May 15, 2023 20:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES Led Grow Light
NEWARK, Del, May 15, 2023 (GLOBE NEWSWIRE) -- The global LED Lights market is forecast to expand at 16.2% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 87,242.8 Million in 2023. LED lights market to reach US$ 392,675.9 Million by 2033.
The LED lights can be effectively integrated in living environments, thereby supporting the market demand for LED lights. Additionally, producers of LED lighting systems are focusing on reducing the price sans any change in the product quality.
Since homeowners are persistently striving to adopt eco-friendly practices, LEDs are becoming the choice of product. LEDs are recyclable and don’t possess mercury. Besides houses, offices too are becoming a ubiquitous LED lighting applications.
Presently, in the business world, office management team is concerned about overall well-being of the employees. They are increasingly shifting to LED lights to make offices a brighter place for employees, thereby reducing eye-fatigue and better vision in the workplace. Overall, presence of bright light increases general comfort of employees.
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The primary investment to manufacture LED lights is high owing to the raw material it utilizes. Production of LED lights necessitates the use of superior quality semiconductor materials like gallium nitride, gallium arsenide, and indium phosphide. These materials are costly. In addition to this, LED lights utilize other materials like phosphors and electronic components, that are also fairly costly.
Top Highlights of LED Lights Industry:
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3.8. PESTLE and Porter’s Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2023 to 2033
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LED Displays, Lighting and Fixtures Market Share: Global sales of LED displays, lighting, and fixtures totaled US$ 82.4 Billion in 2021. Overall LED displays, lighting and fixtures demand will rise at 8.9% CAGR from 2022 to 2032. The global market size will increase from US$ 92.0 Billion in 2022 to US$ 215 Billion by 2032.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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