Growing Adoption of Solar LED Lighting in Remote Areas to Boost LED Lighting Market Growth
New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “LED Lighting Market information by Installation Type, by Product Type, by Distribution Channel and Region – forecast to 2027” market size to reach USD 151,951.1 million, growing at a compound annual growth rate of 18.7% by 2027.
The growing adoption of Solar LED Lighting in remote areas coupled with stringent government regulations regarding green technology across most countries will offer robust opportunities for the market over the forecast period.
Dominant Key Players on LED Lighting Market Covered are:
Phillips Lighting Holding B.V. (Netherlands)
GE Lighting (US)
Osram Licht AG (Germany)
Cree Inc. (US)
Cooper Lighting Solutions (US)
Dialight Plc (UK)
Zumtobel Group (Austria)
Samsung Electronics (South Korea)
Sharp Corporation (Japan)
Eaton Corporation (Ireland)
Acuity Brands Lighting Inc. (US)
Digital Lumens Inc. (US)
Hubbell Inc. (US)
LSI Industries Inc. (US)
LumiGrow Inc. (US)
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Market USP Exclusively Encompassed:
Need for LED Lighting Solutions for its Multiple Benefits to Boost Market Growth
The growing need for LED lighting solutions for its multiple benefits such as high energy-efficiency, low price, and high durability will boost market growth over the forecast period.
Lack of Awareness about Installation Costs to act as Market Restraint
The lack of awareness about installation costs & payback periods may act as market restraint over the forecast period.
Development of Alternative Technologies to act as Market Challenge
The development of alternative technologies may act as market challenge over the forecast period.
Browse In-depth Market Research Report (172 Pages) on LED Lighting Market:
Segmentation of Market Covered in the Research:
The global LED lighting market has been bifurcated based on installation type, product type, distribution channel, and end use.
By installation type, the retrofit segment will lead the market over the forecast period. Retrofit lamps just need the replacement of the old bulb with smart LED or LED bulbs and they are also easy to install compared to new lamps.
By product type, the bulb segment will dominate the market over the forecast period.
By distribution channel, the store-based segment will spearhead the market over the forecast period.
By end use application, the indoor lighting segment will have the lions share in the market over the forecast period.
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