Press release
LED Lighting Market worth $134 billion by 2031 | Acuity Brands Lighting Inc., Dialight, Hubbell
LED Lighting Market
Read more about LED Lighting Market here:https://www.globalinsightservices.com/reports/led-lighting-market/
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.
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.
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Market Segments:
By Product:
Lamps
Luminaries
By Application:
Commercial
Residential
Industrial
By Distribution Channel:
Online
Distributors
Key Companies:
Acuity Brands Lighting Inc.
Dialight
Hubbell
Panasonic Corporation
Siteco GmbH
MIC Electronics Ltd.
Havells India Ltd.
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