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LED Lighting Market - In-depth Analysis of the Industry with Future Estimations

As the world is marching toward energy-efficient lighting solutions, owing to the surging environmental concerns, individuals, organizations, and governments are focusing on the adoption of light-emitting diode (LED)-based lighting solutions. As compared to conventional lights, LEDs have longer operational life and lower maintenance costs. Owing to these advantages, several governments are taking multiple initiatives to replace conventional lighting solutions with LED systems. 

For example, in 2019, the government of Tamil Nadu, an Indian state, issued a tender to replace the existing conventional street lights of Coimbatore with energy-efficient and smart LED lights. Over the years, smart LED lighting solutions have become quite popular due to their higher energy efficiency than traditional lighting solutions. The adoption of smart LEDs helps in reducing the cost burden on residential and commercial users, as these lights enable energy savings. 

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Other characteristics of these lights include motion activation technology, automatic off/on, and adaptive lighting. The ability of smart LED solutions to change their color enables them to create an ambient indoor experience. According to P&S intelligence, the Asia-Pacific (APAC) region deployed the largest number of LED lights in the recent past, owing to the deep penetration of LED lighting systems in the residential sectors of India, South Korea, and China. 

The expansion of the construction and infrastructure sectors in the region, primarily on account of the booming population, is propelling the adoption of these energy-efficient lighting solutions in APAC. Besides, the escalating consumer awareness about energy-efficient lights, owing to the surge in environmental concerns and power tariff, is augmenting the demand for LEDs in this region.

Thus, the rising awareness about energy-efficient lighting and declining LED prices will augment the adoption of LED lighting solutions in the coming years.

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