The LED Market is forecasted to increase by USD 219.8 million, with a CAGR of 18.52% from 2023 to 2028, according to Technavio. The primary drivers of this growth are the increased adoption of energy-efficient lighting technologies, particularly LED lighting, due to significant energy savings and rising environmental awareness. Regulatory measures, particularly those targeting the reduction of mercury emissions, are encouraging the transition to safer lighting alternatives. Additionally, the automotive industry's demand for LED grow lights, headlights, and taillights is further boosting market growth. These trends point towards a growing emphasis on sustainability and innovation, with industries and consumers alike seeking eco-friendly lighting solutions that enhance energy efficiency while minimizing environmental impact.

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