Better awareness of the cost benefits of LED lighting – and particular growth in demand for explosion-proof LED lighting – are among the driving forces behind the market’s predicted growth between now and 2024.
In a newly published report from Persistence Market Research, the organisation forecasts 3.3% compound annual growth in global sales of LED work lights from 2016-24.
This will see over a million LED work lights shipped by the end of 2024, taking the global market from a value of just over $8 billion in 2016 to $10.7 billion by the end of the forecast.
According to Persistence Market Research, misconceptions about the cost of LED lighting have held the market back in recent years, as buyers simply have not recognised the overall financial benefits of the technology.
But this is now changing, and especially in terms of demand for explosion-proof LED lighting, the global market is witnessing new growth, with Europe the single largest region for sales.
The region’s growth is predicted to be a little lower than the average, at 3.1%, but with an existing market share of over a third, this will maintain Europe’s position as the world’s leading region for LED work lights.