Global Light-Emitting Diode (LED) Market to Grow at a CAGR of 18.46% by 2021

MarketResearchNest.com adds “Global Light-Emitting Diode (LED) Market 2017-2021” new report to its research database. The report spread across in 81 pages with table and figures in it.

Research analysts forecast the global light-emitting diode (LED) market to grow at a CAGR of 18.46% during the period 2017-2021.
LEDs are integral components of semiconductor devices and emit light by means of electro-luminescence. LED lighting products are bundled arrangements of LEDs that provide durable, affordable, and eco-friendly lighting systems. These products do not emit carbon dioxide, making them eco-friendly. Compared with incandescent bulbs, they consume 80% less energy, making them increasingly energy-efficient and affordable for consumers.

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Technavio recognizes the following companies as the key players in the global light-emitting diode (LED) market:
Cree, GE Lighting, LG Innotek, NICHIA, OSRAM, Philips Lighting, and Samsung Electronics.

Other Prominent Vendors in the market are:
Dialight, Eaton, Emerson, Everlight Electronics, Lite-On, MLS (Forest Lighting), Seoul Semiconductor, and TOYODA GOSEI.

One trend in the market is increase in urban population worldwide. An important factor contributing to the increasing demand for energy-efficient lighting devices in households is the rising global urban population. Rapid urbanization in the emerging economies, such as the BRICS nations, has led to a rise in living standards of the population. This urban population is well aware of these energy-efficient lighting products.

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According to the report, one driver in the market is favorable policy environment and governmental support. The rapid depletion of natural resources and global warming have generated an indispensable need for energy conservation across the globe. In 2016, lighting applications were estimated to account for more than 20% of global energy consumption. There is an immediate need to reduce this energy consumption, and governments across the globe are focusing on the implementation of favorable policies to promote the use of energy-efficient lighting products. Governments across the globe, those of the established economies like US and UK and emerging economies like China and India, are engaging in the promotion of LED lighting products by providing tax incentives and subsidies on these products.

Further, the report states that one challenge in the market is lack of standardization. Despite the favorable government policy framework for LED lighting across the globe, the specifications for LED lighting differs from country to country. Currently, there is no single standard or set of guidelines for LED lighting that is applicable worldwide. This lack of standardization in the global market generates barriers for international vendors as they need to establish compliance with different standards based on different regions. There is also a lack of industry-wide dimming standards for LED lightings. This can adversely affect the adoption rate of LED lighting products.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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