LED Lighting Industry: Global Industry Growth Study, Future Trends, Demands, and Top Players Data by Forecast to 2023
Market Overview
In its research report, Market Research Future
(MRFR), emphasizes that over the review period, the Global LED Lighting Market 2020 is
projected to rise exponentially, ensuring a significant market valuation of USD
105 billion by 2023 and a healthy 14% CAGR over the analysis.
Drivers and Restraints
Increasing regulatory stringency in inefficient
lighting technologies and stepping up policy efforts toward sustainable
development are key drivers for growth. Market growth has been driven by an
significant decline in Light-Emitting Diode (LED) rates, coupled with the
change of energy policies around the world. In addition, attractive incentives
and rebates offered by the governments in several countries for the use of LED
lighting can increase demand.
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Technological developments moving from traditional
to green lighting, improved energy efficiency requirements, and declining prices
have also fueled demand for the drug. In addition, stringent regulatory
policies on conventional lighting and energy use in the U.S., European Union,
China, and Canada are expected to stimulate demand for the drug in the coming
years. Governments provide incentives and rebates to replace conventional lamps
with LED bulbs and this makes it possible to increase the worldwide acceptance
of LED bulbs. In addition, smart illuminations are expected to deliver
lucrative applications in industrial and commercial areas. High-resolution
demand for 10 mm billboards and signs, exemplary for high-volume pedestrian
traffic areas, and customizable material are expected to revolutionize the
outdoor scenario over the coming years.
Segmental Analysis
segmentation by installation type: new
installation, retrofit installation
segmentation by product: lamps, luminaires
segmentation by application: indoor lighting,
outdoor lighting
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Regional Analysis
The geographical synopsis of the global market has
been analyzed in four major regions, including the Asia Pacific, North America,
Europe, and the rest of the world.
During the forecast period, the LED lighting market
is expected to expand in all the area with positive growth rate. Asia-Pacific
region dominates and is projected to continue to dominate LED lighting market
in 2017. High technology advancement and growing application areas of LED
lighting are one of the major driving factors behind market growth. Also, the
presence of wealthy semiconductor manufacturing companies in Asian countries
such as Taiwan, China, South Korea and Taiwan is also one of the major driving
factors behind the growth of the Asia Pacific LED lighting market.
Driven by the strong government interest in using
energy-efficient lighting solutions, Europe is the second largest market for
LED lighting. The region is also well equipped with state-of-the-art
technologies and has some of the key players that improve the European region's
LED lighting market. Europe's debt crisis adversely affected demand for LEDs
because their development needs huge capital investments. Recently, Europe and
North America have been seeing a boom in many sectors due to government funding
and growing use of ultra-modern lighting. Whereas North America region plays a
vital role in the expansion and distribution of technology around the world.
The area has the influence of developed nations like the U.S. and Canada that
are global technology pioneers and that promote business development. North
America has experienced a boom in many industries due to government funding and
the rising use of ultra-modern lighting. The U.S .- China trade war has
triggered a increase in import tariffs and, inevitably, total commodity costs.
It is hoped this aspect would prove beneficial to European manufacturers. For
these manufacturers significantly increased priority over American
manufacturers is expected by the Chinese suppliers to drive regional growth.
Competitive Analysis
The key market players operating in the global
market as identified by MRFR are Phillips Lighting Holding B.V.
(Netherlands), Osram Licht AG(Germany), General Electric Company (U.S.), Cree
Inc. (U.S.), Cooper Industries, Inc. (Ireland), Sharp Corporation (Japan),
Virtual Extension (Israel), Zumtobel Group AG (Austria), Dialight Plc. (U.K.),
Samsung (South Korea), among others.
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