LEDs (Light-emitting diodes) are lighting sources for universal lighting usages with 10x as competent as compared to glowing lighting. Such characteristic merged with their long reliability and working life has made them the proper choice for an upcoming generation of lighting systems comprising backlight, emergency, indoor, automotive, and outdoor. To make sure precise operation and to manage the intensity of the light, LEDs require a competent driver, usually applied by power electronics-supported conversion phases to match the LED features with the AC grid voltage. This is also done create a high-quality and controllable light.
Advantages provided by LED lights in comparison to fluorescent and incandescent lamps are the main reason boosting the growth of the LED lighting market. In addition to this, the higher brightness, energy competence of LED lights, and longer lifespan are some of the main factors that offer marvelous opportunities in the market for LED lighting in forthcoming years. Unremitting introduction of a new product by makers such as GE and Philips with innovative tech is drawing the users all over the world. On the other hand, the high cost of production is anticipated to have an adverse effect on the market for LED lighting. Nevertheless, development of display and screen backlighting market is expected to unlock new doors for the demand for LED lighting.
Browse through 16 Market Tables and 16 Figures spread over 110 Pages and in-depth TOC on “Global LED Lighting Market Size & Trends: Industry Growth and Forecast, 2022” which predicts that global LED lighting market estimated to reach USD 54.28 Billion by 2022 at a CAGR of 13% between 2017 and 2022.
The segment of residential application ruled the LED lighting market and added up to more than 40% of share in the market in 2016. Residential applications for LED lighting comprise lighting for hallways, bathrooms, kitchens, and dining rooms. Rising employment of LED lighting for outdoor use such as traffic lights, roadways, parking lots, tunnels, and garages is anticipated to offer noteworthy growth chances to this market in upcoming years. The architectural usage comprises both decorative and functional lighting. Decorative LEDs are employed to light up gardens, pools, statues, and fountains. The functional usages comprise building facades and landscaping.
Europe surfaced as ruling the regional LED lighting market in 2016 and added up to more than 31% of share in the market. European and North America market is anticipated to show substantial increment in residential and outdoor application sectors. LED lighting market has the enormous opportunity for growth in the up-and-coming markets of Asia Pacific owing to the tremendous requirement from a segment of residential application. The Middle East and Africa are anticipated to display remarkable development in upcoming years.
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Key Market Players
LED Lighting market is ruled by some of the major players such as Osram Opto, Cooper Industries Plc, Zumtobel AG, Cree Incorporation, Philips Electronics N.V., Toshiba Corporation, GE lightings, and Digital Lumens, Inc.