Global electricity consumption has been increasing rapidly in several industrial and residential sector. Due to the industrial revolution and shift in consumer preference toward better infrastructure, technology & gadgets and lifestyle. Owing to rising demand for electricity and depleting natural resources such as coal, oil, etc. electricity cost is also increasing. According to International Energy Agency (IEA) lighting accounts for over 19.1% of global electricity consumption and creates 1.9 billion tons of CO2 emissions annually. Switch to LED lighting will help in saving average 50% in energy costs, which results in global savings of USD 160 billion and 1.5 billion barrels of oil every year thereby diminishing prices of LED lighting will propel the demand for LED lightning over the years.
According to a new market report published by BlueWeave Consulting, the Global LED lighting Market was valued at US$ 34.0 Bn in 2017 and is expected to expand at a CAGR of 13.7% from 2018 to 2025, reaching US$ 98.4 Bn by the end of the forecast period.
The growing need among consumer for energy efficient lighting systems for various purposes is driving the Global LED Lighting market.
Rising urban population and consumer shift towards energy efficient lighting system will positively drive the LED lighting Market. Since the scarcity of natural resources and costs of energy are increasing, LED lighting is among the most cost-effective products to reduce the depletion of natural energy resources.
The demand for energy-efficient lighting systems is increasing across residential, commercial, and industrial sectors due to growing industrialisation across the globe, increase in residential areas with better interior decorations owing to the changing lifestyle of people. The lower cost of operation along with reduced heat losses makes them the appropriate replacement for incandescent lights. Significant reductions in the price of LED lighting systems in recent years have enhanced the adoption of various LED lighting products worldwide. In addition, governments have introduced favourable regulations regarding the conventional lighting and energy consumption across the United States, European Union, China, and India that are expected to favor the market demand for LED lighting.
The Global LED Lighting market is segmented on the basis of product, end-user industry, application, and distribution channel. On the basis of product, the market is segmented into LED bulbs, led fixtures, bare led tubes, led downlights and others. On the end-user industry basis, the market is segmented into residential, commercial and industrial. On the basis of application, the market is segmented into Outdoor, Indoor, Back light, Automotive, and Others. On the basis of distribution channel, the market is segmented into Retail Distributors and Online Suppliers.
According to the report, Asia Pacific was the largest contributor in terms of revenue to the Global LED lighting market in 2017.
On the basis of region, the market is segmented into five parts namely North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Global LED Lighting Market: Competitive Dynamics
Companies, such as Samsung Electronics Co. Ltd., Philips Lighting N.V, General Electric Company, LG Innotek Co. Ltd, Ever light Electronics Co., Ltd., Syska LED Lights Pvt. are the key players in manufacturing LED lighting systems globally. In terms of product offerings, Samsung Electronics Co. Ltd. and General Electric Company are the major players in the market, providing LED lighting systems. Most of the major vendors in the Global LED Lighting Market are actively focused on enhancing their offerings to meet the ongoing demand.
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