Market Research Future (MRFR), in its latest “LED Lighting Market” report, reveals the growth scope of the market. As per MRFR findings, the global LED lighting market can expand at 145 CAGR across 2017 to 2023. By 2023, the worldwide market of LED lighting can achieve a valuation above USD 105 Bn. The design of LED lights aids in achieving greater efficacy. The light-emitting diode in can emit about 90% more light than incandescent bulbs. The rapid replacement of traditional bulbs with LEDs is identified as a major factor that can push the LED lighting market growth. The affordability of LED technology is likely to spur the growth of the light-emitting diode (LED) lighting market. Increase in strong support by governments across the globe, more focus on LED standardization, booming real estate business, better organized retail market, improvement in rural electricity supply, and the expansion of the world population are other drivers that can prompt the global LED lighting market growth
MRFR identified some reputed names in the LED lighting market. They are; General Electric Company (U.S.), Phillips Lighting Holding B.V. (Netherlands), Cree Inc. (U.S.), Osram Licht AG(Germany), Virtual Extension (Israel), Cooper Industries, Inc. (Ireland), Dialight Plc. (U.K.), Samsung (South Korea), Zumtobel Group AG (Austria), Sharp Corporation (Japan), and others. The rise in competition among global LED lights dealers can benefit the market.
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The LED lighting market is studied by product, installation type, and application.
The installation type-based segments of the market are retrofit installation and new installation. The retrofit installation segment can generate high profit for the market. Retrofit installation involves a series of tasks before consumers can start using LEDs. For retrofit installation, unique set of circumstances are required to be fulfilled. The determination of scope and design of the cabling installation in retrofit installation can be extensive. Some retrofits installation includes simple expansion of data network or a phone system. Others might involve security and fire-alarm systems, voice and data systems, and an upgraded horizontal-cabling infrastructure.
The product-based segments of LED Lighting Market Size are luminaires and lamps. The high rate of adoption of luminaires due to their aesthetic appeal is expected to support the global LED lighting market. The growing trend of effective and appealing light solutions as home décor can boost the global LED lighting market growth.
The application-based segments of the market are outdoor lighting and indoor lighting. High intensity of brightness, high reliability, low radiated heat, and longer life span are factors that are boosting the adoption of the LEDs for indoor and outdoor lighting.
Asia Pacific LED lighting market can secure the pole position in the global market due to the rise in indoor farming trend. Technical developments and surge in horticulture practices are forces that can wind-in high revenue for the regional market. The booming semiconductor and manufacturing industries in economies, such as Taiwan, China, Taiwan, and South Korea among other APAC regions can drive the growth of the APAC LED lighting market. Europe LED lighting market can secure the second position in the global market. The high sales figure of LED products and rise in research budget by government can impel the expansion of the EU market through the assessment period. North America LED lighting market rise to expedite due to the presence of tech-savvy population and the growing inclination towards home décor applications of LEDs. Hike in annual income and rise in demand for luxury items can prompt the North America market.
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