Global LED Market Growing at a Rapid Pace Catalysed by Government Initiatives and Development of Energy-Efficient Technologies

Light-emitting diode (LED) is emerging as one of the rapidly-developing technologies. Marked by energy efficiency and higher durability, the advent of LEDs is considered radical which has the potential of transforming the lighting industry. LED lights currently constitute a substantial share of the global lighting market and are witnessing surging demand across the world due to their numerous advantages over conventional and fluorescent lighting sources. Some of these advantages include:

1. LED lights are long lasting and last up to 20,000 hours before burning out.

2. They are energy-efficient and consume extremely low power.

3. They contain no mercury or other harmful substances.

4. LED lights do not emit heat, UV radiation or make buzzing sound.

5. They have various colour possibilities without using filters.

6. They are shock-resistant, have focussing capacity and enable easy digital control.

Rise in green construction bolstering the growth

The global LED market has witnessed a healthy growth over the past several years. This can be accredited to a number of factors. Due to the growing environmental awareness and increasing expenses on electricity generation, governments’ regulations across the globe have become more stringent. This has led to a rise in green construction, as a result of which, there has been a wider adoption of LEDs. Increasing need for low electricity consumption across the world is another major factor that has stimulated the growth of this market. Further, the market penetration of LEDs in high tech products such as flat TV, digital camera, smart phone and automotives has also accelerated, adding to the global demand for LEDs. Some of the other growth inducing factors are population growth, increasing urbanisation and industrialisation rates and growing awareness among consumers about the benefits of LEDs. According to research analysts at IMARC Group, the global LED market reached a value of around US$ 40 Billion, growing at a CAGR of nearly 40% during 2008-2015.

Key applications

The global LED market can be segmented on the basis of applications- retrofit, retail & hospitality, outdoor, offices, architectural, homes and industry. Among these, retrofit represented the largest application area for LED based lighting products accounting for nearly 40% of the global market. Retrofit segment was followed by retail & hospitality, outdoor, offices, architectural, homes and industry.

Regional segmentation

On a geographical front, the market has an existence in many countries across the globe. China exhibited a clear dominance in the market for LED based lighting products. This can be attributed to strong economic growth and rising demand for luxury malls, hotels and other commercial complexes in the country. China was followed by Europe, North America, Asia-Pacific, Japan, the Middle East & Africa and Latin America.

Competitive landscape

Based on competitive landscape analysis, the highly fragmented global market for LED features a number of small and big players. In 2015, Nichia represented the largest player operating in the global market for LEDs. Other top players include Osram, Samsung Electronics, Everlight Electronics, LG Innotek, Epistar, Seoul Semiconductor, Cree, Lumileds and Mulinsen.

For more information on the LED industry, please visit: http://www.imarcgroup.com/led-manufacturing-plant

IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the LED industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:

Market Research
Plant setup
Plant Expansion
Marketing and sales
Procurement and Distribution
Innovation and Product Development

IMARC Group
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Arlington, VA 22203, United States
sales@imarcgroup.com

This release was published on openPR.