Press release
LED Lighting Market Research Report by Major Key Players Philips Lighting Holding B.V., Geneal Electric, OSRAM Licht AG, Cree Inc., Eaton Corporation PLC
The LED lighting market is divided into indoor and outdoor lighting, in terms of application. The indoor lighting division dominated the market during the historical period (2013–2016), in terms of value.
The global light-emitting diode (LED) market was valued at $30,500.8 million in 2016, and is projected to advance at a CAGR of 12.6% during the forecast period (2017–2023).
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As LEDs offer various advantages, such as diversity of colors, higher energy efficiency, dimming and slow failure, and frequent on/off cycle, they are being deployed widely in indoor spaces. The outdoor lighting division is projected to grow at a higher CAGR during the forecast period, both in terms of volume and value.
One of the key factors driving the growth of LED lighting market is the rising adoption of energy-efficient lighting solutions. As the focus toward electricity saving via the adoption of energy-efficient products is increasing, the demand for better lighting sources is also growing.
LEDs work efficiently for long hours, have a long lifetime and low maintenance cost, and are excellent directional sources. Due to these advantages, they are being used in indoor as well as outdoor (streets, parking lots, stadiums, and tunnels) lighting applications.
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The global LED lighting market is highly competitive in nature, primarily due to presence of a large number of original equipment manufacturers (OEMs) in emerging markets, such as China, India, Indonesia, and Brazil. Some of the key companies operating in the market include Philips Lighting Holding B.V., General Electric, OSRAM Licht AG, Cree Inc., Eaton Corporation PLC, Virtual Extension, Dialight PLC, Zumtobel Group AG, Samsung Group, and Syska LED.
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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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