LED Lighting Market To Reach CAGR of 16.61% By 2026 | Philips Lighting Holding B.V., Osram Licht AG, GE Lighting, LG Innotek, Cree, Cooper Industries, Seoul Semiconductor, Samsung Electronics and Lightning Optoelectronic
LED Bulb Segment Holds the Highest Market Share
On the basis of product type, the LED bulb segment is expected to hold the largest market for LED lighting, as bulbs form the major light source and key component of an LED lighting system.
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Installation Services Segment Holds a Dominant Position
On the basis of service type, the installation segment is expected be the dominant segment in the market, owing to rising demand for energy-efficient light sources such as LED bulbs. The old generation lamps are installed with LED bulbs, as they consume less energy and have longer working life.
Commercial Segment is Expected to be the Fastest Growing Segment
Among end-users, the commercial segment is estimated to exhibit the highest growth rate during the forecast period (2017–2025), owing to increasing infrastructural activities globally, which in turn attracts high activity of commercial segment in transporting and other related works to LED bulb.
Outdoor LED Lighting System Accounted Major Market Share
On the basis of application, the outdoor segment held the highest position in 2016, with a market share of 31.5%. The major factor for expansion of outdoor LED lighting system is its increasing popularity and usage in roadways, traffic lights, tunnels, parking lots, garages, which is extensive as compared to residential applications. Residential applications for LED lighting include lighting for smart home, HDR 4K, and ultra-slim, curved, and high gamut display TVs.
Asia Pacific accounted for the largest market share
Asia Pacific held the largest share of the LED lighting market in 2016, and the market in Europe is projected to emerge as the second largest market by 2025. The relatively high standard of living and high disposable income among the populace in Europe, increases their inclination towards investments in smart homes with innovative LED lighting systems. Thus, augmenting growth of the LED lighting market in the region. Asia Pacific is growing at high pace due to rampant infrastructural renovation in emerging economies such as China and India.
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Major players operating in the global LED light market include Philips Lighting Holding B.V., Osram Licht AG, GE Lighting, LG Innotek, Cree, Inc., Cooper Industries, Inc., Seoul Semiconductor, Samsung Electronics, and Lightning Optoelectronic.
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