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LED Lighting Market Size, Share, Industry Trends, Demand, Key Players and Growth Opportunities by 2023
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LED lighting offers numerous benefits over conventional lighting solutions, including energy-efficiency, longer life span and durability. LEDs are presently being used for wide range of applications, such as residential lighting, commercial lighting, industrial lighting, street lighting and public-places lighting. The continuous fall in LED price has led to positive forecasts for the penetration of LED lighting in several application segments.
Based on product, luminaire is expected to be the major product type and it is also expected to grow at a faster rate, as compared to the lamp market during the forecast period. The growth of luminaire market can be attributed to the increasing infrastructural activities across the globe.
Asia-Pacific has been the largest LED lighting market and it is further forecasted to contribute largest revenue to the market. Europe been the second largest LED lighting market and is further expected to hold its position throughout the forecast period.
The key factors propelling the growth of global LED lighting market include increasing adoption of energy efficient lighting solutions, declination in prices of LEDs and modernization and development of infrastructure. LEDs offer several advantages over many conventional lighting technologies in terms of energy efficiency, lifetime, versatility, and color quality and cost efficiency. Owing to this, their penetration is continuously increasing in the residential, commercial and industrial lighting applications.
Government of several countries like Spain, UAE, Singapore, India and Austria are investing heavily in smart city research and implementation projects. Government of India has been planning to transform 100 cities, across the country into smart cities by 2030 and aims to invest around $15 billion on smart city projects. The government of Dubai (UAE), has recently announced its smart city strategy, which is expected to increase scope for LED lighting in the country. In addition, recently, Barcelona (Spain) deployed more than 3,000 smart streetlights based on LED technology, which gather information about pollution, noise, humidity and the overall environment.
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Some of the major companies operating in the global LED lighting market include Phillips Lighting Holding B.V., General Electric Company, OSRAM Licht AG, Cree, Inc., Eaton Corporation Plc, Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung Electronics Co. Ltd. and Sharp Corporation.
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