LED Lighting Market To Reach $70 Billion By 2023

- Jul 14, 2018 -

According to a report released by P&S Market Research, the global LED lighting market is expected to exceed US$70.2 billion by 2023, and the compound annual growth rate will reach 12.6% between 2017 and 2023.

The increasing use of energy-efficient lighting solutions worldwide is one of the main factors affecting the development of the LED lighting industry. Increased infrastructure investment and continued price declines in LED lighting solutions have also driven market growth. In addition, the increased demand for LEDs for various general lighting applications in recent years has also benefited the market.

The adoption of LEDs continues to increase in residential, commercial and industrial lighting applications. A recent report pointed out that the commercial solar market grew by 22% year-on-year.

The Latin American LED lighting market is expected to achieve the fastest growth between 2017 and 2023. The LED lighting market in Latin America is expected to grow at a compound annual growth rate of 14.5% during the forecast period. Among all countries in the Latin American region, Brazil is estimated to contribute the largest revenue to the Latin American LED lighting market between 2017 and 2023. The growth of the country's market can be attributed to the decline in manufacturing costs of LEDs and increased demand for energy efficient and sustainable lighting.

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