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global led light market is expected to keep annual positive growth rate from 2022 to 2028

The world LED light market volume was valued up to USD 57.3 billion in 2021, it is expected to have a compound annual growth rate (CAGR) of 12.5% from 2022 to 2028.
the estimated growth rate of global LED lights market from the year 2021 to 2028
The indoor applications led the market and accounted for over 68% share of the global market in 2021. The segment is expected to keep its dominant position due to high product adoption as an alternative to fluorescent, High-Intensity Discharge (HID), and incandescent lamps. The use of LED lights in offices, retail stores and malls, hospitals, and education buildings has increased over the past few years.

Outdoor applications cover airports, corporate campuses, industrial, government, and healthcare infrastructure; highways and roadways; and public places, streets,such as signage and traffic signals, led work lights. The product demand in outdoor applications can be much affected by government interventions and municipality support. Government initiatives, such as the LightSavers program undertaken by The Climate Group, are expected to start the replacement of traditional lighting solutions.

Asia Pacific area was still the largest market share exceeding 42% in 2021 , which is likely to retain the leading position growing at the fastest CAGR. Taiwan, Japan, and China are the key contributors to the regional market growth owing to the initiatives by respective governments for adopting LED lights. The fastest-developing countries in the region, which are China, Indonesia, India, Vietnam, and Malaysia.

Asia Pacific is regarded as the major supplier of LED chips and packages, with many factories in China, Taiwan, South Korea, and Japan.. The debt crisis in Europe affected the demand for LEDs very much, as their production requires enormous capital investments. In recent times, there are booming demand for LED lights in Europe and North America owing to government support and the growing use of ultra-modern lighting in several industries.

Some world-famous led lights players in the global LED lighting market cover:

Acuity Brands Lighting Inc.
Digital Lumens Inc.
LSI Industries Inc.
Panasonic Corporation
Siteco GmbH
Signify Holding
Semiconductor Co. Ltd. (Seoul Semiconductor)
Zumtobel Group Ag
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