When the global economy is declining due to the epidemic, and other factors,
When the global economy is declining due to the epidemic, and other factors, how will be the market prospect of LED lights? As a professional LED lights manufacturer, we still keep confidence.
The LED lighting market size is estimated to be USD 75.3 billion in 2022 and is projected to reach USD 124.7 billion by 2027, at a CAGR of 10.6% during the forecast period.
The booming lighting industry contributes most to the rising demand for energy-efficient products and modifications in the existing lighting products using LED technology. Moreover, technological innovations and rising environmental concerns have further accelerated the growth of LED lighting market. Competitive manufacturing costs, high economic growth rate, and large-scale industrial constructions in residential and commercial segments are some of the other major factors driving the growth of the LED lighting market.