Government Initiatives Toward Energy Efficiency Aiding Asia-Pacific (APAC) LED Lighting Market
Increasing government initiatives aimed at promoting energy-efficient lighting systems, growing number of smart city projects, and longevity of LED lights are driving the growth of the sector. Due to various benefits of LED lights, such as low energy requirement, electricity expenditure reduction capabilities, and better build, their demand from businesses has increased. The APAC LED lighting market was valued at $27.5 billion in 2018 and is predicted to witness a CAGR of 13.0% in the forecast period (2019–2024).
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