Press release
LED Lighting Market Growth By Major Key Players: Cree, Epistar, GE Lighting Solutions, Everlight Electronics, GYLED, Lite-On Technology, Mitsubishi, Osram, Philips, Lighting Science Group, Solid State Lighting Systems, Samsung
Global Market Insights
Global LED lighting market to grow at 28% CAGR during the forecast time span. It is anticipated to reach over USD 45 billion over the forecast period. The industry is likely to achieve share of around 84% of lumen-hour market sales in the general illumination market by 2030. The commercial LED lighting market is primarily driven by energy efficiency and enhanced controllability over the forecast period. The consumers are willing to pay for a new lighting fixture for the first installation. For residential and office lighting sectors, the average cost increases to 30% and 39% respectively. However, for all application areas, the overall cost increases to around 30%. This transformational provides several opportunities across OEM’s, but also presents huge strategic challenges to top industry players in terms of business model and technology change.
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Top Key Players: -
Key manufacturers for the global LED lighting market share include Cree, Epistar, GE Lighting Solutions, Everlight Electronics, GYLED, Lite-On Technology, Mitsubishi, Osram, Philips, Lighting Science Group, Solid State Lighting Systems, Samsung, Avances Lumínicos Plus S.A. de, Black Dog LED, Bridgelux, Litecontrol, Lowcled and Toshiba among others.
Market share calculation in this report is not done based on companies covered in it. The calculation of LED lighting market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Regional Segmentations: -
Key application markets include industrial lighting, outdoor lighting, architectural lighting and commercial lighting. The industry can be further bifurcated on the basis of region which includes North America, Europe, Asia Pacific, Latin America and MEA.
Asia Pacific LED lighting market developed relatively earlier and accounted for over 40% of the overall share in 2014. China LED lighting market is expected to grow at a CAGR of over 35% from 2016 to 2023.
In 2014, UK LED lighting market size was anticipated to be valued over USD 400 million at manufacturers’ selling prices (MSP); this includes all finished products, non-domestic and domestic used within building and construction sectors.
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Significant LED market price reductions in recent years have in large part enhanced adoption globally. Intense competition among various key manufacturers is expected to drive continuous innovation in LED chip, system design and package. However, dominance of fluorescent lamps coupled with high initial cost is expected to hamper the industry growth from 2016 to 2023.
In 2014, the largest applications for LED lighting market included residential, architectural, retail and outdoor. Among all the applications, architectural sector leads the industry by gaining maximum percentage of shares. Others application areas are also expected to grow at a swift rate over the forecast period. The fastest growing applications are industrial, hospitality and office. Industrial sector is likely to grow from a low base, while adoption in the large office space would amplify outside of the headquarters buildings that were more of the architectural adopters.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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