LED Lighting Market will Reach US$ 125.8 Bn Value during 2017-2025

LED lighting systems are attractive as they are durable, save energy and last longer

LED lamps are energy efficient, possess a long lifetime and have a service life of 50,000 hours or more. They are rugged as they consist of a solid material and do not contain any filament or tube that is fragile. LED lamps require no warm up period and they light instantly in nanoseconds. They are also environmentally friendly as they consume less energy and do not contain mercury or any other hazardous substances. Due to these desirable properties of LED, they are ideal in situations where lamps are required to be switched on and off frequently and can be easily dimmed. As LED lamps do not wash out colors like fluorescent lamps, they are perfect for displays and retail applications as well. Besides, LED lighting has zero UV emissions and they can also run on low voltage power supply. Due to these distinct advantages of LED lighting, the global market for LED lighting is expanding at a fast pace and LED lighting has the potential to revolutionize the lighting sector.

Persistence Market Research analysis reveals that the global LED lighting market was valued at nearly US$ 37,000 Mn in 2017 and is expected to touch a figure of nearly US$ 126,000 Mn by the year 2025, registering a CAGR of 16.6% and exhibiting an increase of 3.4X in terms of revenue during the forecast period.

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Sales of conventional lighting systems are expected to witness major downtrend in the upcoming years as every other consumer in the world is likely to prefer LEDs over incandescent or fluorescent ones. Rising awareness regarding benefits of LEDs will keep orchestrating steadfast growth in global demand for LED lightings. Persistence Market Research projects that by the end of 2025, over US$ 125 Bn worth of LED lightings will sold across the globe. Key insights in its forecast report on the global LED lighting market also predict that the market, which is presently valued at just over US$ 36 Bn, will expand at an impressive momentum and register 16.6% CAGR during the forecast period, 2017-2025.

Key insights compiled in the report reveal that large population in countries such as India, China, Brazil and South Africa continues to remain dormant in terms of LED usage. Manufacturers of LED lightings can seize such untapped demographics and deploy their production units to extend their global clout. Furthermore, commercial viability of LED lightings, and their compliance with green technology initiatives is also expected to propel their global sales through 2025. Nevertheless, volatility of procuring raw materials such as aluminum at fair prices remains to be a key hurdle for LED lighting manufacturers. OSRAM Licht AG, GE Lighting LLC, Daktronics Inc., Eaton Corporation (Cooper Industries PLC), Cree, Inc., Sharp Corporation, Hubbell Lighting Inc., Samsung Electronics Co. Ltd., Philips Lumileds Lighting, Acuity Brands Lighting Inc., and Toshiba Lighting and Technology Corporation are observed as the world’s leading manufacturers of LED lightings, profiled in the report.

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Supportive government regulations are fueling the growth of the global LED lighting market

Due to environmental considerations, governments all across the world are recognizing the advantages of LED lighting systems and are insisting on the implementation of specific standards for lighting products and at the same time restricting the use of incandescent lighting products so that energy can be saved and carbon dioxide emissions can be curbed. Besides, the use of LED lighting leads to an overall cutting of operating costs, and this in turn is driving the growth of the global LED lighting market. To emphasize this trend, reference of the Paris Agreement of December 2015 can be sought, in which more than 190 countries committed to carbon emission cuts of 20% by the year 2020. Also, another pertinent example is of the Chinese government, which banned the use of 100W and 60W incandescent bulbs. Also, on similar lines, the European Union has banned the use of all types of traditional incandescent lighting systems.

Lack of awareness regarding modern lighting solutions is hampering the growth of the global LED lighting market

Presently, fluorescent lighting technology products have grabbed a relatively high share of the overall lighting market revenue as compared to LED lighting technology products. This is due to the fact that there is a lack of awareness and understanding about the advantages and benefits of LED lighting systems and products. In addition, there is a surge of low-quality and low-cost lighting products mainly from China that have a low lifespan, and there is a misconception that LED lighting solutions are costlier than incandescent or fuel based lighting, and this is especially true of the developing markets in the Asia Pacific and Latin America. These factors are hampering the growth of the global LED lighting market.

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