LED Lighting Market Estimated at $62.56 Billion in 2023

The global LED lighting market, valued at approximately USD 62.56 billion in 2023, is poised for significant growth, projected to increase at a rate of 9.5% annually from 2024 to 2030, potentially reaching nearly USD 118.09 billion. This expansion is driven by advancements in technology, heightened awareness of energy efficiency, and government initiatives promoting sustainable lighting. Key trends include the adoption of smart lighting integrated with IoT, innovations in energy efficiency, human-centric lighting applications, and the rising use of UV-C LEDs for disinfection. Growth opportunities lie in sectors such as horticulture, where energy-efficient LEDs are favored for controlled environment agriculture. The Asia-Pacific region, particularly countries like China and India, is expected to lead demand due to rapid urbanization and modernization efforts.

LED Lighting Market Estimated at $62.56 Billion in 2023

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