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LED Lighting Solutions Market to Exhibit a Healthy Growth of 16.6% CAGR Between 2017-2025
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The report, titled “LED Lighting Market: Global Industry Analysis and Forecast, 2017-2025,” projects that Asia-Pacific will remain the largest market for LED lighting in the world. Towards the end of forecast period, the contribution of Asia-Pacific to global LED lighting revenues will surpass 50%, registering a stellar revenue growth at 19.3%. The demand for LED lightings is also expected to remain high in Latin America, revenues from which are expected to reach US$ 2.3 Bn by 2017-end. Following these two regions, the LED lighting market in Middle East & Africa is expected to soar at 16.8% CAGR, while North America and Europe will showcase subpar revenue growth.
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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While LED bulbs will remain top-selling product in the market, the demand for bare LED tubes and LED fixtures will gain traction during the forecast period. Through 2025, over 50% of global LED lighting revenues will be accounted by revenues arising from installation services. Likewise, end-use of LED lightings in commercial settings is presently accounting nearly half of global revenues
However, by 2025-end, residential end-use of LED lightings will soar by registering 16.9% CAGR
On the other hand, industrial settings will remain fastest-growing end-user of LED lightings in the world, showcasing a value CAGR of 18.6%.Outdoor and backlighting applications will collectively attribute to more than half of global revenues towards the end of 2025.Application of LED lightings in automotive and indoor settings will also gain traction, registering 17.2% and 19.3% CAGR respectively.
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