Global LED lighting market is expected to grow at a very fast pace over the forecast period. The type of lights which are packed with a collection of light emitting diodes (LED) are called LED lights. They provide inexpensive, eco-friendly and long lasting light. LEDs are a semiconductor and produce light through a method known as electroluminescence. They are the elementary components utilized in a wide range of applications. Previously, the application of LED was restricted to particular lights needs and was not the main lighting applications. The penetration of LEDs in general lighting applications has fueled the overall LED lightings demand. It is also anticipated to take the place of conventional CFL lighting market on account of the advanced features it offers.
LED lighting goods offer high reliability, increased lifespan and high electrical efficiency. These benefits give rise to reduced costs of maintenance, ecological sustainability and energy savings. It also results in high efficiency, high durability, and bright & uniform light. These lights save up to 80% of the cost of energy and also does not emit harmful gasses such as CO2 in comparison to traditional technology.
The prices of LED lighting have reduced to such a point where it’s becoming the most preferred choice of the consumers for all applications. Though, first users of LED preferred it over general lightings owing to its advanced features such as enhanced performance in cold environments, better controllability, and better efficiency, However, in the present scenario consumers are adopting LED lighting owing to its increased savings of energy in comparison to the uncertain rise in its cost.
The global light emitting diodes (LED) lighting market has witnessed a strong growth rate in the recent past on account of the developments in technology which provide extra facility and convenience. LED lighting systems also reduce expenses for operating labor which fuels the demand for global LED lighting market. Growth in the global LED lighting market is projected since the buildings and communities concentrate on deploying the most cost efficient systems. Additionally, factors such as growing apprehensions regarding emissions of CO2, cost, introduction of new innovative products, increasing urbanization, various features adding value, rising production levels of LED lights, and up gradation of the prevailing products may favorably impact the market growth.
The major application areas include architectural, outdoor and residential lighting. The application area which accounted for the largest market share in the recent past was residential lighting. In 2014, it accounted for over 40% of the global LED lighting market. Architectural lighting area is projected to witness the fastest rate growth over the next eight years due to the luminous efficacy and price effectiveness.
In 2014, Europe accounted for the largest market share for commercial as well as industrial LED lighting market. The growth of the market in Europe is sustained by the high investments made by the government in this region. Moreover, Europe also experienced a total ban on the consumption, import or even production of incandescent lamps. This gave rise to a sharp growth in the demand of LED lighting market. Aforementioned factors made the manufacturers of these lights shift their focus on LED lightings, thereby profiting the overall market.
Asia Pacific is anticipated to be the fastest growing region for the global LED lighting market over the forecast period. The growth in this region is attributed to the initiatives taken by the government and also, due to the growing urbanization in the region. The key markets for growth in Asia Pacific would be India, China, Japan and South Korea.
The global LED lighting market is extremely uneven, and the market players face a powerful competition. Major industry participants are capitalizing heavily in research & development to come up with new innovative production techniques to supply to the existing limitations in the market. Key market players include Philips Electronics N.V., Cree Incorporation, Toshiba Corporation, Cooper Industries Plc., GE Lightings, OsramOpto, Zumtobel AG, Digital Lumens Inc., Dialight Plc., Cree Inc., Solid State Lighting System, Mitsubishi, and QD Vision Lighting Science Group.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.