According to Coherent Market Insights, the global LED lighting market is projected to exhibit an impressive CAGR of 16.61% over the forecast period (2017 – 2025).
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Key Trends and Analysis of the LED Lighting Market:
The global LED lighting market is highly competitive and is primarily driven by benefits offered by LED lights over incandescent and fluorescent lamps such as advanced lighting control and energy-efficient lighting. Moreover, the energy efficiency of LED lights, high intensity of brightness, and a longer lifespan are some of the major factors, which offer tremendous opportunities for growth of the LED lighting market over the forecast period. However, the lack of standardization across industries, high production cost as well as high cost of equipment and implementation is expected to have an adverse impact on the global LED lighting market growth. To overcome these impacts governments are taking initiatives, such as, in May 2015, the Government of India has initiated the UJALA (Unnat Jyoti by Affordable Lighting for All) scheme to provide LED lamps at lower rates for saving energy, which is anticipated to witness a surge in LED lighting market over the forecast period.
The global LED lighting market is segmented on the basis of product type, services, end-use industry, application type, and region. Among product type, LED bulb segment held the dominant position in the market in 2017, as bulbs form the major light source and key component of an LED lighting system. LED bulbs are suitable for applications that require frequent on-off cycling since they do not burn out quickly as compared to incandescent bulbs.
Among service type, the installation segment held a dominant position in the market in 2017, and is expected to retain its position throughout the forecast period. This is owing to increasing adoption of interior decoration that needs an energy-efficient lighting system. Moreover, increasing government restrictions for use of incandescent lighting products to save energy and curb carbon dioxide emissions is also expected to boost the market growth. For instance, in October 2016, the Government of China has banned the use of 100W and 60W incandescent bulbs in country.
Asia Pacific held dominant position in the global LED Lighting market in 2017, and is projected to retain its dominance during the forecast period. This is owing to increasing government initiatives to promote use of LEDs and presence of key market players in the region. For instance, in 2014, the Chinese government has banned the use of 100W and 60W incandescent bulbs. Moreover, Europe is expected to be the second fastest growing market for LED lighting, owing to increasing demand for energy efficient lighting solutions, high disposable income, need to cut-down electricity related costs, rising investments in infrastructure which includes roadways, residential complexes, parks, construction of new offices, hotels, etc. For instance, in May 2017, Philips Lighting introduced new offerings such as ExpertColor LED, TrueForce High Bay LED, and Instantfit LED with EasySmart technology under the LED lighting segment, which reduces energy and maintenance costs, while providing improved light quality to end user.
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