LED Lighting Market Forecast
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Global <strong>LED</strong> lighting market is likely to outperform & reach US$ 100 Billion by 2024<br />
is mainly suitable for green and leafy growth whereas blue spectrum of light provide suitable<br />
accommodation for flowering and fruiting. Moreover many <strong>LED</strong> floodlight comes with<br />
combination of different spectrum of lights that provides complete accommodation for growing<br />
plants whether inside house or outside.<br />
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Global Demand of <strong>LED</strong> <strong>Lighting</strong> in Residential Sector is growing due to rising<br />
Urbanization Rate<br />
The increasing urbanization rate in Northern America, Latin America, Europe, Asia and Africa<br />
will propel the demand of <strong>LED</strong> lighting in residential complex and household. The gradual<br />
decline of manufacturing cost of <strong>LED</strong> lighting will further add the growth of overall <strong>LED</strong> lighting.<br />
<strong>LED</strong> lighting manufacturer and marketer are also focusing on niche section of residential<br />
lighting to improve the experience of customer by adding extra features like smart lighting.<br />
Smart lighting has the ability to change its ambience according to weather condition,<br />
temperature and set-up the different combination of light in the morning, noon, evening and<br />
night.<br />
Adoption and Installation of New <strong>LED</strong> Street Light Worldwide<br />
The governments of many developed and developing nations especially emerging nations were<br />
supporting <strong>LED</strong> lighting and passed several bills and draft numerous policies in the favor of <strong>LED</strong><br />
lighting industry. Many countries starts replacing and installing new <strong>LED</strong> lights in the public<br />
places like street lights, industry association and government building etc. but street lighting<br />
gaining prominent growth because all the government either state government or central<br />
government are very conscious to adopt <strong>LED</strong> lighting to save its treasury. They are doing many<br />
draft policies time to time to review and monitoring status of <strong>LED</strong> lighting performance and<br />
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