Rising Demand for Cost-Efficient Lights to Augment LED Lighting Market Growth

The LED lighting market is being driven by numerous factors, namely the increasing adoption rate of energy-efficient solutions, reduction in the cost of these lights, and rising investment for infrastructure improvement. The market is estimated to garner a revenue of $70,240 million by 2023, advancing at a 12.6% CAGR during the forecast period (2018–2023). 

Light-emitting diode (LED) is a semiconductor device that, through the exchange of electrons and holes, produces current, which leads to energy generation in the form of light.

The growing demand for and adoption of energy-efficient lighting products is driving the market forward. The advantages offered by LEDs, such as low maintenance costs, even when these are operated for long hours, are making them popular among users.

This is enabling major LED lighting manufacturers to cut down on the prices of their products by a significant margin. For instance, a new, cheaper product has been introduced by Koninklijke Philips N.V., which provides improved illumination at reduced energy consumption and maintenance costs.

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