27-December-2018: According to a report published by Grand View Research, Inc.; the LED lighting market is expected to reach a valuation of around USD 108.99 billion by 2025.
Escalating demand for power-efficient lighting systems in residential, commercial, and industrial application can propel the market during the forecast period (2014 to 2025). In addition, growing worries about decreasing non-renewable power sources and declining prices of these lights can support the market growth.
LEDs are efficient, reliable, and have long life, which is expected to spur its demand in several indoor as well as outdoor applications. In addition, technological developments, improved energy efficiency standards, and increasing shift from conventional lighting to green lighting are likely to increase demand for these products in the years to come. Constant improvements in energy-saving products, launch of Standard Deviation Color Matching (SDCM) control, extended lifespan as compared to CFL lamps, and development of smart/connected lighting has increased its demand.
Worldwide LED lightening Market can be segmented on the basis of product, design, application, and region.
As per product, the market can be bifurcated into basic LED, high brightness LED, OLED, and others.
In 2016, the OLED segment developed as the major product segment. The segment is expected to display high CAGR of over 23.0% during 2017 to 2025. It offers greater contrast and improved brightness, wide viewing angle and extensive range of pixel sizes.
Based on design, the market can be classified into lamps and luminaires.
In 2016, LED lamps appeared as the prime segment. These lamps comprise many advantages over incandescent ones in terms of energy efficiency, robustness, and temporal stability. In addition, they are available in several designs and applications such as T-Lamps, A-Lamps, MR-16 lamps, and reflectors.
The luminaires segment is mainly driven with rise in new installations. The segment include illumination used in applications such as streetlights, downlights, high bays, troffers, track lights, and suspended pendants for several applications. LED luminaires produces more light per output power and easy to control.
On the basis of application, the market can be split into indoor and outdoor.
In 2016, the indoor segment was valued at over USD 20.0 billion and likely to grow steadily during the forecast period. This segment is further classified into commercial, residential, industrial, and others. In 2016, the commercial sub-segment accounted for the major share due to increasing use in offices, hospitals, retail stores and malls, education buildings, and others.
The outdoor segment includes applications like corporate campuses, industrial, airports, government, highways and roadways, healthcare infrastructure, and public places such as signage and traffic signals. Supportive government policies can boost the segment growth in the coming years.
Government efforts such as LightSavers program commenced by The Climate Group are expected to increase its use over traditional products.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Stringent regulatory guidelines across European Union, the U.S., Canada, and China about conventional lighting and energy consumption are expected to support the market growth.
Asia Pacific is expected to dominate the market during the forecast period in terms of manufacturing. The region is likely to display a CAGR of 15.4% during 2017 to 2025 on account of increasing demand for energy-efficient products. Countries such as China, Japan, and Taiwan are the major contributor to regional growth due to supportive government measures for implementation of LEDs and presence of numerous companies.
In recent years, North America and Europe have perceived a remarkable growth due to government support and increasing use of ultra-modern lighting in industries. The U.S. is likely to become a major contributor due to strong dollar policy and high demand for LED illumination. The country has implemented several new policies regarding the use of LED technology, and increased budget for R&D of energy efficient lighting solutions. This is expected to thrive the market in this region.
Prominent companies operating in the market include Digital Lumens, Inc.; Cree, Inc.; General Electric Company; Cree, Inc.; and Koninklijke Philips Electronics N.V.
In-Depth Research Report On LED Lighting Market:
https://www.grandviewresearch.com/industry-analysis/led-lighting-market
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