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Rising Demand for Cost-Efficient Lights to Augment LED Lighting Market Growth Worldwide
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On the basis of product, the LED lighting market is classified into lamps and luminaries. 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.
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 global LED lighting market growth is further being positively impacted by the falling prices of these lights. This is leading to their growing adoption across various sectors, such as architectural, residential, and commercial.
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The reduction in the prices of LED lighting is because of the increasing cost-effectiveness of LED components. This is enabling major LED lighting manufacturers to cut down on the prices of their products by a significant margin. For instance, a new, cheaper product has been introduced by Koninklijke Philips N.V., which provides improved illumination at reduced energy consumption and maintenance costs.
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