Global LED Lighting Market to Exhibit 13% CAGR between 2014 and 2020

Deerfield Beach, FL -- (SBWire) -- 10/18/2017 --According to the report, the global LED lighting market was valued at approximately USD 20.0 billion in 2014 and is expected to reach approximately USD 42.5 billion by 2020, growing at a CAGR of around 13% between 2015 and 2020. Zion Market Research has published a new report titled "LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020"

LED is a light emitting diode that provides energy efficient lighting solution. LED lights are more reliable and exhibit longer lifespan as compared to incandescent and fluorescent lamps. Semiconductor components are an important part of an LED light. Heat emission from LED lights is significantly low as compared to incandescent and fluorescent lamps. LED lights are used in wide-ranging applications in different industries.

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LED lights market is mainly driven by several benefits offered by LED lights over incandescent and fluorescent lamps. LED lights are energy efficient, provide higher brightness, and possess longer lifespan. the LED lighting offers cost-effective maintenance and environment-friendly lighting as compared to incandescent, fluorescent and HID lights. LED light can saves 40% to 70% energy cost. Moreover, LED lights are eco-friendly as it does not release any hazardous and carcinogenic gases in an environment like incandescent and fluorescent lamps. Moreover, several countries have imposed or planning to impose a ban on the use of incandescent and fluorescent lamps. This is also expected to trigger demand for LED lights.

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White LED lamps have achieved market supremacy in applications where high competence is important at low power levels. Some of these applications include flashlights, solar-powered garden or walkway lights, and bicycle lights. Monochromatic (colored) LED lamps are now commercially used for traffic signal lamps, where the ability to emit bright monochromatic light is a desired feature and in strings of holiday lights. LED automotive lamps are widely used for their long life and small size (allowing for multiple bulbs), improving road safety. LED lamps are also becoming popular in homes, especially for bathroom and medicine cabinet lighting.

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The global LED market dominated by Europe and it accounted for over 30% share of the total demand in 2014. Strong demand for LED lights in countries such as Germany, France, and UK is expected to trigger the growth of this industry in the region. Furthermore, Asia Pacific expected to be a major contributor in the growth of the LED lighting market due to government initiatives and rapid urbanization in the region. China, Japan, South Korea and India will be major growth markets for LED lights in the region.

Global LED lighting market is highly competitive. Some of the key players dominating the global market include Philips Electronics N.V., Osram Opto, Cree Incorporation, Zumtobel AG, Toshiba Corporation, Digital Lumens, Inc., Cooper Industries Plc and GE lightings.