SAN FRANCISCO, April 12, 2018
SAN FRANCISCO, April 12, 2018 /PRNewswire/ --
The global LED lighting market size is expected to reach USD 108.99 billion by 2025, according to a new report by Grand View Research, Inc., and will register a CAGR of 14.4% during the forecast period. Continuous development of energy-saving capabilities, introduction of Standard Deviation Color Matching (SDCM) control, and longer lifespan compared to CFL lamps have accelerated demand for LED lamps at a global level. Introduction of smart/connected lighting and its multiple uses in residential, commercial, and industrial sectors has also spurred market growth.
Next-generation lighting has become a substitute for incandescent bulbs due to its benefits such as higher efficiency, low cost of operation, and reduced heat losses. Technological advancements, shift from conventional to green lighting, enhanced energy efficiency standards, and declining prices have also spurred demand. Moreover, strict regulatory policies across U.S., European Union, China, and Canada regarding conventional lighting and energy consumption are anticipated to favor market demand over the coming years. Corresponding ratings and design standards categorizing energy efficiency are also finding prevalence across economies such as Japan and China.
The indoor LED lighting segment held the largest share in 2016 and is anticipated to register a comparatively lower growth rate from 2017 to 2025. High adoption of light emitting diodes as an alternative to florescent, HID, and incandescent lightings has paved the way for indoor lighting on a large scale.
Browse full research report with TOC on "LED Lighting Market Size, Share & Trends Analysis Report By Product (Basic LED, High Brightness LED, OLED), By Design (Lamps, Luminaires), By Application (Indoor, Outdoor), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/led-lighting-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global LED lighting market on the basis of product, design, application, and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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