LED Lighting Market - Overview
In its research report, Market Research Future (MRFR), emphasizes that over the review period, the LED Lighting Market 2020 is projected to rise exponentially, ensuring a significant market valuation of USD 105 billion by 2023 and a healthy 14% CAGR over the analysis.
Drivers and Restraints
Key growth drivers are tightening regulations on inefficient lighting technology and stepping up legislative efforts toward sustainable development. The rise of the LED lighting system market has been fueled by a considerable drop in Light-Emitting Diode (LED) prices, as well as changes in energy legislation around the world. Furthermore, governments in various countries are offering lucrative incentives and rebates for the adoption of LED lighting, which may enhance demand. Demand for the medicine has also been spurred by technological advancements such as the transition from traditional to green lighting, increased energy efficiency regulations, and lower prices. Furthermore, in the coming years, strict regulatory regulations on traditional lighting and energy use in the United States, the European Union, China, and Canada are projected to boost demand for the medicine. Governments provide incentives and rebates to replace conventional lamps with LED bulbs and this makes it possible to increase the worldwide acceptance of LED bulbs. In addition, smart illuminations are expected to deliver lucrative applications in industrial and commercial areas. High-resolution demand for 10 mm billboards and signs, exemplary for high-volume pedestrian traffic areas, and customizable material are expected to revolutionize the outdoor scenario over the coming years.
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Key Players
The key market players operating in the LED Lighting Market Size as identified by MRFR are Phillips Lighting Holding B.V. (Netherlands), Osram Licht AG(Germany), General Electric Company (U.S.), Cree Inc. (U.S.), Cooper Industries, Inc. (Ireland), Sharp Corporation (Japan), Virtual Extension (Israel), Zumtobel Group AG (Austria), Dialight Plc. (U.K.), Samsung (South Korea), among others.
Segments:
- segmentation by installation type: new installation, retrofit installation
- segmentation by product: lamps, luminaires
- segmentation by application: indoor lighting, outdoor lighting
LED Lighting Market - Regional Analysis
The geographical synopsis of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
During the projection period, the LED lighting market is predicted to grow at a good rate in all areas. In 2017, that Asia-Pacific region is expected to continue to dominate the LED lighting market. One of the primary factors driving market expansion is the advancement of technology and the expanding application areas of LED lighting. One of the primary driving factors behind the expansion of the Asia Pacific LED lighting industry is the presence of affluent semiconductor manufacturing businesses in Asian countries such as Taiwan, China, South Korea, and Taiwan.
Europe is the second largest market for LED lighting, owing to strong government interest in employing energy-efficient lighting solutions. The region is also well-equipped with cutting-edge technology and is home to some of the most important firms in the European LED lighting market. The European debt crisis harmed LED demand because their growth necessitates large capital inputs. Due to government support and the expanding usage of ultra-modern lighting, numerous sectors in Europe and North America have recently experienced a surge. The North American region, on the other hand, plays a critical role in the global expansion and diffusion of technology. The region is influenced by developed countries such as the United States and Canada, who are global technological pioneers and foster economic development. North America has experienced a boom in many industries due to government funding and the rising use of ultra-modern lighting. The U.S .- China trade war has triggered a increase in import tariffs and, inevitably, total commodity costs. It is hoped this aspect would prove beneficial to European manufacturers. For these manufacturers significantly increased priority over American manufacturers is expected by the Chinese suppliers to drive regional growth.
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Intended Audience
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- LED Manufacturers
- Smart Lighting Solution Providers
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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