By 2024, Global LED Lighting Market to be More than US$ 100 Billion
Global LED lighting market is expected to surpass more than US$ 100 Billion by the end of year 2024
In most region of the world, the government has taken significant steps to promote LED lighting like banning incandescent bulb and giving subsidies to the LED lighting manufacturers. Many countries procure LED lighting products like street lighting and several others specialized LED lightings for the government organization.
Global LED lighting market is expected to surpass more than US$ 100 Billion by the end of year 2024. Recent in-depth study of “Global LED Lighting Market & Forecast By Applications from ResearchMoz believes the massive transformation of LED lighting from conventional lighting is happening due to advancement of its features like efficiency, durability, Environmental-friendly and cost-effectiveness.
All these features of LED lighting are widely recognized and adopted by household, government organisation, industrial sector and commercial segment. Asia is one of important destination for LED lighting market and has captured highest market share in global LED lighting market noted the ResearchMoz report.
Rising electricity prices, increasing concern over climate change and great desire of countries to be energy independent are propelling global lighting market into highly-efficient LEDs light sources. In most region of the world, the government has taken significant steps to promote LED lighting like banning incandescent bulb and giving subsidies to the LED lighting manufacturers. Many countries procure LED lighting products like street lighting and several others specialized LED lightings for the government organization.
The Price-Game of LEDs is Lauding the Market
Gradual decreasing prices of LEDs lighting over last five year has increased the penetration rate of Global LED lighting market to a great extent and further this trend will continue in anticipated year till 2019. The adoption of LED lighting in several applications like residential, office, industrial, architectural, Retail shop and so on has increased and it is expected that LED lighting industry will outperform in anticipated year. The initial cost of LED lighting is comparatively high to the traditional incandescents, energy-efficient lightbulbs such as halogen incandescents and compact fluorescent lamps (CFLs). But it cost more cheaper in long-run for example typically use of LED lighting can take 25%-80% less energy than traditional incandescent bulbs, thus saving money and can last 3-25 times longer.
