Global LED Market Gaining Impetus on Account of High Efficiency and Reducing Costs

According to IMARC’s latest report “LED Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, the global LED market has grown at a CAGR of around 39% during 2009-2016, reaching a market value of nearly US$ 55 Billion in 2016. An LED (light-emitting diode) refers to a semiconductor device that emits visible light when an electric current passes through it.

LEDs are currently on their way of transforming the global lighting sector. Even though the high costs of LEDs prohibited their penetration in various applications, heavy investments from a number of companies have proved to be an active component in cutting down the cost of LEDs. Owing to this, they are now turning out to be an affordable technology in the lighting industry. LEDs have myriad benefits over conventional lighting technologies. They are smaller, have a longer working life, exhibit high efficiency, release no radiation or heat and consume up to 90% less electricity than traditional light sources. As a result, LEDs are now substituting incandescent and fluorescent technologies all around the world. Moreover, the global concern for conserving energy and reducing the CO2 emissions has further contributed to the demand of LEDs.

The report has segmented the LED market on the basis of LED products including LED lamps, modules and fixtures. LED lamps and modules are swiftly replacing conventional lamps which are used for general lighting especially in the residential and commercial sectors. On the other hand, with the growing construction of new green buildings and retrofitting of existing buildings, the demand for energy efficient LED fixtures is also on the rise. Based on application, retrofit represented the largest segment where LED based lighting products were used. Retrofit segment was followed by retail & hospitality, outdoor, offices, architectural, homes, industry and others.

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On a geographical front, China represented the world’s biggest market for LED based lighting products, followed by Europe, North America, Asia-Pacific (excluding China and Japan), Japan, the Middle East & Africa and Latin America. Mapping out the competitive layout, Nichia represented the largest player in the global LED market, followed by Osram, Samsung Electronics, Everlight Electronics, LG Innotek, Epistar, Seoul Semiconductor, Cree, Lumileds, Mulinsen and others. Looking forward, growing urbanization rates, increasing awareness towards energy management and continuous efforts to reduce the per unit production costs for LEDs are expected to catalyse the global demand for LED products in the next five years.

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This release was published on openPR.