Long shelf life and services of 50,000 hours are significant factors that are likely to propel growth of LED lighting solutions market in the coming years.

New York, NY -- (SBWire) -- 06/21/2017 --Leading manufacturers operating in the global LED lighting market include GE Lighting LLC, OSRAM Licht AG, Eaton Corporation (Cooper Industries PLC), Daktronics Inc., Sharp Corporation, Cree, Inc., Samsung Electronics Co. Ltd., Hubbell Lighting Inc., Acuity Brands Lighting Inc., Phillips Lumileds Lighting, Technology Corporation and Toshiba Lighting.

In addition, the LED lighting solutions consume relatively less energy, and do not contain mercury or any other hazardous substances. Due to increasing preference for environment friendly attributes, the LED lighting solutions will witness upsurge in demand in the span of next eight years. The global LED lighting solutions market will witness a growth of 16.6% CAGR over the forecast period, 2017-2025.

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Governments in various countries have imposed restriction on the use of incandescent lighting products as they consume a lot of energy and emit a lot of carbon dioxide. Additionally, governments in various countries have implemented specific standards of lighting products to limit the level of energy consumption and emission of carbon dioxide in the coming years. Adding to the list of factors, adoption of LED lighting solutions has reduced the operational cost significantly in the span of next eight years. Moreover, referring to the Paris agreement, according to which over 190 countries have committed to cut carbon emissions to 20% in the coming years. Additionally, government in China banned the application of 60W and 100W incandescent bulbs in order to restrict excessive consumption of energy and emission of carbon dioxide. In the same line, European Union has too imposed restriction on application of traditional incandescent lighting systems for energy preservation. In contrast to this, lack of availability of raw materials such as aluminum at fair prices remains a significant hurdle in for the manufacturers of LED lighting solutions.

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Indoor application among various segments will represent the most attractive segment in terms of revenue in the span of next eight years. Moreover, indoor application will witness a growth of 19.3% CAGR over the coming years. Whereas, outdoor application among other segments will account for a revenue share of 31.5% in the span of next eight years. In addition, as majority of the outdoor applications are relatively more exposed to public policy interventions and decisions of the local government. Attributed to such factors, the LED lighting solutions account for relatively high market share, and will continue to do so in the coming years.

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With various on-going projects related to electrification in rural areas, solar LED lighting systems witness an upsurge in demand in developing countries such as India and developing regions such as Africa. Developing regions such as Africa and developing countries such as India are likely to represent significant opportunities for growth in the span of next eight years. Moreover, government in Kenya deployed LED street lights that accounted for US$ 1.2 Bn in 2015.