Albany, NY -- (SBWIRE) -- 10/13/2017 -- The market for LED lights is expanding steadily the world over due to the numerous inherent advantages that the LED lights possess. LED lights are highly energy efficient, possess a longer life span and are more reliable as compared to the traditional incandescent lights. In addition, LED lights have higher brightness levels, are smaller in size, take up lesser power and are sturdy in nature. Due to all such advantages of LED lighting, it is becoming popular in both residential and industrial sectors as the preferred choice of lighting. In light of the fast depleting non-renewable sources of energy, there is a growing demand for power efficient lighting systems across the industries, and LED is the perfect choice for such applications. Also, LED lights are becoming popular day by day as their price is now declining. In order to curb the increasing consumption of energy and high costs of energy, both governments and consumers are attracted towards LED lighting due to its inherent benefits. Also, due to the rising concerns about pressing problems such as environmental degradation and global warming, energy efficiency is the norm of the day and the LED lights perfectly fit the bill.
The global LED lights market is slated to touch a value of nearly US$ 66,115 Mn in the year 2022 and grow at a robust CAGR during the assessment period.
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4 Forecast Highlights on Global LED Lights Market
As per the forecast of Future Market Insights, the luminaries product type segment is slated to touch a value of nearly US$ 43,475 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The luminaries product type segment is estimated to account for nearly two-third of the revenue share of the product type segment by the year 2017 end and is expected to gain in market share by the year 2022 end.
As per the forecast of Future Market Insights, the departmental stores segment will reach a value of nearly US$ 5,788 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The departmental stores segment is estimated to account for nearly one-fifth of the revenue share of the sales channel segment in the year 2017 end and is expected to gain market share by the end of the year 2022.
As per the forecast of Future Market Insights, the residential segment is slated to reach a value of nearly US$ 25,050 Mn in 2022. The residential segment is expected to lose some market value by the end of the year 2022. The largest share is contributed by the APEJ region in the residential segment.
Future Market Insights forecasts the China LED lights market to grow from nearly US$ 6,140 Mn in 2017 to US$ 11,522.0 Mn in 2022. This represents a compound annual growth rate (CAGR) of 13.4% from 2017 to 2022.
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The report has also profiled leading players in the global market for LED lights, which will remain active through 2022. These include companies such as General Electric Company, Magneti Marelli S.p.A., OSRAM Licht AG, Imasen Electric Industrial Co., Ltd, HELLA KGaA Hueck & Co, Hyundai Mobis Co., Ltd., Koito Manufacturing Co., Ltd, Stanley Electric Co. Ltd, Cree, Inc., Koninklijke Philips N.V., Nichia Corporation, Texas Instruments, EPISTAR Corporation, Cooper Industries, LLC and Valeo SA.
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