Press release
Global Research Report On LED Lighting Market Growing at a CAGR of 12.6% During 2018-2023 with Top Key Players : Philips Lighting Holding B.V., General Electric, OSRAM Licht AG, Cree Inc., Eaton Corporation PLC & Virtual Extension
The market is estimated to garner a revenue of $70,240 million by 2023, advancing at a 12.6% CAGR during the forecast period (2018–2023). Light-emitting diode (LED) is a semiconductor device that, through the exchange of electrons and holes, produces current, which leads to energy generation in the form of light.
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The segments of the LED lighting market are region, product type, application, and installation type. Based on installation type, the market is bifurcated into new installation and retrofit.
The market for new installation accounted for the larger share during the historical period (2013–2017) in terms of value as well as volume and will continue doing so during the forecast period. However, the retrofit category is expected to register the faster growth.
On the basis of product, the LED lighting market is classified into lamps and luminaires. Even though replacing a lamp costs less than replacing a luminaire, the market for luminaires is expected to hold a larger share during the forecast period.
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This is attributed to increasing new installations and rising gross domestic product (GDP), which is resulting in increasing spending power, whereas the market for lamps in not dependent on GDP and is mainly driven by the demand for replacements.
The Asia-Pacific region was the largest revenue contributor to the LED lighting market in 2017. This is because of the surge in infrastructure development projects and government support toward the adoption of energy-efficient lighting systems in regional countries.
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During the forecast period, Latin America is expected to be the fastest growing market as a result of the surging demand for indoor lighting solutions for automotive and general lighting, and other purposes.
GLOBAL LED LIGHTING MARKET
By Product Type
• Luminaire
• Lamp
By Installation Type
• New Installation
• Retrofit
o A-lamp
o T-lamp
o Reflector
o Other
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About P&S Intelligence
P&S Intelligence 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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