Global LED Retrofit Market to Reach $5.6 Billion by 2030
The global market for LED Retrofit estimated at US$3.3 Billion in the year 2023, is expected to reach US$5.6 Billion by 2030, growing at a CAGR of 7.9% over the period 2023-2030. Indoor LED Retrofit, one of the segments analyzed in the report, is expected to record 7.7% CAGR and reach US$3.9 Billion by the end of the analysis period. Growth in the Outdoor LED Retrofit segment is estimated at 8.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $928.4 Million, While China is Forecast to Grow at 12% CAGR
The LED Retrofit market in the U.S. is estimated at US$928.4 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2030 trailing a CAGR of 12% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 7.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 5% CAGR.
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