The global lighting market reached a value of about USD 106 billion in 2019 and expected to grow at a CAGR of 5.5% in the forecast period of 2020-2025 to reach a value of approximately USD 140 billion by 2025.
The global Lighting market size is expected to reach USD 127.04 billion by 2027, according to a new report by Expert Market Research, Inc., expanding at a CAGR of 13.4% over the forecast period. The LED lighting offers benefits such as energy efficiency, cost-saving, longer service life, lower heat emission, and nanosecond switching capability, fueling the product demand in the market. Advantage of directional controlled light is anticipated to further drive the demand. Technological advancements and availability of numerous design options for fixtures and lamps due to compact shape and features, such as daylighting, occupancy senor, dim-ability, and timer, are anticipated to positively influence the growth. The energy conservation policy introduced by governments across the world, providing incentives, and attractive rebates for individuals and organizations in commercial and industrial spaces has further contributed to market growth.