Worldwide LED Lighting Market is projected to grow with a CAGR of
11.7% from 2021-2027
LEDs
are commonly used in indoor and outdoor lighting based on application. LED
lighting solutions particularly rise in indoor application because LED lights
generate light with a diode rather than a fuel source, thus costing less to run
and requiring less power. LEDs are also increasingly common in walkways, street
lights, parking garage lighting, another outdoor area lighting, refrigerated
modular lighting, case lighting, and task lighting.
Residential Segment Expected to Witness Significant Growth
The
acceptance of LED lighting is escalating in almost all significant end uses
such as Residential, Commercial, Industrial, Government, Highway and Roadway,
Architectural, and Others. The residential segment has glimpsed high growth in
the last few years. Adopting LED A-type lamps like pendants, table lamps, floor
lamps, and permanently installed fixtures, such as under recessed sconces and
cabinet lights, has grown exponentially due to reduced product prices.
Besides,
commercial buildings, including hospitals, offices, stores, restaurants, and
schools, are also creating huge demand for LED lighting. Recent advancements in
light-emitting diode technology have permitted LED lighting products to
infiltrate the commercial lighting market, with tremendous growth potential.
