[ad_1]
Portland, Oregon, July 12, 2021 (GLOBE NEWSWIRE) – According to a report issued by Allied Market Research, global LED light engine market It created 25.15 billion US dollars in 2020 and is expected to reach 91.27 billion US dollars by 2030, with a compound annual growth rate of 13.3% from 2021 to 2030. The report provides extensive analysis of changing market trends, value chains, top market segments, top investment areas, regional scenarios, and competitive landscape.
Rapid urbanization and infrastructure development, lower LED prices, and regulatory agencies’ support for the adoption of energy-saving lighting systems have promoted the growth of the global LED light engine market. However, lack of awareness and high installation costs hindered market growth. On the other hand, the integration of wireless technology in LED lighting systems and the emergence of innovative LED light engine products provide new opportunities in the next few years.
Download a free sample report (get a detailed analysis in PDF format-more than 250 pages): https://www.alliedmarketresearch.com/request-sample/12152
Covid-19 scenario:
- Due to the blockade imposed by the governments of many countries, the manufacturing activities of LED light engines have been partially or completely stopped. In addition, supply chain disruptions and shortages of raw materials have brought challenges to full-scale production activities.
- As new installation and maintenance activities are delayed due to the lockdown, the demand from end users such as commercial and residential users has dropped significantly. However, it is expected that demand will increase steadily after the lock-in.
- Due to the supply chain disruption, market participants have been devising various strategies and quick responses to stabilize. according to…
The full story on Benzinga.com
[ad_2]
Source link
