LED Lighting Market is expected to reach $134 billion, growing at a CAGR of 9.1% between 2021-2031

LED Lighting Market is expected to reach $134 bn by 2031, growing at a CAGR of 9.1% between 2021-2031.

LED lighting is a type of lighting that uses light-emitting diodes (LEDs) as the source of light. LEDs are semiconductor devices that convert electrical energy into visible light. LED lighting is more energy-efficient and has a longer lifespan than traditional lighting such as incandescent and fluorescent lighting.

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There are a few different types of LED lighting:

- Standard LED bulbs - These are the most common type of LED bulbs and can be used in a variety of applications, including general lighting, task lighting, and accent lighting.
- Flood lights - Flood lights are a type of LED light that is designed to provide a wide, even beam of light. They are often used for outdoor lighting, such as security lighting or landscape lighting.
- High-intensity discharge (HID) LED lights - HID LED lights are a type of LED light that is very bright and is typically used in industrial and commercial applications, such as warehouse lighting or street lighting.
- Light-emitting diode (LED) lamps - LED lamps are a type of LED light that is designed to mimic the light output of traditional incandescent bulbs.

COVID-19 Impact:

The impact of covid on LED lighting market was mainly felt in the short term, as the lockdown led to a decrease in demand from the construction and hospitality sectors. However, the long-term impact is expected to be positive, as the move to LED lighting is seen as a way to reduce energy costs.

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Key Trends and Drivers:

- The growing number of smart city projects around the world is driving up demand for smart lighting solutions for highway and roadway applications. Governments in a number of nations, including India, Italy, Germany, and China, are focused on strategic partnerships to construct smart cities, thereby increasing market representation.
- The increased emphasis on environmental protection has a considerable impact on the lighting sector. Energy conservation has become one of the most prioritized implementation initiatives throughout the years, and LED lighting adoption contributes greatly to energy conservation.

Key Companies:

- Acuity Brands Lighting Inc.
- Dialight
- Hubbell
- Panasonic Corporation
- Siteco GmbH
- MIC Electronics Ltd.
- Havells India Ltd.
- InstaPower Ltd.

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