China LED Lighting Market is forecasted to be US$ 24 Billion by 2024

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By the end of year 2024, China LED lighting market is forecasted to witness a shipment of US$ 24 Billion. China's economy keeps on getting greater and expectation for everyday comforts extending, demand for lighting items is additionally rising. China’s lighting industry has been on the rise and the country has become a leading world lighting consumer and producer date back to 20 years. 
The mounting consumer demand for energy-efficient lighting systems, lessening in prices of LED, and high penetration of LED as a light source in the general lighting market are expected to drive the growth of this market. It has changed from costly products outside the cost-conscious sweet-spot of Chinese buyers to value-adding solutions, gaining market share and realizing sustainable growth. China’s lighting market is experiencing shifts from conventional lighting to LED technology. 
 
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Evolution of LED 
In the year 2000, “Light-Emitting Diode” was developed. LED is an electronic device that discharges light when an electrical current is passed through it. Its main characteristic, compared to traditional lighting technologies such as incandescent light or compact fluorescent lamp, lies in its improved durability and energy saving. LED consumes on average 85 percent less energy than bulb, have a longer lifespan and last 15 up to 20 years. The energy efficient nature of LED allows them to produce a brighter light than other types of bulbs while using less energy. They are environment-friendly; they don’t contain any toxic substance or gas contrary halogen bulb, which contains mercury for instance.
LED market cover a large scope of applications provides shop, residential, office, hospitality, industrial, outdoor and architectural solution lighting.
 
China’s Government enthusiastically backing Led Lighting
For promoting high-efficiency LED lighting products, National Development and Reform Commission (NDRC) and China’s Ministry of Finance (MOF) had collaborated to look after interim measures on administration of financial subsidies. 
The actions like financial subsidies to promote LEDs lighting. In the current scenario, Local governments have been more rapidly in response than China’s central government in implementing LED subsidies. In China, Guangdong Province, consist the largest LED industry size and has relatively higher amount of subsidies. As of 2013, Foshan in Guangdong Province, Dongyuan, Zhongshan and many other cities have launched several subsidy projects to promote LED lighting products in mass level. In the mean time, Power costs saved by LEDs are all used to subsidize construction projects in Zhongshan city.
 
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LED meets the need of energy efficient light source imposed by most of the government. Environmental protection and energy conservation concerns have risen in recent years face to climate change. Regulation across the world has become more stringent and governments offer incentives for entire building infrastructure in order to encourage environment-friendly initiatives.
Besides to conventional financing (loans and leasing), new lighting installations can be financed through government and municipality projects (public/private partnership, private financing initiatives) and carbon financing under the Clean Development Mechanism. Meanwhile, as China continues to urbanize, the potential demand for urban public lighting projects is huge.
Since, October 2012, China banned the imports and sales of all incandescent bulbs over 100 watts, and on October 1, 2016, steadily extended the ban to those over 15 watts. Besides, China also plans to put back CFL with LED on gradual basis.
 
Commercial segment of LED lighting market in China led the highest market share
In China, Commercial segment of LED lighting market dominate the market share compared to other segments. Other LED lighting segments such as Residential led market, Industrial led market and Outdoor led market is also performing well in China. Moreover implementation of LED lighting standard in china will further shift the LED lighting into high quality LED product.

Cutting edge technology & Innovation in Led lightening products, prices of Led bulbs has gradually diminishing & reaching closer to the conventional lightening products
Year on Year, due to cutting edge technology and innovation in Led lightening products, the average price of Led bulbs has gradually diminishing and reaching closer to the conventional lightening products. Therefore, as of now, the demand of led lightening products especially in residential and commercial lightening market is expanding.

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