According to the new market research report “Global LED Lighting Market, by Product Type (LED Bulbs, Bare LED Tubes, LED Fixtures, LED Down lights and Others), by Services (Consulting Services, Installation Services and Maintenance & Support), by End-use Industry (Residential, Commercial and Industrial), by Application Type (Outdoor, Indoor, Backlighting, Automotive and Others) and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East) – Global Forecast to 2025″, is estimated to be valued at over USD 120 billion by 2025 and expected to witness a CAGR of 16.61% during the forecast period from 2017 to 2025, as highlighted in a report published by Coherent Market Insights.
The global demand for green technologies is also fueling the growth of the LED market. LED lighting systems use up to 50% less energy to generate an equivalent light intensity as Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). This reduced energy consumption that directly converts into a reduction of more than 700 million tons of carbon dioxide emissions annually. It is estimated by observing the current market trend for CFLs and CCFLs, as these two technologies are the main products that will be exchanged by LEDs.