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LED Lighting Market Opportunities and Trends by 2023; Key Players - OSRAM, GE, Phillips Lighting, Eaton - Lighting, Virtual Extension, Dialight PLC and Samsung Electronics

11-29-2018 06:46 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

LED Lighting Market Opportunities and Trends by 2023; Key

The global LED lighting market is likely to reach $70,240 million by 2023, growing at a CAGR of 12.6% during the forecast period. LED lighting solutions overcome the built-in constraints of traditional lighting solutions such as high-intensity discharge (HID) lamps, compact fluorescent lamp (CFL) and plasma lamps. 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.

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Between indoor and outdoor lighting, the market for indoor lighting is estimated to represent larger revenue in 2017 to the global LED lighting market. 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.

Asia-Pacific (APAC) has been the largest LED lighting market, and it is further forecasted to contribute largest revenue to the global market. Backed by swift penetration of LED lighting in developing economies such as China and India, Asia-Pacific has several underpenetrated markets for LED lighting, which may be the areas of opportunity. Europe been the second largest LED lighting market, and is further expected to hold its position throughout the forecast period. Stringent government policies regarding bans of inefficient lighting and lowering down the energy consumption, are anticipated to back the industry requirement in the region, over the forecast period.

Some of the major companies operating in the global LED lighting market include Phillips Lighting N.V., General Electric Company, OSRAM Licht AG, Cree, Inc., Eaton Corporation Plc, Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung Electronics Co. Ltd. and Cree Inc.

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Global LED Lighting Market Segmentation -
By Product Type
• Luminaire
• Lamp

By Installation Type
• New Installation
• Retrofit
o A-lamps
o T-lamps
o Reflector
o Other lamps

By End-Use Application
• Indoor Lighting
o Residential
o Commercial
 Office Lighting
 Retail Malls
 Hospitality
o Industrial
• Outdoor Lighting
o Highway and Roadway
o Public Places
o Others

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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