In its research report, Market Research.Biz , emphasizes that over the review period, the Global LED Lighting Market 2022 is projected to rise exponentially, ensuring a significant market valuation of USD 105 billion in forecast period and a healthy 14% CAGR over the analysis.
Drivers and Restraints
Increasing regulatory stringency in inefficient lighting technologies and stepping up policy efforts toward sustainable development are key drivers for growth. Market growth has been driven by an significant decline in Light-Emitting Diode (LED) rates, coupled with the change of energy policies around the world. In addition, attractive incentives and rebates offered by the governments in several countries for the use of LED lighting can increase demand.
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