LED Lighting Market Outlook 2027 By Size, Share, Trends, Competition, Opportunity, and Forecast
According To TechSci Research, Global LED Lighting Market was valued at USD66.83 billion in 2020 and is projected to grow around USD81.09 billion by 2026 owing to increasing demand for energy-efficient lighting. Also, government programs that includes smart city development and overall infrastructure development are also driving the Global LED lighting market in the forecast period. However, growth in the industry was hindered in the year 2020, primarily due to global lockdowns that resulted in a break in economic activity. However , demand is gradually recovered after the second quarter. LED stands for light emitting diode which is a PN junction semiconductor diode that emits light when an electric current flows in a forward direction. In this diode, the charge carrier is sent as two on the P-side and electrons on the N-side to produce energy in the form of light and heat . LED lighting products produce higher and more efficient light than incandescent light bu...