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Global LED Retrofit Market Anticipated to Gain Substantial Revenue Growth and CAGR of 9.25% during 2018 – 2026
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An energy efficient lighting system that utilizes LED Retrofit technology can be effective in cutting lighting operational costs without compromising on lighting quality or productivity. As per the study prime findings, rising popularity and adoption of LED lighting worldwide is a prime factor prompting the market growth of LED retrofit. Also, multiple initiatives carried out by government bodies for the adoption of LEDs in street light applications is projected to boost the global LED retrofit market.
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Initially, the report begins with an overview of the global LED retrofit market, evaluating market performance in terms of revenue, followed by analysis of key trends, drivers, and restraints witnessed in the global market. In order to understand the geographical occurrence of the LED retrofit market, the report studies market’s performance in North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Some of the major findings identified in the study include-
According to the analyst’s projection, the global LED retrofit market is expected to reach US$ 4,983.9 Mn by 2026. The market is projected to expand at a CAGR of 9.25% during the forecast period from 2018 to 2026.
Moreover, the research throws lights on market major segments such as its type, application, and functionality. The global LED retrofit market is bifurcated by application into residential, industrial, commercial and others. Out of these, residential sector is expected to contribute significant revenues to the market by 2026 owing to the increased implementation of smart city projects and prominent urbanization worldwide.
By type, the research covers indoor and outdoor. With the significant use of indoor LED retrofits in residential, commercial and industrial sectors, it is projected to hold a significant share in the coming years.
Geographically, the study finds that Asia Pacific is expected to witness highest CAGR growth over the forecast period.
Moving further, the study includes the profiles of key players in the global LED retrofit market and the strategies adopted by them to sustain in the competition. General Electric Company, OSRAM Licht Group, Fulham Co., Inc., Tridonic, Eaton, Philips Lighting Holdings B.V., and Cree Inc. among others are some of the leading companies operating in the global market.
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