Pune, India -- (SBWIRE) -- 11/06/2018 -- The main objective of this report is to define, describe, and forecast the global "LED" market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to the report, the global LED market is projected to grow at a CAGR of 15.7% over the forecast period of 2018-2024.

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Cree Optimizes LED Technology for the Connected Lighting Future

In August 2018- Cree, Inc. (Nasdaq: CREE) announces the XLamp® XP-G3 S Line LED, an extension of the industry-leading XLamp XP-G3 LED that is optimized for the connected lighting future. With the XP-G3 S Line, Cree delivers high-power LED technology optimized for long-lifetime, high-power general lighting applications where sensors and the internet of things (IoT) are becoming common, such as commercial indoor, parking, industrial and roadway.

The new XP-G3 S Line LED further improves the standard XP-G3 with better reliability through switching and dimming cycles, improved resistance to sulfur exposure and higher light output and efficacy. This more robust version of the XP-G3 LED delivers excellent LED system reliability in all lighting applications, including those with harsher environments.

Alternative to fluorescent and CFL lamps to promote growth in the LED market

The benefits offered by LED light bulbs is that it can save money not only because they are roughly 80% more energy efficient than other bulbs, they also produce far less heat than metal halides, CFLs, and incandescent light bulbs. LED's are one of today's most promising technology as no mercury makes them a cleaner alternative to fluorescent and CFL lamps. On the other hand, LED replacement bulbs are durable and ecologically friendly. They can be recycled to reduce the carbon footprints up to one third as they can stay bright up to 11 years of continuous operation. The rapid rise of light emitting diode (LED) lighting as a viable option for commercial and industrial applications, government projects, and upcoming smart building projects has flooded the market with a wide array of products and information.

The major application of LED also comes in lightining ,consumer electronics and automotive. Lighting contributes principle needs such as ambience, performance,comfort and an environment where one can feel the space. In consumer devices, LCD reflective display technology can truly put the device in front. The revolutionary LED front light guide panel enables battery savings, thinner display stacks, daylight readability for any use such as home assistants, tablets, e-readers, cyclometers, GPS devices and so on. Automotive applications for LED include interior lighting such as dome, dash and footwell lighting, indicator and telltale lights and infotainment backlighting as well as exterior  functions such as tail lights, turn signals, brake lights including CHMSL (center high-mount stop lamps), parking lights, side marker lights, fog lamps and daytime running lights (DRLs).   

Declining LED prices coupled with favorable government initiatives to drive the growth of the LED market. Moreover, technological advancements and the shift from conventional to green lighting with enhanced energy efficiency standards are strengthening the growth of the LED market. However, levy of GST on LED lights and raw materials causes the revenue leakage. This, in turn, is curtailing the growth of the LED market.

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Since the LED lights range from a lower price, local manufacturers receive low margins which in turn brings intense competition from Chinese Players as their products are available at cheaper price points though of substantial quality. Furthermore, expansion in infrastructure development such as roads and the growing preference of people towards energy efficient and innovative lighting solutions are creating several growth opportunities for the key players in the LED market. On the other hand, IOT shall be next technology where several devices shall be linked to one as lighting has become like data. Technologies such as Li-Fi that is basically like Wi-Fi but with light and indoor positioning which tracks people's positions to use luminaries are on the basis of visible light communication. The market for LED lighting is soon expected to surpass the conventional market for CFL.

Asia Pacific region to contribute to growth in the global LED market

Asia Pacific dominated the LED market. Taiwan, Japan, and China are the key contributors to regional growth owing to initiatives undertaken by the respective governments for acceptance light emitting diodes and existence of a large number of market players. Currently, the demand for LED lighting in India is largely driven by Metros, because of stronger awareness. Philips and Panasonic active involvement in the Indian market and are also indicators of LED market potential. The Indian market continues to be mainly driven by the government which makes up 51% of all LED orders. In recent years, U.S. has announced new policies and guidelines regarding the use of light emitting diode technology, invested in research and development of energy-efficient lighting solutions. Moreover, In European countries, the price of LED lamps is anticipated to compete with compact fluorescent lamps by 2018 that shall further speed up the shift from CFLs (Compact fluorescent lamp) to light emitting diodes.

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