Global LED Lighting Market: Overview
Reduction in the price of LED products and an increase in infrastructure-building activities will drive the market. In recent years, significant reductions in the price of the LED lighting market have enhanced the adoption of various LED lighting products worldwide. Governments have also introduced favorable regulations regarding the conventional lighting and energy consumption across the United States, European Union, China, and India that are anticipated to favor the market demand for LED lighting.
THE Global LED Lighting market is expected to grow with a CAGR of 13% during the forecast period 2018-2025, due to the growing application of LED Lights in Residential, commercial, and Industrial sectors. The 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 energy costs are increasing, LED lighting is among the most cost-effective products to reduce the depletion of natural energy resources.
Global LED Lighting Market Size, By Product, 2014-2025 (USD Billion)
Global LED Lighting Market: Key Product Analysis
LED Lighting Systems are segmented in various products, including LED Bulbs, LED Fixtures, Bare LED Tubes, LED Downlights, and others.
Ø LED bulbs to generate more light per watt than conventional incandescent bulbs, which are more useful in energy-saving devices. LED bulbs can emit light of various colors without the use of filters. They are more efficient and cost-effective. LED bulbs are ideal for applications that require frequent on-off cycling since they do not burn out quickly like incandescent bulbs, which is rapidly driving the LED bulbs market.
Ø LED fixtures to require almost 50% less electricity than conventional lights. LED fixtures have extended life, which could be 30,000-50,000 hours and even longer. The performance of LED lights increases as the operating temperature decreases, unlike the incandescent lights. They have rapid cycling life and durability, which is mainly surging the growth of LED fixtures.
Global LED Lighting Market: End-Use Industry Analysis
Ø The increase in the population across the globe is also increasing the residential areas. The higher living standard of
people with various interior decorations and daily use need energy efficient
lighting systems which are speeding up the growth and demand for LED lighting
systems in the residential sector.
Ø The commercial end-use industry is growing at a significant rate as industrialization is booming with newer companies and businesses emerging. The commercial buildings need lighting systems that run for longer hours owing to lengthy and extended office timings and yet are durable and energy-efficient. Thus, the demand for LED lighting system is escalating as they are efficient and durable along with other major benefits.
Global LED Lighting Market: Application Industry Analysis
Ø LEDs are much brighter when compared to
traditional halide street lamps helping illuminate the streets, parking lots, d sidewalks better. The LEDs have longer durability, the efficiency with the
added advantage of flexibility. The lamps can be found in various forms such as
wall-mounted fixtures, street lighting, motion sensor security lights, and
others. Thus, they are increasingly used in various outdoor applications.
Ø Automotive application of LED lighting is growing at a rapid pace since cars and other automobiles are now using electrically powered lights LED lights. They offer brighter light while using less energy and producing less heat. They are about 85% more efficient than incandescent lights. They have lower maintenance costs which are driving the manufacturers are implementing LEDs in the vehicles.
Ø The Backlight application segment for LED Lighting is estimated to grow with a significant CAGR during the forecast period. Low power consumption, light, and slim form factor, and high product differentiation are the key driving factors over the forecast period. Features offered such as dimming backlight capability as well as wide color gamut is expected to propel LED backlighting market growth.
Global LED Lighting Market: Distribution Channel Industry Analysis
Ø Consumers buy LEDs from retail distributors, mainly because they provide various offers and are convenient. During urgent requirements, one can rush to the nearby retail store and buy their desired LEDs. Retail distributors mostly consist of independent stores, supermarkets, etc.
Ø Online Suppliers of the LED lighting market are
growing rapidly as innovative technologies and changing lifestyles have
changed the preferences of consumers. People mostly buy LED lights online
since they are provided with tailor-made offers, free shipping, returns, etc.
People can choose from thousands of options and order their desired products
and get it home delivered at their preferred time and date.
Global LED Lighting Market: Regional Industry Analysis
Ø The LED market in the Asia Pacific is estimated to grow significantly during the forecast period owing to favorable initiatives by the government, flourishing industry of real estate, and increasing demand for higher efficiency lights. The region would become one of the principal consumers of LED products and also a key supplier of LED chips and packages.
Ø The growing penetration of smartphones and advantages of energy saving associated with connected lighting systems will drive the North America LED market for LED lighting, since technology adoption happens swiftly in countries, such as the United States. The LEDs cost-effective and thus, various major companies like Apple are also incorporating organic LED lights on their mobile phone, which is further driving the market.
Global LED Lighting Market: Competitive Dynamics
Several players dominate the global LED lighting market; amongst them, the major players are Samsung electronics co. Ltd., Philips Lighting N.V., General Electric Company, L.G. Innotek co. Ltd, Everlight electronics co., ltd., Syska LED Lights Pvt. Companies in this industry are following different strategies to strengthen their market position.