Global LED Lighting Market Shows Robust Growth Ahead
The global LED lighting market is projected to reach over US$ 120 billion by 2025, exhibiting a CAGR of 16.61% over the forecast period (2017-2025). The LED lighting market is mainly driven by advantageous features offered by LED lights over incandescent and fluorescent lamps such as increased energy efficiency, longer lifetime, enhanced physical strength, smaller size, design flexibility, and environmental friendliness.
Rampant product invention coupled with advancements in technology is gaining customer attraction globally due to drastic transformation in semiconductor industry and evolution of light bulbs from incandescent bulbs, led to smart and intelligent energy efficient LED lighting systems. The intelligent lighting systems can be of two types, such as sensor incorporated and non-sensor incorporated. Sensor incorporated lighting systems are able to change the brightness of lights automatically by detecting people and daylight. However, non-sensor incorporated lighting systems are regarded as smart lighting systems as they can be operated through programming. Due to substantial improvement and modernization in wireless technologies such as Bluetooth, Wi-Fi, Li-Fi, among others, most of the forthcoming intelligent lighting systems are expected to be wireless. Screen and display backlight market expansion is expected to augment demand for LED lights.
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Installation Services segment holds a dominant position
Among service type, the installation segment is expected to experience highest growth, due to high demand for energy-efficient light sources such as LED bulbs. The old generation lamps are being replaced and retrofitted with LED bulbs, as they offer longer working life and consume less energy.
Commercial segment is expected to be the fastest growing segment
Among end-use industry, the commercial segment is estimated to exhibit a higher growth rate during forecast period (2017 – 2025). Increasing infrastructural activities globally, contributes to the large market size and high growth rate of the segment.
Outdoor LED Lighting System accounted major market share
Among application, the outdoor segment accounted for 31.5% of market share in 2016. Increasing use of LED lighting for outdoor application such as roadways, traffic lights, tunnels, parking lots, garages is expected to offer substantial growth prospects to this segment in the near future.
Residential applications for LED lighting include lighting for smart home, HDR 4K, and ultra-slim, curved, and high gamut display TVs.
Asia Pacific accounted for the largest market share
Asia Pacific held the largest share of the LED lighting market in 2016, and the market in Europe is projected to emerge as the second largest market by 2025. The relatively high standard of living and high disposable income among the populace in Europe, increases their inclination towards investments in smart homes with innovative LED lighting systems. Thus, augmenting growth of the LED lighting market in the region. Asia Pacific is growing at high pace due to rampant infrastructural renovation in emerging economies such as China and India.
Major players operating in the global LED light market include Philips Lighting Holding B.V., Osram Licht AG, GE Lighting, LG Innotek, Cree, Inc., Cooper Industries, Inc., Seoul Semiconductor, Samsung Electronics, and Lightning Optoelectronic.
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