According to a report published by P&S Market Research, the global LED lighting market size is projected to cross $70.2 billion by 2023, growing at a CAGR of 12.6% between 2017 and 2023. The major reasons behind this growth are low declining manufacturing cost of LEDs, launch of new LED products and most importantly demand for energy efficient and sustainable lighting.
The other factors driving the rise in the LED market are such as investment in infrastructure enhancement along with continuous price reduction of LED lighting solutions. Furthermore, a rise in demand for LED for various applications of general lighting has also been advantageous for the market in the recent years.
The installation of LEDs is consistently increasing in the residential, commercial and industrial lighting applications. According to recent reports, the commercial solar market has grown 22% year over year.
The Latin American expected to witness the fastest growth between 2017 and 2023 market. The LED lighting market in Latin America is going to grow at a CAGR of 14.5% during the forecast period.
Another instrumental driving factor is the big companies in the LED lighting market. They are launching new products to improve their position in the market. For instance, in March 2018, Samsung Electronics Co. Ltd. announced the launch of H inFlux, a linear module that uses the company’s LED chip package LM301B. H inFlux is specially designed for lighting applications in factories, warehouses, and covered parking lots. The product comes with different luminous flux levels, offering a variety of footprints and color temperatures (such as 3000K, 3500K, 4000K and 5000K).