In 2030, the global LED lighting market will reach 132.96 billion US dollar

It is estimated that by 2030, the global LED lighting market size will reach 132.96 billion US dollars. Reportlinker pointed out that the market is expected to expand rapidly at a compound annual growth rate of 10.5% during 2022-2030.

In 2030, the global LED lighting market will reach 132.96 billion US dollars

In terms of positive factors, the report analyzed that the increasing consumer demand for energy-saving lighting solutions is expected to increase the demand for LED lighting products such as a-lamps and t-lamps. LED lighting has the advantages of less heat dissipation, high brightness, energy saving and low cost, and is being favored by consumers. The series of advantages of these lighting solutions compared to other lighting solutions, as well as the high demand for residential and commercial applications in the construction industry, is driving the semiconductor lighting market to grow.

In addition, automakers are focusing on launching cars with a distinctly modern look to attract customers. And LED lighting solutions provide automotive design and manufacturing players with the flexibility to manufacture products with complex shapes, compact sizes and aesthetic designs, making them highly willing to adopt LED lighting solutions. The substantial adoption of LEDs by automakers in headlamps, fog lamps, and interior lighting applications is expected to support the growth of this target market.

The rapid development of semiconductor technology, coupled with favorable government policies and initiatives to encourage the adoption of LED lighting technology, and the efforts of mainstream LED lighting manufacturers to launch advanced products with long lifespan, Wi-Fi support, nanosecond switching and flicker-free, have become factors driving the growth of this market. Furthermore, significant increase in construction activities in the industrial sector coupled with rising demand for energy-efficient lighting solutions is expected to positively impact the growth of the target market.

However, the global outbreak of Covid-19 has slowed down construction and infrastructure development activities, resulting in low demand for LED lighting. Moreover, a total lockdown means factories are shut down, supply chains are disrupted, and LED light production is disrupted with it. In addition, low consumer awareness of installation costs is also a major factor in the challenges facing the growth of this market.

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