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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 LED lighting market has been driven by the growing awareness about the significant benefits LED lighting provides in contrast to traditional incandescent lighting. LED lighting is cheaper, more energy-efficient, and safer to use than incandescent lighting, as well as providing longer operational lifetimes than the latter. Since LEDs don’t contain an incandescent element that heats up when providing light, they can last much longer than incandescent lighting as a result of the lower wear. LEDs operate on the principle of activating electrons to reach designated “electron holes”, which releases photons. The absence of an element that generates heat also makes LED lighting safer than incandescent lighting, as there is no risk of them shattering in case of sudden temperature changes.
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The higher energy efficiency of LED lighting is also likely to be a major driver for the global LED lighting market over the forecast period. Since there is no energy lost as heat in LED lighting, it provides cleaner light, making full use of the available power, which also means that LED lighting can run on lower voltages than incandescent lighting. Consumers also often prefer the white light provided by LED lighting, as opposed to the yellow light provided by incandescent lighting. The customizability of LED lighting also makes it perfect for use along with modern smart lighting control systems, which have gained significant demand in various sectors in recent years.
The global LED lighting market 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 forecast 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.
In January 2019, OSRAM exhibited PHYTOFY, an LED-based horticultural lighting system based on LED lighting. The system is highly adaptable, making it useful in various applications that require modifiable light input. NASA is currently experimenting with the system to grow plants in space.
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