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The global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to witness a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028. Stringent regulations to ban or limit the use of inefficient lighting technologies and government rebate and retrofit programs to encourage the deployment of LED lighting are contributing to the market growth. LED lighting is comparatively expensive; however, it offers better service life and high lumen power at less wattage compared to incandescent, CFL, and halogen light sources. Moreover, the continuously declining prices of LED lamps and luminaires and the availability of smart lighting solutions, coupled with updated energy policies across the world, are expected to provide an impetus for the market growth over the forecast period.


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