Zion Market Research, the market research group announced the analysis report titled 'LED Lighting Market Is Set for a Rapid Growth and is Expected to Reach USD 54.28 Billion by 2022'
Sarasota, FL -- (SBWIRE) -- 10/12/2018 -- LED Lighting market is dominated by some of the major players such as Cooper Industries Plc, Zumtobel AG, Osram Opto, Philips Electronics N.V., Toshiba Corporation, Cree Incorporation, Digital Lumens, Inc, and GE lightings. These players are claimed to drive the LED lighting market in the years to come.
As per analyst at Zion Market Research, the global LED lighting market added up for USD 26.09 Billion in 2016 and is likely to cross USD 54.28 Billion by end of 2022, developing at a CAGR of almost 13% from 2017 to 2022.
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Advantages Provided By LED Lights Over Fluorescent And Incandescent Lamps To Be The Major Factor Boosting The Growth Of LED Lighting Market
According to analysts at Zion Market Research, the advantages provided by LED lights over fluorescent and incandescent lamps is the major factor boosting the growth of LED lighting market. Apart from this, the higher brightness, energy efficiency, and longer life span of LED lights are some of the major factors that offer tremendous opportunities for LED lighting market in years to come. Incessant new product launch by players such as GE and Philips along with other players with innovative tech are drawing the customer all over the world. For example, in August 2017, Kenall rolled out 6-inch modular downlights, which were developed to perform competently for years and are suitable for pharmaceutical processing, tightly sealed, and compatible for military installations.
On the other hand, the high production price is likely to have an adverse affect on LED lighting market. Nevertheless, display and screen backlighting market development are expected to unlock new doors for the demand of LED lighting market.
European And North American Regions Likely To Show Substantial Development In LED Lighting Market Due To Residential And Outdoor Application Sectors
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Residential application sector ruled the LED lighting market and added up for more than 40% of LED lightening market share in 2016. Residential applications for LED lighting comprise lighting for bathrooms, dining rooms, kitchens, and hallways. Elevating employment of LED lighting for outdoor application such as parking lots, traffic lights, garages, roadways, and tunnels is likely to offer significant development opportunities to LED lightening market in years to come. The architectural application comprises both decorative as well as functional lighting. Decorative LEDs are employed to light up fountains, pools, statues, and gardens and thereby boosting LED lightning market. The functional application comprises building and landscaping facades.
Europe surfaced as ruling area for the LED lighting market in 2016 and added up for more than 31% of market share. European and North American regions are likely to show substantial development in residential and outdoor application sectors, boosting the LED lighting market. LED lighting market has huge development opportunity in the up-and-coming markets of Asia Pacific owing to tremendous requirement from residential application sector.
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