The global LED retrofit market was valued at US$ 2,046.7 Mn in 2016 and is projected to register a cumulative annual growth rate (CAGR) of over 9.25% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “LED retrofit Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026.”
The LED retrofit market is expected to grow significantly due to increased cost efficiency and long life duration. The report suggests that the prominent adoption of LED lighting is expected to boost the LED retrofit market at the global level for the forecast period of 2018-2026.
Additionally, LED-based solutions are gaining popularity in residential and commercial applications, which holds a significant share in the market. Furthermore, multiple states of the U.S. have adopted LEDs due to these large number of benefits.
For instance, in April 2017, General Electric, a leading lighting solutions company, published a report stating that multiple states have adopted LEDs on a significant scale namely- Seattle, Washington- 35.5% and Minneapolis, Minnesota 32.9% leading the way.
Such initiatives are expected to have a positive impact on the global LED retrofit market.