LED Tube Market: Surge in Demand Driven by Energy Efficiency Initiatives
The lighting industry has undergone a remarkable transformation with the emergence of Light Emitting Diode (LED) technology. LED lighting offers numerous advantages over traditional lighting sources, including higher energy efficiency, longer lifespan, lower maintenance costs, and reduced environmental impact. Among various LED lighting products, LED tubes have gained significant traction, particularly in retrofit applications where they replace traditional fluorescent tubes. This surge in demand for LED tubes can be attributed to several factors, including energy efficiency initiatives, government regulations, technological advancements, and consumer preferences. The global LED tube market is forecast to expand at a CAGR of 10.6% and thereby increase from a value of US$6.9 Bn in 2023, to US$14 Bn by the end of 2030. Energy Efficiency Initiatives Driving Market Growth The increasing emphasis on energy efficiency and sustainability is a major driver of the LED tube market. Government