Future Market Insights has announced the addition of the “LED Lights Market: Global Industry Analysis and Opportunity Assessment, 2017-2022"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 03/16/2019 -- The Global LED Lights market is expected to register a global CAGR of 10.8% during 2017 – 2022, with APEJ, North America, and Europe accounting for significant market value shares by the end of the forecast period.
Future Market Insights (FMI) delivers key insights on the global LED Lights market in its report titled "LED Lights Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2022." Growth in the market value of the Global LED Lights market will remain attractive as the market is expected to grow continuously at a CAGR of 10.8% in terms of value during the forecast period 2017 – 2022. On the basis of product type, luminaries segment is expected to register attractive growth over the forecast period, in the global LED Lights market. Organized LED Lights market is expected to hold larger share of the overall LED Lights market, in comparison to the unorganized LED Lights market. Based on application, residential segment is expected to gain a higher market share during the forecast period, in the global LED Lights market.
The global annual revenue from the LED Lights was valued at US$ 35,865.2Mn by the end of 2016, which is expected to grow at a steady pace over the coming years. APEJ and developed economies of North America and Europe, are expected to collectively account for a majority share of the Global LED Lights market. The North America LED Lights, Europe LED Lights, and APEJ LED Lights markets are likely to dominate the global market over the forecast period, with APEJ expected to grow at highest CAGR in the forecast period.
LED Lights have emerged as an advancement which is revolutionizing the residential as well as commercial sector, throughout the globe. Several businesses and trades are driven by the commercial sector, and LED Lights is influencing these trades in making better profit margins, and bringing enhanced efficacy to the transactions happening in the commercial sector. LED Lights, as considered under the scope of the report, have various applications across residential, office, industrial, shop/stores, hospitality, outdoor, and architectural work. Due to the benefits such as high energy efficiency, log life span, durability & flexibility and environment friendly features, LED Lights have been significantly used across government offices, hospitals, stadiums, malls, educational institutes, airports, railway, theatres, and several other areas. The Global LED Lights market is estimated to be valued at US$ 35,865.2 Mn by the end of 2016, and is expected to expand in the coming years at a CAGR of 10.8% in terms of value over the forecast period. The global LED Lights market is expected to represent a high incremental opportunity between 2017 and 2022.
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LED Lights are energy efficient, and can save enormously on conventional fuels being used for lighting in underdeveloped countries. Infrastructural development throughout the world is demanding for more lighting solutions, and LED Lights are a perfect resolution to this. Furthermore, increasing demand for lighting fuel and growing awareness about the negative impact on health associated with using kerosene-based lighting products are few of the other major factors expected to drive demand for LED Lights. Multiple retail giants nowadays are adopting LED Lights, with an intention to improve their customer experience, which is then driving the LED Lights market. LED Lights nowadays are not restricted only to the residential application, but these LED Lights are also being adopted in commercial application areas. Architectural LED Light manufacturers and providers are entering into strategic partnerships with online retailers in order to make architectural LED lighting products and solutions easily available to online users and expand their online visibility.
On the basis of product type, the global LED Lights market can be segmented into lamps and luminaire. The luminaire segment is expected to account for a sizable share of the overall LED Lights market in 2017, and is expected to foresee an increase in the growth rate yearly.
On the basis of application, the global LED Lights market can be segmented into residential, office, industrial, shop/stores, hospitality, outdoor, and architectural. The growth of the LED Lights market is predominantly driven by the residential sector, followed by outdoor applications and shops/stores. LED Lights are nowadays a preferred choice of lighting in residential sector, since they are energy efficient and saves on electricity consumption. Also, increasing adoption of architectural guidance for renovating homes is also driving the market for LED Lights in the Residential sector. Furthermore, governments of several countries are promoting smart homes and smart cities concept, which inculcate the need for efficient lighting solutions such as LED Lights. Several supermarkets and hypermarkets in developed countries have adopted the LED Lights, in order to enhance their store aesthetics, and reduce the overall electricity expenses. Such developments in reference to the retail or shops/stores application are impacting the overall LED Lights market in a positive manner.
On the basis of sales channel, the global LED Lights market can be segmented into modern trade, departmental stores, convenience store, and e-commerce. Modern trade and e-commerce segments are the major contributors in the LED Lights market, in terms of revenue. The modern trade segment is expected to account for a sizable share of the overall LED Lights market in 2017, and is expected to foresee an increase in the growth rate yearly.
On the basis of geographical regions, the LED Lights market is segmented across North America, Latin America, Europe, APEJ, Japan, and MEA. The APEJ LED Lights market holds a major value share in the global LED Lights market and is likely to maintain its dominance in the global LED Lights market over the forecast period. The LED Lights market in the region is projected to represent a significant incremental opportunity between 2017 and 2022. LED Lights market in North America is pre-dominantly organized, and residential is the major application. Growth in awareness regarding energy saving benefits of LED Lights, and increase in regulatory obligations & industry guidelines are stimulating demand for LED Lights in North America. North America is expected to be followed by Europe in the LED Lights market, in terms of revenues generated. Europe is implementing LED Lights technologies in residential as well as architectural segments, and such a high adoption of LED Lights is most visible in countries including UK, France, Germany, and Italy. The sales of LED Lights in Western Europe market is projected to represent a total incremental opportunity of US$ 6,768.7 Mn, while the Japan LED Lights market is also expected to witness significant growth. Owing to the advantages associated with LED Lights, and a demand for efficient lighting solutions, a high traction of LED Lights is expected during the forecast period, especially in developing countries such as India, China, etc. The APEJ region is expected to present attractive opportunities for LED Lights manufacturers in the forecast period, and is estimated to expand at a significant CAGR in terms of value.
LED Lights Market: Vendor Insights
Architectural lighting manufacturers and providers invest substantially in R&D initiatives to develop and introduce new and innovative architectural LED Lights, in order to enhance their product portfolio and to expand customer base. Additionally, leading players in the market are in the process of upgrading their existing products in order to adhere to changing environmental and safety norms across the globe. LED Lights companies are shifting their focus towards professional lighting markets to capitalize the potential opportunities created by increase in government spending, especially in new public projects. Examples of some of the LED Lights market vendors in this study of the Global LED Lights market include General Electric Company, Valeo S.A., Osram GmbH, HELLA KGaA Hueck & Co., Koninklijke Philips N.V., Magneti Marelli S.P.A, Warn Industries Inc., Royal Philips Electronics, Zizala Lichtsysteme GMBH, Guangzhou Ledoauto Company Ltd., and Montaplast GmbH.
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In October 2016, OSRAM GmbH acquired Novità Technologies, a U.S.-based manufacturer of electronic control systems for automotive lighting applications, to expand its specialty lighting business in the U.S market. The acquisition with reference to LED Lights is expected to assist OSRAM in meeting the increasing demand for LED modules and systems in the automobile industry. In November 2016, under the brand Columbia Lighting, Hubbell Lighting, Inc. launched a new LED modular designs named contemporary wall mount (CWM) LED Light luminaire. The product is a commercial LED Light, which enables customization without sacrificing performance. In September 2015, the U.S. city of San Diego deployed GE's intelligent LED solutions for street lights. GE utilized its LightGrid technology to develop customized LED Lights on streets with wireless lighting controls, through which San Diego saved US$ 250,000 annually. In January 2017, Lumileds Lighting launched an online Horticulture calculator for regulating LED Lights. In February 2017, Toshiba Lighting Tech Co., Ltd. Launched preliminary power supply built-in socket type lighting fixture, this LED Light is a type of emergency light, which can be used for the private housing service or ensuring security for guests at the time of any power failure.