18/04/2019
The global LED lighting market size was estimated at USD 35.85 billion in 2018. Increasing demand for power-efficient illuminating systems across residential, commercial, and industrial sectors, rising concern over reduction of non-renewable sources of power, and decreasing price of LED lights are likely to aid in the growth of the industry over the coming years.
Light emitting diodes are highly efficient, reliable, and yield longer life span, which is anticipated to boost its demand in various applications, including indoor and outdoor solutions. These lights are cost effective as compared to incandescent lights, delivering around 50,000 hours of illumination with a small amount of energy consumed.