Global LED Lighting Market Set for Rapid Growth, To Reach USD 42.5 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 04/27/2017 -- According to the report, the global LED lighting market was valued at approximately USD 20.0 billion in 2014 and is expected to reach approximately USD 42.5 billion by 2020, growing at a CAGR of around 13% between 2015 and 2020.
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, 2014 – 2020" Global LED lighting market is highly competitive. Some of the key players dominating the global market include Philips Electronics N.V., Osram Opto, Cree Incorporation, Zumtobel AG, Toshiba Corporation, Digital Lumens, Inc., Cooper Industries Plc and GE lightings.
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LED lights are packaged arrays of light emitting diode, which offers long lasting, economical & environment friendly lighting. Light emitting diode is semiconductor device that produce light through a process called "electroluminescence. LED lighting products deliver high electrical efficacy, high reliability, and longer lifespan. This results into energy savings, lower maintenance cost and environmental sustainability. Additionally, LED light offers uniform & bright light, high efficiency and durability. LED lights saves up to 80% energy cost. As compared to traditional technology LED Lighting technology is more eco-friendly as it doesn't emits harmful gaseous like CO2.
LED Lighting Market
The LED market is primarily driven by increasing demand for cost effective and long lasting LED lights. Many governments across the world have imposed stringent regulations on production, import and sale of incandescent light. Moreover, strong demand from countries like China, Japan, and South Korea is expected to exhibit witness fastest growth of the LED lighting market over forecast period. Stringent environmental regulations in the regions like Europe and North America have been remained major market driving force for the LED lighting market. Growing urbanization, increasing LED production and the rising concerns about cost and emission of CO2 are driving the growth of this market. However, LED light manufacturers are expected to face major challenges such as high initial investment and low awareness among end users regarding benefits of LED lights.
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Some of the key applications for LED lighting are outdoor, residential and architectural. Outdoor LED lighting is rapidly gaining popularity for tunnels, roadways, traffic lights, parking lots and garages. Residential applications for LEDs include lighting in kitchens, hallways, dining rooms and bathrooms. LEDs can be used in manifold rooms all through the residence. Residential is the largest general application segment for LED lighting. In 2014, it represented almost 40% of the general lighting market. The architectural segment is the second largest application market for LED lighting. Architectural application includes both decorative and functional lighting. Decorative LEDs are used to light up fountains, pools, gardens and statues. Functional application includes building facades and landscaping, LEDs provide visibility and enhance safety on residential and commercial properties.
Europe was the leading regional market for LED lights with over 30% share in the global market in 2014. Strong demand from industrial and commercial applications in Europe has been resulted into robust growth of LED lights market in the region. Further, it is expected to exhibit strong growth in demand for LED lights in the years to come. Major countries like, UK, Germany, France, etc. are emphasizing on use of LED lights owing its eco-friendly nature. North America is another important regional market for LED lights. Asia Pacific is currently un-tapped market for LED lights. However, Asia Pacific and North America are expected to exhibit strong demand growth in the years to come. Owing to strong demand from China, Japan and India, Asia Pacific is expected to emerge as a largest regional market LED lights.
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Residential, architectural and outdoor lighting are the key application markets of LED lighting market. Among all the applications, residential lighting segment dominated the global LED lighting market in 2014. Residential application market accounted for over 40% share of the global LED market in 2014. Architectural is another important outlet for LED lighting market followed by outdoor applications. Architectural was the second largest application market for LED lighting in 2014 and is expected to exhibit rapid growth owing to the price efficacy and luminous efficiency of white light.
The global LED market dominated by Europe and it accounted for over 30% share of the total demand in 2014. Strong demand for LED lights in countries such as, Germany, France and UK is expected to trigger the growth of this industry in the region. Furthermore, Asia pacific expected to be major contributor in growth of the LED lighting market due to government initiatives and rapid urbanization in the region. China, Japan, South Korea and India will be major growth markets for LED lights in the region.
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