Allied Market Research recently published a report, titled, “LED Market by Product (LED Lamps, LED Fixtures), by Applications (Indoor Lighting, Outdoor Lighting), by End User (Industrial, Commercial, Residential, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” As per the report, the global LED industry was accounted for $78.69 billion in 2020, and is expected to reach $192.68 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Major Determinants of the Market Growth
Rise in demand for cost-effective and energy-saving LED lighting and government initiatives toward LED adoption have boosted the growth of the global LED market. However, high initial cost of LED lighting systems and voltage temperature & sensitivity dependence hinder the market growth. On the contrary, increase in need to replace traditional lighting system would open new opportunities in the future.
Low heat and energy-saving are the feature of LED lighting. So if use LED lightings in the refrigerated display case, freezer or under the retail shelves, it can lower the operate cost and maintain the quality of displayed products. How about having a try of our company’s LED lightings?