LED Lighting Market

LED Lighting Market worth $92.4 billion by 2022

According to a new market research report "LED Lighting Market by Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), Product Type (Lamps and Luminaires), and Geography - Global Forecast to 2022", The LED lighting market is projected to reach USD 92.4 billion by 2022 from USD 36.6 billion in 2015, at a CAGR of 13.6% during 2016–2022. Major drivers for market growth are increasing demand for energy-efficient lighting systems, modernization and development of infrastructure such as smart cities, which leads to the implementation of lighting systems based on IoT, reduction in prices of LEDs, penetration of LEDs as a light source in general lighting, and the rapid rise of LED technology over conventional lighting technology. However, lack of awareness regrading installation costs and payback periods is the major restraint for the growth of the market.

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Browse 74 market data tables and 63 figures spread through 150 pages and in-depth TOC on “LED Lighting Market - Global Forecast to 2022”
https://www.marketsandmarkets.com/Market-Reports/led-lighting-market-201130554.html

Lamps to hold largest size of LED lighting market during forecast period

Light-emitting diodes (LEDs) are semiconductors that convert electricity into light through the movement of electrons. LEDs are different from conventional light sources in terms of optical behavior where they emit light in an omnidirectional manner and require a reflector to shape the radiation. LED has now evolved as a major lighting technology with a longer life, greater durability, flexibility, energy efficiency, and nontoxicity compared to other lighting solutions. LEDs include miniature LEDs, high-brightness LEDs, and ultraviolet LEDs. Blue and white LEDs are more expensive than red, orange, amber, yellow, white, and green ones.

LED lighting market for Indoor lighting to grow at highest CAGR during forecast period

The LED lighting market for the indoor lighting application has been segmented into residential, commercial, industrial, and others such as government and public buildings. LED lighting for residential buildings is expected to have a huge potential in the future. It is expected to witness a high growth rate. Further, countries with a high per capita income would implement LED lighting solutions for residential applications. For instance, US, Canada, and European countries such as UK and Germany would have huge market for LED lighting systems in the near future.

APAC to hold the largest size of LED lighting market during 2016–2022

Asia-Pacific is expected to be one of the fastest-growing markets for LED lighting during the forecast period. The LED lighting market has a huge potential in the APAC region, and it is expected that the lighting systems would be accepted by consumers as an integral part of a digitalized household. The increased construction activities in Asia-Pacific are contributing significantly to the growth of the LED lighting market in the region. There are several new opportunities for energy-efficient lighting in the next few years as around 200 million homes are expected to be constructed in China and 18 million homes in India. The emerging economies of China and India are also impacting the overall market significantly.

Key players in the LED lighting market Phillips Lighting Holding B.V. (Netherlands), General Electric Company (US), OSRAM Licht AG (Germany), Cree, Inc. (US), and Cooper Industries, Inc. (Ireland), Virtual Extension (Israel), Dialight plc (UK), Zumtobel Group AG (Austria), Samsung (South Korea), and Sharp Corporation (Japan).

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Report Code
SE 4912
PR Published ON
1/13/2017
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