The adoption of energy-efficient lighting solutions has increased considerably across the globe. Light-emitting diodes (LED) have emerged as the key energy-efficient lighting solution at the present time. The demand for LEDs for different applications is growing because of their longer operational life and lower maintenance cost than conventional lighting solutions.
Owing to these advantages, LEDs are extensively being deployed in stadiums, tunnels, parking lots, and streets. Furthermore, governments of various countries are taking initiatives to increase the adoption of solutions that consume less energy, as the surging demand for energy has led to a global energy crisis. As per a report by ResearchAndMarkets.com, the global LED lighting market is predicted to generate a revenue of $262.8 billion in 2030, rising from $67.6 billion in 2019.
Click here to read the full article and learn more, posted on November 16TH, 2020 on Yahoo Finance.
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