The APAC LED lighting market reached a value of $27.5 billion in 2018 and it is predicted to generate a revenue of $58.0 billion by 2024. In addition to this, the market is predicted to progress at a CAGR of 13.0% between 2019 and 2024. The major factors fueling the expansion of the market are the rapid development of smart cities, the rising enactment of favorable government initiatives regarding energy conservation and energy efficiency in this region.

This was because of the huge requirement for LED lighting fixtures, on account of the construction of commercial buildings and residential houses in the region. Furthermore, the Asia-Pacific LED lighting market is classified into retrofit and new installation, on the basis of installation type. Of these, the new installation category registered higher growth in the market during the past few years, due to the implementation of several government initiatives regarding the usage of LED lights, especially in China and India.

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The growth of this category is caused because of the enactment of favorable government initiatives regarding the usage of LED lights in commercial spaces, especially in India, China, Australia, and Japan. Depending on industrial LED lighting, the market is classified into automotive, chemicals and pharmaceuticals, energy and utilities, food and beverage, oil and gas, telecom, textile, mining, and electronics and semiconductors. Amongst these, the energy and utilities category will demonstrate the fastest growth in the market in the forthcoming years.

Hence, it can be said with full confidence that the market will register huge growth in the coming years, mainly because of the rising implementation of favorable government policies regarding energy-efficiency and energy conservation and the rapid development of smart cities in various countries of the region.