in its recently published research report, Market Research Future (MRFR), asserts that the global LED Lighting Market is expected to register a market value of approximately USD 105 Billion by 2023, at 14% of CAGR between 2017 and 2023.
Drivers and Restraints
The primary drivers of the LED lighting market are focus on LED standardization, strong government support, thriving real estate sector, rural electrification enhancement, organized retail market, and rising population across the globe, among others.
LED lightings are perfect in situations where lamps are needed to be switched on and off often and can be effortlessly dimmed. As LED lamps do not wash out colors, including fluorescent lamps, they are perfect for displays and retail applications as well. Therefore, on account of these desirable properties, the market is set to pace on a highly successful path in the coming years.
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fluorescent lighting technology products are slightly more trendy than LED lighting technology products. This can be partly blamed on the prevailing lack of awareness and insight of the advantages of LED lighting systems across the globe.
On the other hand, looking at the commercial practicality of LED lighting technology, it is slated as one of the lucrative technologies in the foreseeable future. This projection by MRFR is ably aided by a remarkable price reduction in LED lighting products, making them commercially more viable.
The global LED lighting market is segmented based on product, installation type, and application.
The installation type is bifurcated into retrofit installation and new installation. The retrofit installation refers to a variety of tasks that must complete before the consumers begin to remove or install cable. The retrofit focuses on a unique set of circumstances, determined by the scope and design of the cabling installation.
The product segment comprises of lamps and luminaries. The lamp subsegment is estimated to be the dominant market as it is the primary light source and central component of an LED lighting system. Rising consumer awareness about conserving energy and installing light systems having high energy efficiency is envisaged to puch the LED lighting market for lamps.
The application segment is sub-segmented into indoor lighting and outdoor lighting. The outdoor application segment has a higher market share because a majority of the outdoor applications of LED lighting market are exposed mainly to local government decision making and hence, are directly influenced by public policy interventions.
The geographical analysis of the global LED lighting market share has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (the Middle East, and Africa, and Latin America).
APAC has observed substantial market development on account of the rapid infrastructure activities in numerous industries. The booming real-estate sector can be labeled as the major reason for the incredible market performance in the region. Supported by swift penetration of LED lighting in developing nations like China and India, APAC holds several areas of opportunity which are untouched. Furthermore, the region has emerged as a hub for major original equipment manufacturers (OEMs) for various lighting products, leaving it a highly successful LED lighting market.
The report recognizes Europe as the top region in the global LED lighting market, holding the maximum market share. This growth is solely attributed to the increasing demand for outdoor applications coupled with stringent energy efficiency regulation.
in a bid to sustain industrial development, the region is promoting LED lighting local assembly to fulfill the domestic market demand and also expand the market. Additionally, major producers in the region are actively developing LED lighting businesses, resulting in a rising LED lighting penetration rate.
The top market players operational in the global market as identified by MRFR are General Electric Company (U.S.), Phillips Lighting Holding B.V. (Netherlands), Osram Licht AG(Germany), Cooper Industries, Inc. (Ireland), Cree Inc. (U.S.), Virtual Extension (Israel), Zumtobel Group AG (Austria), Dialight Plc. (U.K.), Sharp Corporation (Japan), Samsung (South Korea), among others.
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