LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022
Sarasota, FL -- (SBWIRE) -- 03/08/2018 -- 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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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.
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.
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LED Lighting Market: Application Segment Analysis
LED Lighting Market: Regional Segment Analysis
Middle East & Africa
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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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