Report: Global LED Lighting Market to Reach $54 Billion by 2022
The global LED lighting market reached $26.09 billion in 2016 and is likely to cross $54.28 billion by the end of 2022, growing at a CAGR of almost 13% from 2017 to 2022. That’s according to data provided by Zion Market Research.
The research notes the advantages provided by LED lights over fluorescent and incandescent lamps is the major factor boosting the growth of LED lighting market. Advantages include higher brightness, energy efficiency and longer life span of LED lights. Incessant new product launch by players such as GE and Philips along with other players with innovative tech are drawing the customer all over the world. For example, in August 2017, Kenall rolled out 6-inch modular downlights, which were developed to perform competently for years and are suitable for pharmaceutical processing, tightly sealed and compatible for military installations.
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