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Market Research Future (MRFR) has announced a new addition to its catalog of market research reports. The new report studies the global LED lighting market in detail to deliver a comprehensive overview of the market’s growth prospects over the forecast period from 2017 to 2023. The global LED lighting market is expected to reach a valuation of USD 105 billion by 2023, at a 14% CAGR over the forecast period. The LED lighting market has been driven by the growing awareness about the significant benefits LED lighting provides in contrast to traditional incandescent lighting. LED lighting is cheaper, more energy-efficient, and safer to use than incandescent lighting, as well as providing longer operational lifetimes than the latter. Since LEDs don’t contain an incandescent element that heats up when providing light, they can last much longer than incandescent lighting as a result of the lower wear. LEDs operate on the principle of activating electrons to reach designated “electron holes”,...

Market Overview in its recently published research report, Market Research Future (MRFR), asserts that the global LED Lighting Market is expected to register a market value of approximately USD 105 Billion by 2023, at 14% of CAGR between 2017 and 2023. Drivers and Restraints The primary drivers of the LED lighting market are focus on LED standardization, strong government support, thriving real estate sector, rural electrification enhancement, organized retail market, and rising population across the globe, among others. Segmental Analysis The global LED lighting market is segmented based on product, installation type, and application. The installation type is bifurcated into retrofit installation and new installation. The retrofit installation refers to a variety of tasks that must complete before the consumers begin to remove or install cable. The retrofit focuses on a unique set of circumstances, determined by the scope and design of the cabling installation. The product segment ...