According to a recent analysis of LED Inside, the market of LED lighting solution is expected to grow in leaps and bounds in the next few years. Statistics reveal that the LED market scale has increased by 14% in this year compared to 2016 and the scenario makes it quite obvious that the same will increase massively in the future. With LED lighting technology gradually taking hold, the prices of LED lights are also expected to drop gradually. It’s been expected that by 2020, the estimated market size is going to surpass USD 1 billion.
Present State of the LED Market Solution
Recent statistical data clearly supports the pivotal position of LED technology in the global lighting market. Over the past few years, it’s being monitored on a regular basis that the usage of LED light in the residential architectural and outdoor setting has increased considerably. However, outdoor LED lighting is gaining a quick popularity compared to the others.