Global LED lighting market expected to reach USD 54.28 Billion by 2022, growing at a CAGR of 13% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 02/13/2017 -- LED Lighting Market Is Set for a Rapid Growth and is Expected to Reach USD 54.28 Billion by 2022: Zion Market Research
Zion Market Research (www.zionmarketresearch.com) 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.
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LED lamp generally contains power conversion electronics (AC/DC), driver IC for the LEDs, a heat sink for thermal management and optics which optimize light quality. LED bulbs are planned to be form factor-compatible with current incandescent and CFL bulbs, they will also have an AC/DC power supply circuit, and can be operated from standard bulb sockets. Most of the countries are in the midst of developing protection standards for LED lighting. As lighting technology matures, these requirements will be in a state of flux and may happen to more stringent. Large strides have been made in improving the lumen output, efficiency and performance of LED lights.
The growth of LED lighting market is mainly attributed to benefits offered by LED lights over incandescent and fluorescent lamps. In additions, 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 introduction of new product by manufacturers such as Phillips and GE with innovative technology are attracting the consumer's attention globally. On the other hand, high production cost is expected to have adverse impact on LED lighting market. Even so, screen and display backlighting market development is likely to open new doors for the LED lighting demand.
Europe held the largest share of the global LED lighting market and is set to continue to dominate the world marketplace within the forecast period. This growth is mainly attributed to the rising demand for outdoor application paired with stringent energy efficiency regulation. Significant demand of LED lighting for residential purpose such as lighting for bathrooms, hallways, dining rooms and kitchens is the major factor to surge the market growth in this region. Implementation of the EU Green Paper can lead to new opportunities for the European LED market in near futures. Europe accounted for over 31% of market share in 2016.
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North America is another leading regional market for LED lighting and is expected to witness noteworthy growth in the near future. Regulation over energy efficient product and high disposal income will help to drive demand for LED lighting for architectural application. U.S. is expected to be one of the lucrative markets for LED lighting manufactures.
Asia pacific is considered to be the fastest growing market for LED lighting and expected to be hold significant market share in years to come. Developing infrastructure of roads, upcoming development projects, booming construction industry in developing countries such as China, India and Indonesia is expected to create massive demand for LED lighting for residential as well as outdoor application. It will include roadways, traffic lights, tunnels, parking lots and garages, lighting in bathrooms, hallways, dining rooms and kitchens.
Latin America is comparatively new and is still open for new companies and brands. Brazil will take control of the leadership role in in LED lighting implementation. It is aggressively picking up on the deployment of government-installed LED-based streetlights. Middle East and Africa is also forecasted to show significant growth in the coming years. U.A.E. and Saudi Arabia are predicted to hold noticeable market share in near future.
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LED Lighting market is dominated by some of the key participants such as Cooper Industries Plc, Osram Opto, Philips Electronics N.V., Digital Lumens, Inc., Cree Incorporation, Zumtobel AG, Toshiba Corporation and GE lightings.
This report segments global LED Lighting market as follows:
LED Lighting Market: Application Segment Analysis
- Residential Application
- Architectural Application
- Outdoor Application
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LED Lighting Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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