LED Lighting Market Size, Trends, Industry Overview and Forecast, 2016 to 2025
by Susan Hill Business Consultant6 September
2018, the global LED
Lighting Market
size is expected to exhibit healthy growth over the forecast period. Light
Emitting Diodes (LEDs) are inexpensive, eco-friendly, and longer lasting than
their counterparts. LEDs are semiconductors and produce light through a method
known as electroluminescence. They are elementary components utilized in a wide
range of applications. Previously, the product application was restricted to
particular lighting needs. However, rise in usage of the product in general
lighting applications has benefitted the growth of the market over the past few
years.
LEDs
are anticipated to replace conventional compact fluorescent lights (CFLs) due
to their longer lifespan, high reliability, and better electrical efficiency.
These factors further offer ecological sustainability and reduced costs of
maintenance, thereby having a positive impact on the global demand for LED lighting.
Moreover, LEDs do not emit harmful gasses, such as CO2, and offer bright and
uniform light saving up to 80% of the energy costs as compared to traditional
technology. In addition, they are the most preferred choice for all lighting
applications due to their low costs.
Initially,
it was used only in specific lighting applications due to advanced features
such as enhanced performance in cold environments and better controllability.
However, in the present scenario, consumers are using LED in general lighting
applications as well owing to increased energy-efficiency. The global market
for LED lighting has witnessed a noteworthy CAGR in the recent past on account
of strong product demand in several applications and technological
developments. Rapid expansion of the construction sector and increasing
investments in infrastructure development in emerging nations are also expected
to provide a fillip to the LED lighting market.
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Furthermore,
factors such as growing concerns regarding harmful emissions of CO2 and
introduction of innovative products are likely to stoke the growth of the
market in the near future. In addition, rapid urbanization and rising
production levels of LED lights with various advanced features are estimated to
contribute to the growth of this market over the forecast period. Some of the
major product applications of the product are architectural, outdoor, and
residential lighting. The residential application segment is projected to
represent a sizeable share in the market during the forecast period. The
architectural lighting application segment is poised to witness a remarkable
CAGR over the same period.
From
a geographical forefront, Europe is anticipated to hold a prominent share in
the global arena during the forecast period. This growth of the region can be
attributed to heavy investments by government bodies in residential and
industrial development of the region. In addition, Europe experienced a total
ban on consumption, import, or even production of incandescent lamps in the
past, which is likely to favor the growth of the regional market. These factors
made all major manufacturing companies in the region shift their focus on
production of LED lightings, thereby revving up the adoption rate of the
product.
Asia
Pacific is expected to be a promising destination for market players over the
next few years. Rapid expansion of the regional market can be attributed to
growing urbanization and supportive initiatives taken by government bodies.
Emerging nations, such as India, China, Japan and South Korea, are key
economies in the Asia Pacific market.
Companies
in the global LED lighting market face intense competition due to constant
product innovations. Thus, major industry participants are investing heavily in
research and development activities to come up with innovative products and
manufacturing techniques to fulfill the market demand.
Some
of the prominent companies in the global market for light emitting diodes are
Philips Electronics N.V.; Cree Inc.; Toshiba Corporation; Cooper Industries
PLC; GE Lightings; Osram Opto Semiconductors GmbH; Zumtobel Group AG; Digital
Lumens, Inc.; Dialight PLC; Solid State Lighting System; Mitsubishi Motors
Corp.; and QD Vision Lighting Science Group (LSG).
Related
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Created on Sep 6th 2018 07:05. Viewed 382 times.