Press release
LED Lighting Market is Expected to Exhibit a CAGR of 16.61% over the Forecast Period 2017-2025
The global demand for green technologies is also fueling the growth of the LED market. LED lighting systems use up to 50% less energy to generate an equivalent light intensity as Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). This reduced energy consumption that directly converts into a reduction of more than 700 million tons of carbon dioxide emissions annually. It is estimated by observing the current market trend for CFLs and CCFLs, as these two technologies are the main products that will be exchanged by LEDs.
LED lighting mainly emphasizes the quality of light, heat dissipation, and light distribution. In addition, LED lights have several advantages over conventional ones which includes more efficiency, higher color quality, longer lifespans and easy to use. At present, companies such as OSRAM and Lightning Optoelectronic are gradually launching their lighting LED products, including mono-color and multi-color lights, enabling high luminous intensity and efficiency.
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LED Lights demand in Automotive industry is boosting the over-all LED Lighting Market, due to advancement in head lighting, dynamic beam functionality, laser head lighting, front and rear lighting signature design, ADAS and autonomous driving and other technology.
Key Takeaways of the LED Lighting Market:
The global LED Lighting market is projected to reach over US$ 120 billion by 2025, exhibiting a CAGR of 16.61% over the forecast period.
Among product type, LED Bulb segment accounted highest market share in 2016, as it is the major lighting component of LED Lighting system. In 2016, global LED Bulb market demand was 150 million pcs and it is estimated that this LED Bulb market will grow at a higher CAGR during forecast period.
By Service type of LED Lighting, Installation Services segment holds a dominant position in 2016, due to high demand for energy efficient light sources such as LED lamps for the replacement of incandescent lamps is the key factor boosting the growth of the market for Installation Services.
Among the End-User industry of the global LED Lighting market, Commercial lighting is estimated to have a higher growth rate during forecast period by 2025.
Residential applications for Indoor LED lighting include lighting for smart home; HDR 4K; ultra-slim, curved and high gamut display TVs etc.
Asia-Pacific market accounted largest market share in global LED Lighting Market, due to high demand from developing countries such as China, Japan, and India. Asia-Pacific market is projected to grow at a highest CAGR from 2017 to 2025.
Major players operating in the global LED light market include Philips Lighting Holding B.V., Osram Licht AG, GE Lighting, LG Innotek, Cree, Inc., Cooper Industries, Inc., Seoul Semiconductor, Samsung Electronics, Lightning Optoelectronic and others.
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