The declining prices of the LED lights is also contributing toward the surging sales of these devices throughout the globe”. The rapidly reducing prices of these lighting systems have boosted their usage in various applications such as commercial, architectural, and residential lighting. Additionally, the utilization of these lights, in place of the conventionally used lighting devices, significantly reduces the energy consumption rates.

For instance, “as per the findings of the U.S. Department of Energy (DOE), the usage of LED lights will reduce the rate of energy consumption across the country by 40% by 2030”. Hence, with the growing adoption of LED lighting solutions, “the global light emitting diode (LED) lighting market will grow, in valuation, from $30,500.8 million to $70,240.0 million from 2016 to 2023”.

According to the forecast of P&S Intelligence, a market research company based in India, the LED lighting market will progress at a CAGR of 12.6% between 2017 and 2023. Lamps and luminaires are the most widely used types of LED lighting devices across the world. Of these, the revenue generated from the sales of luminaires was found to be higher over the last few years.

Geographically, “the LED lighting market exhibited the highest revenue growth in the Asia-Pacific (APAC) region over the last several years”. Furthermore, “the usage of these devices is predicted to increase at the fastest rate in the APAC region in the future years”. This is attributed to the soaring number of initiatives being taken by the governments of various APAC nations for promoting the utilization of energy-efficient lighting systems and the increasing electrification of villages in the APAC countries.

Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/led-lighting-market/report-sample

Therefore, it can be safely said that the sales of LED lighting devices will shoot-up all over the world in the years to come, mainly because of the rising construction and infrastructural development activities, rapid development of smart cities, and the surging electrification of rural areas across the world.

This market research report provides a comprehensive overview of the LED lighting market

* Historical and the present size of the LED lighting market

* Future potential of the market through its forecast for the period 2020– 2030

* Major factors driving the market and their impact during the short, medium, and long terms

* Market restraints and their impact during the short, medium, and long terms

* Recent trends and evolving opportunities for the market participants

* Historical and the present size of the market segments and understand their comparative future potential