How about the LED lighting market in various regions forecast to 2027?
Asia Pacific followed by Middle East, and Africa region likely to witness higher growth rate from 2022 to 2027.
The LED lighting market has enormous potential in the Asia Pacific region, and it is anticipated that consumers would accept these systems as an integral part of digitalized households. Increasing construction activities in Asia Pacific contribute significantly to the growth of the LED lighting market in the region.
The thriving electrical and electronics industry in Asia Pacific also supports the growth of the LED lighting market. In the last few years, LED lighting has become the dominant artificial light source and is preferred over all the conventional light sources such as incandescent bulbs, CFL and fluorescent lamps, high-pressure sodium lamps, and metal halide lamps in the region. The LED lighting market in RoW is growing slowly compared to other regions; however, emerging economies such as South Africa and the GCC countries in the Middle East are expected to contribute to the market growth in the coming years.