Connected Car Market Size To Reach $180.30 Billion By 2022

The global connected car market size is expected to reach USD 180.30 billion by 2022, according to a new study by Grand View Research, Inc. Surging consumer demand, the constant need for connectivity, increased dependency on technology and the growing number of tech-savvy people are some of the factors expected to boost global connected car market growth.

Connected cars offer connectivity on wheels providing comfort, performance along with safety and security. Such advanced technology enables the driver and passengers to connect with various online platforms that facilitate real-time communication on the go.

The connected car market has the potential to significantly boost revenues of automobile manufacturers over the next five to seven years. Car manufacturers are expected to deliver the right mix of application and product packages for the right customers, and must systematically invest in R&D if they are willing to maintain their technological leadership.

Increasing regulations by governments and transportation authorities for the installation of advanced safety and vehicle to vehicle communications systems are expected to positively impact industry growth.

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http://www.grandviewresearch.com/industry-analysis/connected-car-market

Further key findings from the study suggest:

  • Safety applications dominated the global connected car industry, accounting for over 34% of the share in 2014. The inclusion of safety technologies such as danger warning systems, automatic emergency calling, blind-spot alerts, anti-collision systems that prevent accidents in automobiles has made modern cars safer and accident-proof. This is expected to result in an overall reduction in road mishaps and accidents thus reducing the overall on-road fatalities.
  • Growing at a CAGR of over 31% from 2015 to 2022, driver assistance systems are expected to gain prominence over the forecast period. Recent advancements in driver assistance systems such as Volkswagen’s Emergency Assist, that automatically applies the brakes and stops a car in case of an emergency and BMW’s autonomous parking valet, that automatically parks a car even after the passenger’s exit have set benchmarks for driver assistance systems in the connected vehicle industry.
  • Asia Pacific is expected to grow at a CAGR of over 29% over the forecast period due to considerable automobile demand in the region coupled with a relatively untapped market for sophisticated automotive communications in the region. Countries such as China and India are expected to drive industry growth during the next seven years. Automobile manufacturers and technology giants across the world are striving hard to provide advanced vehicle management and safety technologies in the budget car segment as well. Regulation by the European department of transportation in association with the governments have mandated the installation of eCall emergence calling systems and other advanced telematics systems for safety purposes in all new vehicles manufactured after the year 2014.
  • Technological and product innovations have driven a highly dynamic market. Industry participants include major automobile manufacturers and telecommunication giants such as Audi AG, Alcatel Lucent, Apple Inc, BMW, Ford Motors, and Google Inc. Manufacturers resort to mergers, acquisitions, and strategic alliances with technological and network service providers as their key growth strategy to make their presence felt in the industry.

Cloud Computing Market Worth $765.6 Billion By 2027

The global cloud computing market size is expected to reach USD 765.6 billion by 2027, expanding at a CAGR of 14.9%, according to a new study conducted by Grand View Research, Inc. Increasing adoption of cloud-first strategies by organizations to optimize their business models and drive revenue growth is expected to drive the market. In addition, cost effectiveness, boost in functional capabilities, and substantial increase in number of small and medium enterprises are other key factors driving the growth. Moreover, technologies such as artificial intelligence, machine learning will complement cloud services to boost the organizational growth across industries.

The critical factor anticipated to foster the market growth is the infusion of big data. Incapability of the traditional data warehouses to manage and analyze the volume, velocity, variety, and veracity of big data will be addressed by cloud computing technology. Moreover, economies of scale offered by the platform will allow privacy and security to be managed more efficiently. Besides, in the age of Bring Your Own Device (BYOD) culture adopted by IT companies, cloud technology will help people to access data anytime, anywhere and make companies more connected and global. The Coronavirus (COVID19) outbreak and the subsequent measures to contain it forced organizations to work remotely leading to higher adoption of cloud technology by enterprises.

At present, cloud services have been utilized across various industries and most of the organizations are relying on IT resources to conduct their day to day work. These services initially needs considerable capital investment and regular maintenance. Government organizations are also adopting cloud services for storage, disaster recovery, risk compliance management, and identity access management applications. In October 2019, amidst corporate hostility, Microsoft Corporation was awarded the U.S Department of Defensecloud computing contract, Joint Enterprise Defense Infrastructure (JEDI) worth USD 10 billion.

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https://www.grandviewresearch.com/industry-analysis/cloud-computing-industry

Cloud computing market report highlights:

  • Infrastructure as a Service (IaaS) segment is predicted to expand at the highest CAGR over the forecast period owing to increased adoption of multi-cloud, scalability, and fast data accessibility. Companies like Amazon.com Inc.; Microsoft Corporation; Alibaba Group Holding Ltd.; Google LLP.; and IBM Corporation are some of the key IaaS vendors in the market
  • Application development and testing is likely to be the fastest growing segment over the forecast period owing to the efficient and scalable development of applications on cloud platform. Moreover, compared to traditional development methods, app development time is likely to reduce by 31%, and quality assurance costs by 34%
  • Hybrid deployment is anticipated to be the fastest growing segment owing to growth of cloud and industrialized services and decrease in traditional Data Center Outsourcing (DCO). Moreover, flexibility to move workloads between private and public deployment as per the computing needs, hybrid segment will provide enterprises greater flexibility and more data deployment options in the long run
  • Small and medium enterprise segment is anticipated to be the fastest growing segment owing to reduced costs for IT hardware and software, improved processing capacity and elasticity of storage, and improved access to data and service. The growth of adoption of cloud technology among SMEs in developing regions is likely to boost the market growth over the forecast period
  • The manufacturing end-use segment is expected to expand at the highest CAGR over the forecast period. Owing to various functionalities, cloud computing aids manufacturers to utilize multiple types of production system ranging from High Performance Computing (HPC) and 3D printing to IoT and industrial robots
  • Asia Pacific is expected to emerge as the fastest-growing region owing to the increasing focus of SMEs and large enterprise to enhance their digital initiatives. Growth in IT services industry in the markets such as India, China, and other South Asian countries will also propel the market growth

Yacht Market Size Worth $9.0 Billion By 2025

The global yacht market size is expected to reach USD 9.0 billion by 2025, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing coastal and marine tourism activities across the globe. Furthermore, the rising standard of living and growing corporate tourism activities across the globe are expected to further drive the market.

The sports segment is expected to exhibit high growth owing to its use in personal activities as well as sports events. The increasing number of recreational sporting events, yacht trade shows, and events organized by OEMs are supporting the growth of the market in developed regions such as North America and Europe. Significant increase in the number of people participating year-on-year in marine recreational activities is also expected to further boost the market growth in these regions. Moreover, rising marine tourism and the growing population of high net worth individuals are also likely to contribute to the growth of the regional markets.

According to the World Bank, HNWI accounts for less than 1% of the world’s total population and more than 40% of the world’s total wealth. The growing HNWI population is driving the spending on leisure activities, including yacht travels. The demand for modern leisure yachts is particularly growing as it provides a connected experience while cruising, fishing, and so on.

The increasing adoption rate of yachts has compelled manufacturers to invest in research and development on building yachts using high strength composite material for physical structures. Significant amounts of R&D budgets are also assigned for the integration of technologies such as IoT that enable the exchange of information through a single network. Furthermore, digitalization of propulsion systems has also significantly increased the efficiency of yachts, thus reducing fuel consumption.

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https://www.grandviewresearch.com/industry-analysis/yacht-market

Further key findings from the report suggest:

  • The yacht market is anticipated to experience substantial growth with a CAGR of 5.6% on account of the growing emphasis on marine tourism
  • The sports segment is anticipated to register a higher CAGR over the forecast period owing to its increasing adoption in personal as well as sports applications
  • The 20 to 50 ft length segment is expected to witness higher growth owing to the low operational cost, maintenance, and fuel consumption of yachts of this length size
  • Asia Pacific is anticipated to register a higher CAGR over the forecast period owing to the presence of government initiatives to boost marine tourism and the rising disposable income of individuals
  • The market is oligopolistic in nature and is dominated by key players such as Brunswick Corporation, Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Group, The San Lorenzo S.p.a, Sunseeker International, Ferretti S.p.A., Alexander Marine International Co., Ltd. (AMI), and Princess Yachts Limited, among others.

Automotive Aftermarket Size Worth $513.8 Billion By 2027

The global automotive aftermarket size is expected to reach USD 513.8 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Digitalization of automotive repair and component sales, along with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth. Increasing adoption of semi-autonomous, electric vehicles, and hybrid and autonomous cars is further expected to bolster the market growth.

Increasing disposable income and improved lifestyle in developing countries such as India and Brazil are leading to increased vehicle penetration, which is expected to drive the market in the region. Growth in the automotive manufacturing sector across various regions, along with stringent emissions norms, are expected to drive the aftermarket component sales over the forecast period. Third party services and technological advancements offer new and profitable revenue streams to leverage these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create significant surge in the demand.

Manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships to gain a strong foothold in the market. Asia Pacific is expected to be the fastest growing regional market owing to improving living standards and high automobile production. With increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers, dedicated toward repairing of particular vehicles, are expected to increase.

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https://www.grandviewresearch.com/industry-analysis/aftermarket-automotive-parts-market

Further key findings from the report suggest:

  • The aftermarket is estimated to grow significantly over the forecast period owing to increasing number of lightweight vehicles along with increasing age of the light vehicle fleet
  • Innovative business models and solutions provided by the manufacturers and growing investments in the same, are expected to create sustainable growth opportunities for the market
  • North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to other geographies
  • The automotive aftermarket is anticipated to witness a phase change owing to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles
  • Key industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.

Vaccine Market Size Worth $77.5 Billion By 2024

The global vaccine market size valuation is expected to exceed USD 77.5 billion by 2024, at a CAGR of 10.3% according to a new report by Grand View Research, Inc. The development of various molecules to cater to the growing demand for vaccines can drive market demand. The majority of the key players are focused on vaccine development to gain an edge over competitors. For instance, Pfizer, Inc., is developing vaccines for Clostridium difficile, Staphylococcus aureus, and Meningococcal B.

Furthermore, the broad coalition of governments, worldwide, working to promote the awareness of vaccination benefits through immunization programs with the objective of containing the propagation of communicable diseases that are associated with high morbidity and mortality is expected to stimulate market growth. 

For instance, the ‘Immunize Australia Program’ sponsors the immunization of individuals, which acts as a preventative action in preventing disease occurrence and checks rampant disease transmission thus protecting millions of Australians from severe diseases. Another program that has been involved in achieving extensive immunization coverage on the Indian continent is the National Immunization Program, a government program that has focused on taking strong preventive measures to offset vaccine-preventable diseases, particularly in children.  

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http://www.grandviewresearch.com/industry-analysis/vaccine-market

Further key findings from the study suggest:

  • The inactivated vaccine type segment was estimated to have over 14.5% market share in 2015 owing to the related advantages including easy storage and transport due to the highly stable nature of these vaccines. In December 2015, Sanofi Pasteur, Inc. launched a new trivalent, inactivated polio vaccine in India.
  • The DNA vaccine segment is presumed to be the fastest-growing type over the forecast period owing to the ease of production compared to the cell-based vaccines and the promising, targeted immunization outcomes coupled with the continual developments in the biotechnology area. Other advantages associated are ease of production, long-lasting immunogenicity, and no risk of reversion.
  • The cancer application segment is expected to witness the fastest growth with a CAGR of over 11.8% in the vaccinations market majorly attributable to the need for immunization against cancer coupled with the increasing prevalence of various types of cancer, such as cervical and colorectal cancers.
  • North America dominated the market in terms of revenue with over USD 12 billion in 2015, due mainly to the presence of extensive research and development activities and the existence of key participants of the industry in this region
  • Asia Pacific is identified to witness lucrative growth with a CAGR of around 10.7% during the forecast period due to the growing population base and the increasing economic growth of countries, such as China, Japan, and India. Moreover, the availability of skilled labors at a lower cost and the low manufacturing operations cost provide a platform for clinical trial outsourcing of the vaccinations under development to expedite commercialization.
  • Leading players in this industry, among others are, Merck & Co., Inc., Emergent BioSolutions, Inc., Johnson and Johnson, Sanofi Pasteur, Inc., Pfizer, Inc., Novartis AG, CSL Ltd., and GlaxoSmithKline Plc. Other prominent players include Abbott Laboratories, Inc., AstraZeneca plc, Janssen Pharmaceuticals, Inc., Takeda Pharmaceuticals Company Ltd., and Valeant Pharmaceuticals International, Inc.
  • In April 2016, VBI vaccines, Inc. entered into a collaborative agreement with Sanofi Pasteur, Inc. to employ its “Lipid Particle Vaccine” formulation technology to better the stability of the Sanofi vaccines. 

Wound Care Market Size Worth $25.1 Billion By 2026

The global wound care market size is expected to reach USD 25.1 billion by 2026, according to a new report by Grand View Research, Inc., registering a 3.9% CAGR during the forecast period. Increase in prevalence of chronic diseases globally, rising number of ambulatory surgical centers (ASCs), and growing geriatric population are key factors driving the global market.

ASCs offer a variety of services such as surgical assistance, diagnostics, and preventive procedures. Surgeries for pain management, urology, orthopedics, restorative, and gastro intestinal (GI) conditions are also performed in ambulatory surgery centers. Earlier, ASCs were only capable of performing GI-related minor surgeries; however, with increase in number of minimally invasive surgical procedures, services offered by ambulatory surgical centers have expanded and grown exponentially.

According to the U.S. Department of Health and Human Services (HHS) data records of 2014, there were 17.2 million hospital visits. These included invasive, therapeutic surgeries, and ambulatory surgeries. Around 9.94 million (57.8%) of these surgeries occurred in hospital-owned ambulatory surgery settings and the remaining 7.26 million surgeries (42.2%) were conducted in hospitals. ASCs are increasing in number and thus offer cost-effective services. In addition, favorable reimbursement coverages are being provided with regard to services provided by ASCs. The chances of contracting post-surgical, hospital-related infections are also reduced. ASCs provide specific instructions to patients regarding post-surgical homecare. Thus, with an increase in the number of ASCs and number of surgical procedures, demand for wound care is expected to increase.

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https://www.grandviewresearch.com/industry-analysis/wound-care-market

Further key findings from the report suggest:

  • In terms of revenue, the advanced dressing segment held the largest share in 2018 owing to increasing cases of chronic diseases and rising adoption of advanced wound care products across the globe
  • The home healthcare segment is expected to witness the fastest growth over the forecast period due to increasing geriatric population and rising adoption of negative pressure wound therapy
  • On the basis of application, the acute segment held the largest wound care market share in 2018 owing to rising number of surgeries and burn cases across the globe
  • Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing number of surgeries and rising cases of burns in this region
  • Prominent key players present in the wound care market include Smith and Nephew; Molnlycke Health Care AB; and Baxter International Inc.

Healthcare Analytics Market Size Worth $53.65 Billion By 2025

The global healthcare/medical analytics market is expected to reach USD 53.65 billion by 2025, according to a new report by Grand View Research, Inc. Increasing need to reduce healthcare expenditure among hospitals, and other healthcare providers is anticipated to boost growth in the market. 

With the advent of data-enriched tools such as mHealth, eHealth, Electronic Health Records (EHR), and mobile applications, the communication gap between caregivers and patients has reduced. These tools generate tremendous data, which can be used for personalized treatments.

Generally, patients may hesitate to use these tools, which might affect the implementation of analytics. However, with the combination of artificial and human intelligence data analytics, which offer wide opportunities to further customize medical approaches, the demand for these tools is anticipated to increase over the forecast period.

Hospitals are now using healthcare analytics to manage the number of workers working in a particular shift, for instance, a hospital in Paris uses healthcare analytics to predict the number of patients that may be hospitalized. This data can be used to decide the number of staff members that will be needed for a particular shift, which helps in reducing labor cost in hospitals.

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https://www.grandviewresearch.com/industry-analysis/healthcare-analytics-market

Further key findings from the report suggest: 

  • Descriptive analytics held a significant share in 2015 owing to its applications in process optimization in organizations.
  • The services category dominated the component segment in 2015. Outsourcing of these big data services contributed towards their growth in leading to the high volume of services rendered.
  • The hardware systems category dominated the component segment, high-cost of the hardware contribute to its growth.
  • On-premise delivered analytic services dominated the delivery mode category with around 54.0% share in 2015.
  • Operational and administrative applications governed the applications segment and held a remunerative share in the year, 2015.
  • Payers held a significant market share in 2015 and the providers are anticipated to grow at a lucrative rate.
  • North America captured a significant share in the global market. Advanced healthcare infrastructure in this region and the growing per capita healthcare expenditure supported the greater consumption of these services.
  • The Asia Pacific region is expected to witness gainful growth attributable to the untapped opportunities in the countries including India and China.
  • Some key players operating in the healthcare analytics market include IBM Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Optum Health, Inc., and Verisk Analytics, Inc. The notable initiatives in the industry include new product launches, collaboration with government bodies, and investments directed towards R&D efforts.

Digital Health Market Size Worth $509.2 Billion By 2025

The global digital health market size is expected to reach USD 509.2 billion by 2025, expanding at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of mHealth technologies by physicians to prescribe for self-management of chronic illness, such as diabetes, has propelled the growth of the market. For instance, Glooko is specifically used for management of diabetes. Availability of such apps in smartphones makes it easier for healthcare professionals to access patient information and diagnose diseases. Furthermore, increase in penetration of smartphones and internet connectivity are the key factors driving the market.

Growing need for improving workflow efficiency in hospitals and other healthcare centers is propelling the demand for mHealth services in healthcare administration. For instance, Results SMS in Uganda is an open source SMS-based platform providing appointment reminders. It gives appointment reminders as SMS to patients. In addition, mHealth services are disseminating essential medical information to healthcare professionals, which, in turn, is driving their adoption in healthcare communities as these help in training, updating, and educating about diagnosis and treatment.

Additionally, increasing pressure from the governments to reduce cost and rising demand for improved patient care are resulting in an increase in the demand for electronic health record (EHR) system. Recent advancements in EHR technology with the inclusion of interoperability, mobile, cloud, and big data are propelling the demand for advanced EHRs in the market. Companies are increasingly investing in developing innovative technologies in EHRs, which, in turn, is expected to boost demand in the market. For instance, in 2018, Allscripts launched Avenel, which is a mobile-first, cloud based EHR that uses machine learning to reduce time in clinical documentation and works more like an app.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/digital-health-market

Further Key Findings from the Study Suggest:

  • In 2018, the mHealth technology segment held the largest revenue share owing to rising adoption of mHealth technologies among physicians and patients, increasing trend of preventive healthcare, and rising funding for mHealth startups
  • Digital health systems occupied the second largest revenue share in 2018 owing to rising government initiatives to promote digital health, resulting in an increased adoption of digital systems among healthcare systems
  • North America held the largest revenue share in 2018 owing to rapid growth in adoption of smartphones, advancements in coverage networks, rise in the prevalence of chronic diseases, and increase in geriatric population
  • Asia Pacific is expected to expand at the fastest CAGR over the forecast period owing to increasing penetration of smartphones and smart wearable devices and rising adoption of mHealth services
  • Key players operating in the digital health market include Apple Inc.; AirStrip Technologies; Allscripts; Google Inc.; Orange; Qualcomm Technologies Inc.; Mqure; Samsung Electronics Co. Ltd.; Telefonica S.A.; Vodafone Group; Cerner Corporation; and McKesson Corporation.

Wireline Logging Service Market Worth $34.39 Billion By 2022

The global wireline logging service market was valued at over USD 16 billion in 2014, according to a new study by Grand View Research, Inc. This can be attributed to the potential increase in recoverable resources and increased production & exploration. Increase in crude oil prices is estimated to result in rise in investments for exploration & production activities leading to significant new projects across the globe, which is expected to positively impact industry growth.

Technological advancements have broadened service offerings by oil & gas field service providers and improved industry efficiency. Several new technologies such as drill ships and Floating, Production, Storage, and Offloading (FPSO) vessels have enabled wells to be drilled in increasingly deep water. Additionally, the new reservoir conditions including high temperature, ultra-deep water, and high pressure require advanced logging tools and services. The aforementioned factors are projected to drive the industry demand over the next seven years.

Rise in the number of horizontal wells, demand for real-time logging, and well integrity concerns are estimated to offer significant opportunities for industry growth. However, increased seismic activities and stringent government regulations can hamper wireline logging service market. 

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http://www.grandviewresearch.com/industry-analysis/wireline-logging-service-market

Further key findings from the study suggest:

  • E-line logging segment accounted for over 55% of the revenue in 2014 and is expected to witness substantial rise in demand over the forecast period. It finds more usage as compared to the slickline products owing to its wide application across several E&P activities. Some of the factors responsible for electric line’s increased adoption include its ability to transmit electric data by offering a pathway for communication between the downhole equipment and the surface.
  • Cased-hole logging services segment is estimated to account for over 75% of the overall industry by 2022, growing at a CAGR of over 9% from 2015 to 2022. The industry has been developing sophisticated measurements in through-casing applications. Tools such as gamma ray, spectral gamma ray, pulse neutron, and compensated neutron are used for determining water saturation.
  • North America dominated the market in 2014 and is expected to grow at a CAGR of over 9% from 2015 to 2022. Potential increase in recoverable resources and completion activities within North America are expected to drive the demand across this region over the forecast period.
  • Wireline logging service market share is occupied by companies such as Halliburton, Schlumberger, Weatherford International, Baker Hughes, Nabors Industries, and Pioneer Energy Services. Profit margins of the companies are influenced on the efficiency of their production processes. Hence, major players such as Halliburton and Schlumberger are investing heavily in R&D for improving existing technologies, maintaining their edge. For instance, in 2014, Schlumberger invested USD 1.2 billion in R&D activities, whereas Halliburton invested USD 0.6 billion, Baker Hughes 0.6 billion, and Weatherford International invested USD 0.3 billion, respectively.

LED Lighting Market Size Worth $127.04 Billion By 2027

The global LED Lighting market size is expected to reach USD 127.04 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.4% over the forecast period. The LED lighting offers benefits such as energy efficiency, cost-saving, longer service life, lower heat emission, and nanosecond switching capability, fueling the product demand in the market. Advantage of directional controlled light is anticipated to further drive the demand. Technological advancements and availability of numerous design options for fixtures and lamps due to compact shape and features, such as daylighting, occupancy senor, dim-ability, and timer, are anticipated to positively influence the growth. The energy conservation policy introduced by governments across the world, providing incentives, and attractive rebates for individuals and organizations in commercial and industrial spaces has further contributed to market growth.

LED lighting is widely adopted across commercial and industrial space as the LED lights contribute towards delivering maximum visibility for an appropriate work environment. The introduction of LED in the lighting industry readily became an accepted standard for lighting for commercial and industrial buildings. Moreover, technological advancements such as connected and app-controlled lighting proved to be vital for boosting the market growth. Improvements in lighting technology have led to the emergence of flicker-free LED products, which is appropriate for uninterrupted bright light for application areas such as classrooms, hospitals, and offices, among other spaces. The demand across the residential sector is expected to bolster with the development of smart cities providing lucrative growth opportunities for prominent market players.

The pandemic due to COVID-19 has affected the industries across the world and severely impacted the business functions. The need for a lockdown has adversely impacted the businesses leading to reduced employee strength and forced companies to practice social distancing across countries. The demand for indoor and outdoor general lighting is declining owing to the reduced spending capacity of individuals and budget constrain across industries such as retail, manufacturing, and other businesses as they are incurring losses. The delay in construction projects is another concern for LED lighting vendors, which has led to a decline in the performance for the first quarter of the year 2020. The market is expected to recover post-pandemic and achieve positive revenue growth by the end of 2021.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/led-lighting-market

Further key findings from the report suggest:

  • LED Lighting is estimated to grow at a CAGR of 13.4% over the forecast period 2020 to 2027. The higher demand for illuminating the commercial and industrial space as per the aesthetics of the rooms for better visibility at an affordable price has driven the market growth over the forecast period.
  • The lamp segment is anticipated to witness the highest growth of a CAGR of 14.5% over the forecast period. The demand is primarily driven by the residential sector owing to encouraging government policies and initiatives.
  • The Asia Pacific region is expected to dominate the market during the forecast period is anticipated to grow at a CAGR of 14.6% from 2020 to 2027