and industrialization are also leading to an increase in the demand for different LED lights. Many different designs and varieties of LED lights are available in the market.
Since people are now preferring to live in a smart home, they are using smart LED systems to improve the overall look of their house. LED bulbs, LED strip lights, LED shop light, high bay LED lights, LED recessed lights, LED ceiling lights, LED desk lamps, and many other categories are enjoying a high demand at a global level.