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LED Retro몭t Market Overview, Manufacturing Cost Structure Analysis, Growth Opportunities By 2026 July 1, 2021
By Zaraki Kenpachi -
The global LED retro몭t market was valued at US$ 2,046.7 Mn in 2016 and is projected to register 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 retro몭t Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The LED retro몭t market is expected to grow signi몭cantly due to increased cost e몭ciency and long life duration. The report suggests that the prominent adoption of LED lighting is expected to boost the LED retro몭t 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 signi몭cant share in the market. Furthermore, multiple states of the U.S. have adopted LEDs due to these large number of bene몭ts. For instance, in April 2017, General Electric, a leading lighting solutions company, published a report stating that multiple states have adopted LEDs on a signi몭cant 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 retro몭t market.