An LED lighting market report recently published by Zion Market Research analyses and estimates the LED lighting market on a global level, the report has been conducted using revenue data from the previous year (2016) and states the global LED lighting market accounted for USD 26.09 billion.
The report estimates that the LED lighting market will continue to grow and expected to reach USD 54.28 Billion by 2022 with an annual growth rate of 13%.
The report provides a crucial overview of the continued growth of LED Lighting and Europe is expected to continue to hold the largest share of the global LED marketplace within the forecast period, as it accounted for over 31% of the overall LED market share in 2016
The continued growth of the LED market is down to the many benefits offered by LED lighting over traditional incandescent and fluorescent lighting and increasing energy efficiency regulation.
LED’s are over 10 times as efficient compared to traditional lighting, together with a much greater lifespan and reliability. This has made LED a preferable and sustainable choice for the next generation of lighting.
With further innovative LED technology and continuous new production by LED manufacturers this will continue to improve and pave the way for further LED development breaking through which will further benefit the growth of LED and increase demand further.
With an increased exposure regarding the overall residential and commercial benefits of LED inevitable, demand for LED Lighting will continue and both commercial and residential needs will continue to grow.
Source: UK Energy Lighting