According to the report, the global LED lighting market accounted for USD 26.09 billion in 2016 and is expected to reach USD 54.28 Billion by 2022, growing at a CAGR of around 13% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 05/16/2017 -- Zion Market Research has published a new report titled "LED lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022". According to the report, the global LED lighting market accounted for USD 26.09 billion in 2016 and is expected to reach USD 54.28 Billion by 2022, growing at a CAGR of around 13% between 2017 and 2022.
Light-emitting diodes (LEDs) are lighting sources for general lighting applications with ten times as efficient as compared to incandescent lighting. Such attribute combined with their long working life and reliability has made them the suitable choice for next generation of lighting systems including emergency, backlight, automotive, indoor and outdoor. To ensure accurate operation and to control the light intensity, LEDs need an efficient driver, normally implemented by power electronics-based conversion stages to match the LED characteristics with the AC grid voltage and to generate a controllable and high-quality light.
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Benefits offered by LED lights over incandescent and fluorescent lamps is the major factor driving the LED lighting market growth. In additions, the energy efficiency of LED lights, higher brightness, and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous new product introduction by manufacturers such as Philips and GE with innovative technology are attracting the customer globally. However, the high production cost is expected to have an adverse impact on LED lighting market. Nonetheless, screen and display backlighting market development are likely to open new doors for the LED lighting demand.
Residential application segment dominated the LED lighting market and accounted over 40% of market share of in 2016. Residential applications for LED lighting include lighting for bathrooms, hallways, dining rooms and kitchens. Increasing use of LED lighting for outdoor application such as roadways, traffic lights, tunnels, parking lots, and garages is expected to provide significant growth opportunities to this market in coming years. The architectural application includes both functional and decorative lighting. Decorative LEDs are used to light up pools, gardens, fountains, and statues. The functional application includes landscaping and building facades.
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Europe emerged as dominating the regional market for LED lighting in 2016 and accounted over 31% of market share. North America & European market is expected to show considerable growth in outdoor and residential application segments. LED lighting market has huge growth opportunity in the emerging markets of Asia Pacific due to tremendous demand from residential application segment. The Middle East and Africa is expected to show remarkable growth in coming years.
LED Lighting market is dominated by some of the key participants such as Cooper Industries Plc, Osram Opto, Cree Incorporation, Zumtobel AG, Toshiba Corporation, Philips Electronics N.V., Digital Lumens, Inc. and GE lightings.
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