Market Research Future (MRFR) has announced a new addition to its catalog of market research reports. The new report studies the global LED lighting market in detail to deliver a comprehensive overview of the market’s growth prospects over the forecast period from 2017 to 2023. The global LED lighting market is expected to reach a valuation of USD 105 billion by 2023, at a 14% CAGR over the forecast period.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
LED Lighting Market Size is segmented on the basis of installation type, product type, application, and region.
By installation type, the LED lighting market is segmented into retrofit and new installation.
By product type, the global LED lighting market is segmented into lamps and luminaries.
By application, the market is divided into indoor and outdoor lighting.
The report covers the position of the LED lighting market in the Americas, Europe, Asia Pacific, and rest of the world, including detailed country-level analysis for the leading markets within each region.
Europe is likely to lead the global LED lighting market over the forecast period due to the increasingly stringent energy efficiency regulations aimed at lighting products. The increasing demand for smart homes in the highly developed countries of Western Europe is also likely to be a major driver for the LED lighting market over the forecast period.
Asia Pacific is also expected to be a leading regional segment of the global LED lighting market over the forecast period due to the growing governmental efforts aimed at rural electrification and the growing residential and real estate sector in the region. Since large parts of Asia Pacific countries such as India, China, Indonesia, Malaysia, Thailand, Cambodia, Vietnam, Japan, and Korea are rural, efforts to provide electricity to these parts have risen in intensity over the last few years, with the respective governments showing increasing political will to enable electrification of large tracts of rural areas. This is likely to lead to a growing demand from the LED lighting market in the region, as street lighting as well as indoor lighting is likely to utilize LEDs in this region.
Rapid growth of the residential sector in urban centers in Asia Pacific has also been crucial for the LED lighting market and is likely to play a key role in the market’s growth over the forecast period due to the growing demand from urban consumers for energy-efficient lighting.
Leading players in the global LED lighting market include Philips Lighting Holding BV, OSRAM Licht AG, Cooper Industries Inc., Dialight PLC, Samsung, Sharp Corporation, Zumtobel Group AG, Virtual Extension, Cree Inc., and General Electric Company.
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