According to a new market research report "LED Lighting Market by Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), Product Type (Lamps and Luminaires), and Geography - Global Forecast to 2022", The LED lighting market is projected to reach USD 92.4 billion by 2022 from USD 36.6 billion in 2015, at a CAGR of 13.6% during 2016–2022. Major drivers for market growth are increasing demand for energy-efficient lighting systems, modernization and development of infrastructure such as smart cities, which leads to the implementation of lighting systems based on IoT, reduction in prices of LEDs, penetration of LEDs as a light source in general lighting, and the rapid rise of LED technology over conventional lighting technology. However, lack of awareness regrading installation costs and payback periods is the major restraint for the growth of the market. https://www.marketsandmarkets.com/PressReleases/led-lighting.asp